Hyundai Reports Strong 1Q Results on Better Product Mix; Maintaining KRW 133,000 FVE
No-moat Hyundai Motor delivered operating income of KRW 825 billion during the first quarter, an increase of 21% from the same period last year. Strong operational performance was driven by a 7% top-line expansion and 80-basis-point rise in gross profit margin. While we applaud Hyundai’s efforts in building out its SUV product offerings, much of the resulted upside has already been captured by our current forecasts. We maintain our fair value estimate of KRW 133,000 and view the shares as 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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