The author is ananalystof NH Investment & Securities. He can be reached [email protected]. — Ed.
We expect Hyundai Wias share price to show downward rigidity, considering its valuations (2021E P/B of 0.66x) and HMGs improving global utilization rates. A rebound in auto demand, together with visible results at Hyundai Wias new businesses, should provide strong ballast for its share price.
Advise Buy & Hold strategy for investors with long-term horizon
We maintain a Buy rating and a TP of W130,000 on Hyundai Wia. Given both the companys internal combustion engine-focused business structure and uncertainties towards its machinery business, its near-term earnings momentum will likely remain limited. That said, valuation re-ratin…
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