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[Alpha Biz=(Chicago) Reporter Paul Lee] Hana Securities lowered Hyundai Mobis' target price from 280,000 won to 270,000 won on the 29th.
"The fourth quarter of 2023 earnings were below expectations. Despite the drop in logistics costs, labor costs and one-off quality costs were reflected," Hana Securities said. "In the first half of 2024, the growth rate of the electric power sector will fall due to slowing forward demand."
However, it was expected to recover growth in the second half of this year. Through the completion of overseas factories and the start of customer musk delivery.
"The R & D cost and Capex increase will be added, but the rise in the operation rate of existing electric power plants and the removal of one-off costs incurred in 2023 will increase profitability in 2024," Hana Securities said.
Hyundai Mobis plans to increase R & D investment by 10% to 1.75 trillion won in 2024 and Capex by 20% to 3.18 trillion won. Under the shareholder return policy, the company maintained a 20-30% dividend of net profit excluding equity law and the purchase and retired of its own shares worth 150 billion won.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
