Hyundai Development Company’s stock price halved… Crisis of market cap of 1 trillion won collapse (comprehensive)
(Seoul = Yonhap News) Reporter Seon-hee Yoon = HDC Hyundai Development Company, which has frozen investment sentiment due to the collapse of the outer wall of Hwajeong I-Park in Gwangju[294870]It broke this 52-week low.
In the stock market on the 20th, HDC Hyundai Development Company continued to be weak for eight consecutive trading days, ending the trade at 15,400 won, down 3.14% from the previous day.
The share price reached a new 52-week low at 14,300 won during the day. This is less than half of the 33,400 won, which is the highest price of 52 trillion won, set during the market on July 8 last year.
The stock price continued to flow for 8 days from the 11th, when the Gwangju Hwajeong I-Park collapse occurred, and fell 40.3% during this period.
Hyundai Development Company’s market capitalization evaporated by more than 600 billion won and fell below 1 trillion won during the day, but it barely reached 1 trillion won at 1.15 trillion won based on the closing price.
Some inside and outside the construction industry are predicting that if demolition costs and damage compensation are included, up to 400 billion won in loss will occur to Hyundai Industrial Development.
In addition, in connection with the collapse of the redevelopment and demolition site in Hak-dong, Dong-gu, Gwangju in June last year, the Dong-gu Office in Gwangju has requested the Seoul Metropolitan Government to issue an 8-month suspension of business to Hyundai Development Company.
Some inside the market are concerned about the liquidity of modern industrial development.
Korea Ratings said, “There is a growing concern about refinancing of project financing (PF)-backed securities that HDC Hyundai Development Company has provided for replenishment of funds.”
According to Han Ki-pyung, cash equivalents of Hyundai Development Company were estimated at 1.9 trillion won as of the end of last year. Short-term borrowings, excluding corporate bonds maturing in July of this year, are estimated to be around 800 billion won, or about 1 trillion won in cash equivalents in the short term.
Seong Tae-kyung, senior researcher Ki-pyung Han, said, “It seems that Hyundai Development Company will be able to respond to refinancing in the short term with available cash equivalents, but if the setback is prolonged, the liquidity burden may increase.
indigo@yna.co.kr
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