Hyundai's Operational Weakness Continued in 2Q, FVE Lowered to KRW 133,000
Hyundai reported another lackluster result for second-quarter 2018, with operating profit down 29%. While the firm attributes disappointing financial performance to rising fixed costs and unfavorable foreign exchange environment, we now think operational softness will most likely continue as Hyundai's incentive program fails to excite consumers in the U.S. and rising competitiveness of mass-market SUVs in China weakens Hyundai's value proposition. We lower fair value estimate to KRW 133,000 from...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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