 |
[Alpha Biz=(Chicago) Reporter Paul Lee] Hanwha Investment & Securities lowered its target price to 130,000 won on the 19th, saying, "To dispel concerns over slowing market growth, we have no choice but to prove it with our performance." The buyout of the investment opinion was maintained.
Hanwha Investment & Securities said, "According to market research firm Euromonitor, the Chinese confectionery market is expected to grow 3.1% from 2022 to 2025. Market growth will slow down compared to Orion's growth in early 2010 (average annual growth rate of 9.2% from 2011 to 2014)."
Hanwha Investment & Securities changed its comparison group to the domestic food and beverage industry in consideration of the possibility of conservative investment in the food industry compared to global food companies. Considering Orion's position and outstanding profitability in the Chinese, Vietnamese and Russian markets, the company changed and applied the target drainage channel 12.4 times with a 20% premium to the domestic food and beverage industry average " he explained.
"Unexpected large-scale investments have been made since the beginning of this year, but Orion's dividend expansion is expected to be maintained," Hanwha Investment & Securities said. "If significant appearance and market share expansion in the main business is confirmed in the future, earnings estimates and target multiple will be able to increase together."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
