Hyundai Motor faces a bumpy ride in the highly competitive automobile manufacturing industry.
As expected, no-moat Hyundai Motor’s tepid operating performance continued into March, with weak Chinese and North American sales volume offsetting the strong demand from other emerging markets (mainly India and the Middle East). On a cumulative basis, Hyundai’s overall sales volume has declined 2% year on year and trailed our forecast by roughly 9%. Our fair value estimate of KWR 150,000 is unchanged for now, given that our longer-term operating assumptions are intact. We consider shares fairly...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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