Parts maker Mando has made a successful comeback on the Seoul bourse this week ten years after it was delisted during the Asian financial crisis.
Shares of Mando finished at 111,500 won on Wednesday, 15% up on the day’s start.
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The closing number marks an advance of 34% from 83,000 won, the price at which the firm first sold its shares to the public.
Investors took a positive view on profit prospects for the company, which is a major supplier to fast growing Hyundai Motor.
“Mando seemed to have brought its technologies accumulated over the past five years to the commercialisable level,” KB Investment & Securities Co. analyst Shin Chungkwan said in a note, citing auto brake, direction control and other technologies that help cars absorb shocks while driving.
The company will also capitalise on the fast expanding Chinese auto sector, securing supply contracts from local carmakers and Korean manufacturers in China, Shin said.
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By GlobalData“China is currently in a dire need of auto parts makers with a high safety and credibility standard and Mando will likely benefit from the growth of the Chinese auto sector.”
