Hyundai E&C initiated with "buy"

09/24/07 - Deutsche Securities

LONDON, September 24 (newratings.com) - Analysts at Deutsche Bank Securities initiate coverage of Hyundai E&C (000720) with a "buy" rating. The target price is set to KRW107,000.

In a research note published on September 21, the analysts mention that solid order flow and earnings from the Taean project, along with a recovery in underperforming overseas contracts, lend support to the estimated EPS CAGR of 29% for the company for 2007-2010. A race for control over Hyundai E&C, when creditors offload their controlling stakes, is expected to lend upside to the company's share price, the analysts add.