[Photo provided by EcoPro BM Co.]
South Korea’s battery materials manufacturer EcoPro BM Co. has become a red-hot stock, with its value soaring 46 percent in just a week after it won a 10 trillion won ($8.48 billion) contract to supply cathode materials to SK Innovation Co.
Shares of EcoPro jumped 46.2 percent on the secondary Kosdaq by extending uninterrupted rally since Sept. 7. They gained 0.48 percent to close at 457,400 won on Friday, after finishing the previous day up 2.32 percent at 455,200 won. During a session on Thursday, it soared 5.57 percent, touching above 10 trillion won in market cap.
EcoPro BM currently ranks second only to Celltrion Healthcare on the Kosdaq with a market capitalization of 9.97 trillion won in just two and a half years after it became a publicly traded company. Market watchers forecast that the company may take the throne as Kosdaq No.1 once the planned merger between Celltrion Healthcare and Kospi-trading Celltrion realizes.
EcoPro BM’s bullish run has been driven by the deal it signed with SK Innovation on Sept. 9 to supply 10.1 trillion won worth high-nickel NCM cathode materials for three years from 2024, a key material that determines battery performance.
Local brokerage KB Securities Co. upped the company’s stock price target by 19 percent from previous 420,000 won to 500,000 won and maintained “buy” opinion.
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]