Report

Moorim P&P (009580.KS): A new chapter in history begins in 2018 [email protected]

  • -  As the robust price of pulp continues to widen pulp and paper margins, it is possible that Moorim P&P will report the highest operating profit since 2013 in 2018. Its improving earnings visibility justifies a stock re-rating.

  • -  Despite the recent rally, the stock remains undervalued. We raise our target price to KRW10,000 to reflect our upwardly adjusted earnings forecasts and keep Moorim on our conviction call list. Our new target price translates to a 9.5x P/E and 1.0x P/B on 2018F earnings.

Provider
Hyundai Motor Investment & Securities
Hyundai Motor Investment & Securities

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. 

Analysts
Jong-ryeol Park

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