Hyundai Motor "outperform"

07/23/07 - Credit Suisse

LONDON, July 23 (newratings.com) - Analysts at Credit Suisse maintain their "outperform" rating on Hyundai Motor Co Ltd (005380.KS). The target price is set to W79,000.

In a research note published this morning, the analysts mention that the company is likely to post its 2Q07 revenues and operating profits at W7.7 trillion and W424 billion, respectively, mainly driven by volume growth and favourable currency effects. Hyundai Motor’s operating margins for the quarter are expected to decline on a y/y basis and there are concerns surrounding the market environment in the domestic markets of Korea and the US in 2H07, the analysts say. The net profit estimates for FY07, FY08 and FY09 have been raised by 2%, 5% and 5%, respectively.