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Kim Jong-hoon, chairman of Hanmi Global. (Photo=Hanmi Global) |
[Alpha Biz= Reporter Kim Sangjin] On the 24th, Hyundai Motor Securities analyzed that HanmiGlobal is mitigating the domestic market downturn through high overseas sales. They raised the target price from 20,000 KRW to 22,000 KRW and maintained a 'Buy' rating.
HanmiGlobal's sales in the first quarter increased by 1.4% year-on-year to 101.8 billion KRW, and operating profit rose by 24% year-on-year to 8.4 billion KRW. This improvement in overall profit margins was attributed to the expansion of overseas sales and the reduction of responsibility-based projects.
Hyundai Motor Securities stated, "HanmiGlobal's main business areas are domestic plants and overseas projects, which are somewhat insulated from the domestic housing market downturn. While the domestic division is affected by unfavorable macroeconomic conditions such as continued high interest rates, the increase in data center and logistics center construction keeps sales at a satisfactory level."
Additionally, they noted, "Due to the worsening construction market, delays in project completion, and rising construction costs, there is a growing demand for PM services from reconstruction associations. If this trend continues, HanmiGlobal may expand into the reconstruction market, an area they have not actively entered before."
Hyundai Motor Securities also forecasted, "The high-tech division, HanmiGlobal's core business unit, is likely to benefit from Samsung Electronics' ongoing investment expansion."
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
