Tepid China and North American Sales Drove 51% 2Q 2017 Earnings Drop; FVE Maintained at KRW 150,000
Tepid North American and Chinese market performance drove no-moat Hyundai Motors to report a 51% year-on-year decline in second-quarter net profit to KRW 816 billion, while the company’s top line declined 1.5% year on year to KRW 24 trillion. On a cumulative basis, Hyundai’s first-half net income of KRW 2.1 trillion amounted to 41% of our full-year estimate, trailing our expectation. We intend to cut our 2017 net income forecast by 10%-15% on higher-than-expected incentive program spending, but ...Hyundai Motor is engaged in the manufacture and distribution of motor vehicles and parts. Co.'s passenger automobiles include Accent, Elantra, Sonata, Azera, Genesis, XG and Tiburon. Co.'s recreational vehicles include Santa FE, Tucson, Veracruz and Entourage. Co.'s commercial vehicles include H-1 Truck, Mighty II, 5 Ton Cargo, Tractor, Dump Truck, Aero Town, and Aero Queen.
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