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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] Amorepacific saw its shares tumble over 6% on the 13th, following concerns over weak third-quarter earnings projections from securities analysts.
The stock closed at 140,600 KRW, down 6.20% from the previous day, after briefly hitting an intraday low of 139,700 KRW, down 6.80%.
Korea Investment & Securities predicted that Amorepacific's third-quarter operating profit would fall 15% below market consensus, estimating consolidated revenue and operating profit at 1.016 trillion KRW and 43.9 billion KRW, respectively.
They noted that sluggish economic recovery in China is leading to underperformance in the duty-free channel, with losses in the Chinese market expected to widen compared to the second quarter. The firm also warned of potential profit-taking, considering the recent sharp rise in the stock price.
Amorepacific shares had risen from 1,244,000 KRW on August 30 to 1,499,000 KRW as of the previous day, continuing a recent upward trend.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
