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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] Shinhan Investment Securities has raised its target price for Samyang Foods to 860,000 KRW, citing successful overseas expansion efforts despite domestic consumption slowdown. The company’s ongoing global growth initiatives, including plans to complete a local factory in China by 2027, are expected to support sustainable growth.
In a report on Monday, Shinhan Investment stated, “Short-term growth is anticipated with the completion of the Miryang Phase 2 plant in May 2025 and the China factory by 2027. The establishment of a local production corporation and factory in China underscores its strategy to penetrate the domestic Chinese market more effectively.”
The firm further highlighted that the Miryang plant will focus on supplying the U.S. and European markets post-2027, enhancing global market penetration.
Shinhan Investment increased its target price by 19% to reflect the company’s expanding overseas momentum and upward revisions to export performance estimates, supported by the strong dollar.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
