Hana Securities Cuts Target Prices for GS P&L and Seobu T&D Amid Q2 Earnings Beat

According to Hana Securities analyst Lee Ki-hoon, GS P&L and Seobu T&D have their target prices downgraded despite strong second-quarter earnings. GS P&L's target was cut from 72,000 KRW to 64,000 KRW, while Seobu T&D's was reduced from 21,000 KRW to 18,000 KRW. Lee noted the companies are trading at "astonishingly low" valuations at 12x and 6–8x forward price-to-earnings ratios, respectively. GS P&L's Q2 revenue is expected to rise 35% year-over-year to 151.4 billion KRW with operating profit up 107% to 24 billion KRW. Seobu T&D's Q2 revenue is forecast at 75.8 billion KRW, up 39%, with operating profit at 19.8 billion KRW, up 77%.
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