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ISU Petasys |
[Alpha Biz= Reporter Kim Sangjin] ISU Petasys, a semiconductor substrate manufacturer, saw its stock price drop by 22.68%, closing at 24,550 KRW, following a surprise large-scale rights offering.
This marks the biggest drop in the company's stock price in 24 years. The reason for the rights issue was the acquisition of a secondary battery company, which has little relation to its core business, and the sudden announcement caught investors off guard, resulting in strong criticism.
On November 11, ISU Petasys' stock fell to below 25,000 KRW for the first time since November of the previous year. Meritz Securities downgraded its investment recommendation from "Buy" to "Hold" and reduced its target price by 40.7%, from 54,000 KRW to 32,000 KRW. Meritz Securities analyst Yang Seung-su commented, "This decision is hard to understand, especially during a period of temporary demand stagnation for electric vehicles."
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
