[Alpha Biz= Reporter Paul Lee] Hana Securities Co. on the 12th lowered its target share price to 43,000 won from the previous 46,000 won while maintaining its investment opinion "Buy," saying its first-quarter earnings are expected to fall below market expectations.
Hana Securities Co. said, "We expect sales and operating profit in the first quarter to be 2.2 trillion won and 64.5 billion won, up +1 percent and -8 percent, respectively, from a year earlier."
"The production volume of Hyundai Motor and Kia global electric vehicles (EV), which are major customers, has decreased slightly, but we expect sales to increase slightly as deliveries to local OEs in India and China have increased and rise at the won-dollar exchange rate," Hana Securities explained.
"It will show low external growth of around 1% until the first half of this year, but growth will recover due to increased volume of customers, recovery of development costs and operation of new plants after the second half of this year," Hana Securities said.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
