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[Apha Biz=(Chicago) Reporter Paul Lee] As SK Innovation's stock price continued to decline, it fell to the issue price of paid-in capital increase, which was considered the 'last bastion'.
According to the Korea Exchange on the 9th, the stock price of SK Innovation recorded 138,700 won on the 6th. This is below the issuance price (139,600 won) related to paid-in capital increase worth about 1.14 trillion won recently carried out by SK Innovation. SK Innovation's stock price has fallen 38% since it hit a high in July.
The new shares due to the paid-in capital increase were listed on the 5th. In general, stock prices rarely fall below the issued value of paid-in capital increase. This is because companies usually issue new shares at a level that is more than 5 percent off the market price to encourage old shareholders to participate in the paid-in capital increase.
Although stock prices fall due to the dilution of shareholder value caused by the increase in the number of distribution shares in the event of a paid-in capital increase, it is rare for large blue-chip stocks with a market capitalization of about KRW 14 trillion (21st in the KOSPI), like SK Innovation, to fall below the issuance price of the paid-in capital increase. It is pointed out that there are many market participants who view the stock price outlook negatively.
What is blamed for the fall in stock prices is poor performance. According to financial information provider FnGuide, SK Innovation's estimated sales and operating profit for this year are 75.5961 trillion won and 1.7147 trillion won, respectively. Sales are expected to fall only 3.15% year-on-year, but operating profit is expected to plunge 56.23%.
Net profit is also expected to reach 651.1 billion won, down 65.65% from last year. SK Innovation's profit estimate is also downward compared to the past. This year's operating profit estimated by securities firms three months ago was KRW 2.1539 trillion, but now its profit estimate is down 20% from this.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
