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[Alpha Biz=(Chicago) Reporter Paul Lee] Regarding Hyundai Mipo Dockyard, Hana Securities said, "Delay in production and the resulting cost reflection have been continuously confirmed, and the eye level of short-term performance improvement seems to have been lowered significantly." The investment opinion 'down' to the target price of 90,000 won.
Hana Securities said in a report on the 7th, "Considering that it won orders mainly for PC carriers and small and medium-sized LPG carriers in 2023, expectations for mid- to long-term earnings normalization are valid."
Hana Securities said, "In the process of resolving the existing low-margin volume, the timing of the operating performance surplus can be expected to be around the fourth quarter," adding, "The trend of normalization needs to be confirmed enough to determine whether the annual sales target is achieved during the first half of the year."
Hyundai Mipo Dockyard's fourth-quarter earnings fell below market consensus. Performance was sluggish as large-scale one-off costs were reflected.
Sales rose 11.0 percent on-quarter to 1.1028 trillion won in the fourth quarter, up 7.8 percent from a year earlier. The appearance has grown due to the increase in the number of working days, but it is showing a relatively slow flow due to delays in the drying of some adenoma. Operating loss was KRW 65.2 billion, widening from the previous quarter. The one-off cost of KRW 51.8 billion has been reflected and the deficit continues, even excluding the impact.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
