Samsung Electro-Mechanics Jumps 7% in Early Trade, Nears 2 Million Won

Samsung Electro-Mechanics climbed to the brink of 2 million won during early trading on May 29.

As of 9:24 a.m., the shares were trading at 1.98 million won, up 7.08% from the previous session.

The stock has risen for seven straight trading days since May 20. It touched 1.996 million won earlier in the session, marking a new 52-week intraday high. Its market capitalization, excluding preferred shares, also surpassed Hyundai Motor Co.'s, making it the fourth-largest stock on the Kospi.

Hyundai Motor Securities on May 29 raised its target price on Samsung Electro-Mechanics to 2.3 million won, 123% above its previous estimate.

Kim Jong-bae, an analyst at Hyundai Motor Securities, said Samsung Electro-Mechanics has all the key catalysts for further gains, including industry conditions, technology, market position and earnings. That has already been reflected in the stock's performance so far and is likely to be priced in further, he added.

Kim Yeon-ji, Hankyung.com reporter kongzi@hankyung.com