Hyundai 3Q Result Dragged down by One-Off Items and Deteriorating Cost Structure; FVE Maintained at
Hyundai Motor has posted a disappointing third-quarter result with revenue up by merely 1% and operating income down 76% year over year. While the weak quarterly result is primarily due to one-off factors such as currency headwinds and a jump in product recall provision, we continue to find deteriorating cost structure in the group’s U.S. operation to be more worrisome. However, Hyundai’s operational performance should improve in the fourth quarter as one-off factors dissipate. We maintain our f...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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