[Featured Stock] Hyosung TNC Rises Over 5% on Expectations of Spandex Benefits
Shares of Hyosung TNC, expected to benefit from the increasing overseas demand for spandex, a highly elastic and high value-added fiber, showed strength on the 11th. As of 10:14 AM that day, Hyosung TNC was trading at 350,500 KRW, up 18,000 KRW (5.41%) from the previous trading day.
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NH Investment & Securities maintained a target price of 530,000 KRW and a buy rating for Hyosung TNC, stating, "With spandex production facilities located globally, benefits are expected." They forecast second-quarter sales of 1.96 trillion KRW and operating profit of 89.8 billion KRW (operating margin of 4.6%), slightly exceeding market expectations.
Choi Young-kwang, a researcher at NH Investment & Securities, said, "Despite increased operating rates at Chinese fabric companies, the annual average inventory remains at a historic low. Spandex, among textile materials, will benefit from an improved supply-demand balance," adding, "Recently, spandex demand has increased in countries like Vietnam and India, and Korea's spandex export prices also rose in the second quarter of this year."
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