On the 27th, the corporate review committee of the Korea Exchange announced that it had decided to maintain the listing of Osstem Implant as a result of its deliberation. The photo shows the Osstem Implant headquarters in Gangseo-gu, Seoul on the afternoon of the 27th. [사진 제공 = 연합뉴스]Osstem Implant has been showing high share price volatility since the opening price of 121,000 won on the first day of resumption of stock market trading.
According to the Korea Exchange on the 28th, Osstem Implant is trading at 112,100 won, down 8,900 won (7.36%) on the KOSDAQ market as of 11:36 am. The opening price was formed at a point 15.69% lower than just before the suspension of trading (142,700 won). After that, it fluctuated from 120,000 won at the beginning of the market and soared to 131,900 won during the day, but the stock price was pushed below 120,000 won due to strong selling. The current price is about 21% lower than the closing price on the last trading day before the suspension.
On January 3, the first trading day of this year, Osstem Implant announced that it had sued Lee, a money management employee, on charges of business embezzlement. The amount of the embezzlement is 221.5 billion won. As a result, a substantive review of listing eligibility occurred, and trading was suspended for four months from January 3rd.
On the 27th, the Korea Exchange announced that it had decided to keep Osstem Implant listed at the Corporate Review Committee. Osstem Implant improved its governance structure by appointing a majority of outside directors and establishing an audit committee through a general shareholders’ meeting on the 31st of last month, and confirmed that it has verified the adequacy of the operation of the internal accounting management system for money management through a third-party specialized agency. The exchange explained.
Osstem Implant was removed from the KOSDAQ 150 on the 16th of last month, and on the 22nd of the same month, it was designated as an investment alert for reasons such as inappropriate internal accounting management system.
Osstem Implant plans to spur the existing business goals as soon as trading resumes, and strive for share price recovery. At the general shareholders’ meeting on the 31st of last month, the company presented a plan to improve the governance structure, such as the appointment of a majority of outside directors and the establishment of an audit committee.
In addition, to enhance shareholder value and stabilize stock prices, the company is pursuing a 30 billion won treasury stock buyback. This is to compensate for the damage to shareholders caused by the suspension of trading as much as possible.
While lowering the target price of Osstem Implant, the stock market predicted that the stock would show high volatility for a while.
Mirae Asset Securities lowered its investment rating on Osstem Implant from ‘Buy’ to ‘Trading Buy’ and lowered its target price from 190,000 won to 160,000 won.
Kim Choong-hyeon, a researcher at Mirae Asset Securities, said, “Fundamental risk seems limited, but as the trading suspension is lifted after 115 days, stock price volatility may increase in the short term due to supply-demand issues. There is a possibility that events may occur, such as volume, selling volume due to reputational risk, and deletion of major indices such as KOSDAQ 150,” he analyzed.
Seo Geun-hee, a researcher at Samsung Securities, also said, “There may be high volatility due to the contradiction between institutional selling volume and expectations for solid performance of the company.
Researcher Seo explained, “In the audit report submitted on March 21, the review opinion on the internal accounting management system was designated as an investment alert because it was inappropriate, but there is no problem with the stock trading itself.”
“As the requirements of the exchange have been actively reflected, it can be lifted if an appropriate opinion is obtained from the audit at the end of 2022,” he said.
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