SK Innovation's Shares Climb Amid Hopes for Earnings Recovery
31 7월 2023 - 5:37PM
Dow Jones News
By Kwanwoo Jun
SK Innovation's shares climbed Monday amid market hopes for an
earnings recovery in the coming months despite the company's
downbeat second-quarter results.
Shares of the South Korean energy company jumped 14% to close at
216,000 won ($169.64), outperforming the benchmark Kospi's 0.9%
gain for the day. That marked the strongest daily percentage gain
for SK Innovation in more than two years, according to FactSet.
Foreign and institutional investors were net buyers of the
parent company of electric-vehicle battery maker SK On, a
joint-venture partner of global automakers such as Ford Motor and
Hyundai Motor, suggesting they have a positive earnings outlook for
the company despite its below-consensus quarterly results
Friday.
SK Innovation posted a wider-than-expected net loss of KRW120.44
billion for the April-June quarter on weaker oil-refining margins
and a still unprofitable battery business. A forecast from FactSet
had tipped a net profit.
DB Financial Investment analyst S.J. Han said in a research note
Monday that he still expects SK Innovation to remain on track for
an earnings recovery from the third quarter on widening
oil-refining margins amid tight supply since July.
The spread for gasoline, diesel and kerosene is now improving
significantly from the second quarter, likely boosting SK
Innovation's third-quarter earnings, Kiwoom Securities analysts Cay
Chung and Daehyun Shin said in a note released Monday.
SK Innovation's EV-battery business could turn profitable in the
first half of 2024, Nomura analyst Cindy Park said in a note
Monday. The anticipated profit turnaround at SK On will likely be
driven by an improvement in output scale and productivity at its
U.S. factory, Park said.
The Nomura analyst said she now values SK On at KRW19.2
trillion, up from KRW14.9 trillion previously.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
July 31, 2023 04:22 ET (08:22 GMT)
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