- We expect 3Q17 results to meet consensus thanks to the steady growth of in-licensed drugs. We forecast
KRW217.6bn in sales (+6.3% YoY, +3.1% QoQ), KRW19.2bn in operating profit (-13.9% YoY, +17.3%
QoQ), and KRW13.4bn in net profit (-9.9% YoY, +19.8% QoQ).
- The top line is slated to grow further on strong sales of in-licensed drugs and the launch of a new IMD in
2H17. The prospect of the technological export of its pipeline is still intact in the mid/long term. We
maintain BUY and our target price of KRW143,000.
Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc.
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