By Kang Seung-woo
Samsung Group was the lone winner of the recent global financial turmoil, as only its market value grew among Korea’s top 10 conglomerates over the past four months, data showed Tuesday.
In addition, the increase has helped Samsung Electronics Chairman Lee Kun-hee become the richest stock holder in Korea.
According to data from the Korea Exchange (KRX), FnGuide, a leading online financial information provider, and Chaebul.com, an online conglomerate watchdog, the market capitalization of Samsung Group reached 238.8 trillion won ($214.44 billion) as of the end of October, up from 232.3 trillion won in June, on the back of a steep increase in the stock price of Samsung Electronics, its flagship unit.
The world’s largest chipmaker’s market value posted a 17.2 percent gain, or 20.9 trillion won, in the cited period _ from 121.6 trillion won in June to 142.5 trillion won in October.
Despite the global financial woes, the company came up with a record-high profit from its handset business and a spike in smartphone sales in the third quarter of this year.
Unlike Samsung, the remainder of the 10 largest companies suffered a contraction in market capitalization.
Hyundai Motor Group’s stock value shrank from 152.3 trillion won to 139.1 trillion won, or an 8.5 percent drop, in the June-to-October period, with its affiliates Hyundai Motor and Hyundai Mobis falling 4.2 percent and 19.3 percent, respectively, in market cap.
Hyundai Heavy Industries Group saw the sharpest fall of 30.9 percent after its ship-building unit’s stock price plunged.
Hanwha Group, Lotte Group and LG Group also registered a double-digit drop in market capitalization, while those of SK Group and Doosan Group fell 8.4 percent and 0.14 percent.
“Samsung Group’s rise in market value is attributed to the gain of Samsung Electronics’ stock price,” said an economist at a Seoul-based brokerage.
“As Hyundai Motor Group does not have an IT affiliate and LG Group fails to match Samsung in terms of the electronics and display industries, their stock values dropped.”
Meanwhile, there was a sea change in the standings for the stock assets held by heads of conglomerates.
Lee has regained the position as the richest stock holder from Hyundai Motor Group Chairman Chung Mong-koo with 8.59 trillion won. Chung’s share holdings stood at 7.12 trillion won.
In June, Chung outranked Lee with 8.37 trillion won to 8.25 trillion won.
SK Chairman Chey Tae-won came in third at 3.8 trillion won, followed by Chung Mong-joon, head of Hyundai Heavy Industries Group and a potential candidate in next year’s presidential election, whose assets were 2.33 trillion won.