CJ CheilJedang Set to Post Below-Consensus 1Q Earnings -- Market Talk

Dow Jones2023-04-17

0250 GMT - CJ CheilJedang is set to post below-consensus 1Q earnings on sluggish sales of food products in South Korea and lower average selling prices for its bio-additive products, Hanwha Investment & Securities analyst Han Yu-jung says in a note. The South Korean food company's 1Q earnings could also be hurt by sluggish demand for pork in Vietnam, where it runs livestock farms, the analyst says. Hanwha expects the company's 1Q operating profit to have fallen 35% on year to KRW284.4 billion, below the market consensus forecast of KRW322.6 billion. It cuts the stock's target price by 6.0% to KRW470,000 and maintains a buy rating. Shares are 1.1% lower at KRW318,000. (kwanwoo.jun@wsj.com)

(END) Dow Jones Newswires

April 16, 2023 22:50 ET (02:50 GMT)

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