Hyosung Heavy Industries, the highest-priced stock on the local market, surged past the 4 million won ($2,700) mark shortly in early trading Monday, supported by robust order momentum.
After opening at 3.99 million won, just below the key threshold, the stock climbed to as high as 4.006 million won. It later pared some gains and closed at 3.94 million won, still up 10.95 percent from the previous session.
The stock has nearly doubled from 2.1 million won as of Feb. 6, extending its record-breaking rally amid booming demand for power equipment.
Hyosung Heavy Industries surpassed 15 trillion won in power equipment order backlog in the first quarter, marking a record-high quarterly new order intake.
Although the figure came in slightly below market expectations, local brokerages remain bullish about further upside. They point to sustained order momentum in North America, where demand for power infrastructure is accelerating, driven by large-scale grid replacement projects and rising electricity needs from expanding AI data centers.
In particular, the company's competitiveness in ultra-high-voltage transformers and switchgear is expected to support continued order growth, with analysts highlighting both improving product mix and structural demand tailwinds.
Yuanta Securities offered the most bullish outlook, lifting its target price for the company to 5 million won.
"Orders have expanded to record levels, and the company is broadening its business scope to include addressing data center power infrastructure needs," Son Hyun-jung, an analyst at Yuanta Securities, said.
"It is entering a phase where orders, product mix and growth drivers are all improving simultaneously."
Hyosung Heavy Industries is currently the most expensive stock on the Korean market by share price, far outpacing its peers, followed by Korea Zinc at 1.64 million won and Doosan at 1.58 million won. Samsung Biologics and Hanwha Aerospace come next at 1.5 million won and 1.45 million won, respectively.
The stock rally has lifted its market capitalization to 36.74 trillion won, the 24th largest on the benchmark Kospi as of closing.
silverstar@heraldcorp.com
