[Special Stock] Lotte Chilsung Falls Over 7% on Poor Earnings News
Lotte Chilsung is experiencing a decline of over 7% in the early trading session following news of poor performance last year.
As of 9:51 a.m. on the 6th, Lotte Chilsung is trading at 128,600 KRW, down 7.35% from the previous trading day.
Lotte Chilsung announced that its preliminary consolidated sales for the fourth quarter increased by 37.3% year-on-year to 918.4 billion KRW, while the preliminary operating profit decreased by 67.3% compared to the previous year, recording 8 billion KRW. The operating profit is 71.6% below the market forecast of 28 billion KRW.
The earnings shock at Lotte Chilsung is attributed to poor performance of its Philippine subsidiary, Pepsi Philippines (PCPPI), among other factors.
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Due to Lotte Chilsung's poor performance, securities firms have consecutively lowered their target prices for the company. On this day, Korea Investment & Securities and Hyundai Motor Securities lowered Lotte Chilsung's target price from 200,000 KRW to 170,000 KRW. Hanwha Investment & Securities lowered it from 200,000 KRW to 180,000 KRW, and Hi Investment & Securities reduced their target price from 210,000 KRW to 200,000 KRW.
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