[
THE INVESTOR] HMC Investment Securities lowered its annual sales forecast for
Hyundai Glovis and cut its target price on the stock from 280,000 won (US$246.31) to 260,000 won on July 18.
“We cut the company’s revenue estimate due to sluggish exports of cars manufactured here,” said Kang Dong-jin, an analyst at HMC Investment Securities.
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Automobiles are lined up to be loaded abroad a transport ship operated by Hyundai Glovis in Pyongtaek./ Hyundai Glovis |
The securities company lowered its sales estimate on Hyundai Glovis for 2016 fiscal year by 1.4 percent to 15.37 trillion won while cutting its operating profit forecast by 3.5 percent to 779 billion won.
However, HMC Investment Securities retained a buy rating on the stock as the company’s second-quarter earnings are expected to meet the market consensus with 3.86 trillion won in sales and 191 billion won in operating profit.
Hyundai Glovis stock shed 2.55 percent to 172,000 won as of 10:30 a.m.
By Park Han-na (
hnpark@heraldcorp.com)
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