Securities firms raise outlook for Nongshim amid soaring overseas sales
Korean soccer star Son Heung-min poses with Nongshim's steady-seller Shin Ramyun product in this promotional poster. Courtesy of NongshimBy Kim Jae-heunLocal securities firms have raised the outlook for Nongshim on the back of its soaring instant noodle sales in the United States and other overseas markets, according to analysts, Monday.Shinhan Securities increased its target stock price for Korea's largest instant noodle maker by 10 percent from 520,000 won ($390) to 570,000 won, as its operating profit is expected to reach an all-time high this year.In the second half of this year Nongshim's sales and operating profit reached 837.5 billion won and 53.7 billion won respectively, which exceeded the securities firm's consensus by 50 percent. “The company's efforts to cut the cost of raw materials and marketing expenses as well as its increased sales, both in domestic and overseas markets, have attributed to its notable performance in the second quarter,” a researcher at Shinhan Securities Cho Sang-hoon said. “It was especially impressive to see its operating profits
