Hyundai Investment Securities projects 26.6% decline in Hyundai Wia’s Q2 earnings

Published : Jul 12, 2016 - 16:22 Updated : Jul 12, 2016 - 17:39

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[THE INVESTOR] HMC Investment Securities has forecast that machinery maker Hyundai Wia will suffer a 26.6 percent decrease in its second quarter operating profit at 97.4 billion won (US$ 84.59 million).

Sales are also expected to decline, by 1.1 percent to 1.98 trillion won, the brokerage said. Both figures are below market estimates.

However, Hyundai Investment said that sales would recover in the latter half of the year.

The brokerage lowered its target price on Hyundai Wia shares to 130,000 won from the current 145,000 won.

By Kim Ji-hyun (jemmie@heraldcorp.com)