Report
EUR 17.42 For Business Accounts Only

POSCO (005490.KS): Rising prices, accelerating 4Q earnings momentum

  • 3Q17 results in line with consensus
  • Key investment points are as follows: 1) the likelihood of ASP hikes in 4Q given ongoing price increases; 2) continued QoQ operating profit growth in 4Q as a result; and 3) attractive valuation vs. global peers.
  • Maintain BUY and target price
Underlying
POSCO

POSCO is engaged in the manufacture and distribution of steel rolled products and plates in the domestic and overseas markets. Co. manufactures and sells a diversified line of steel products, including cold rolled and hot rolled products, stainless steel products, plates, wire rods and silicon steel sheets. Also, Co. is able to meet a broad range of customer needs from manufacturing industries that consume steel, including automotive, shipbuilding, home appliance, engineering and machinery industries. Co. operates two steel plants, Pohang Works and Gwangyang Works in the Republic of Korea.

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
Hyun Wook Park

Other Reports on these Companies
Other Reports from Hyundai Motor Investment & Securities

ResearchPool Subscriptions

Get the most out of your insights

Get in touch