Hyundai Motor Maintains Buy Rating With 75.1% Upside Potential to 780,000 KRW Target

According to Shinhan Investment & Securities' July 10 report, Hyundai Motor maintains a buy rating with a target price of 780,000 KRW (2.5% lower than previously), implying 75.1% upside from the July 9 closing price of 445,500 KRW. The brokerage expects Q2 operating profit of 3 trillion KRW, below market consensus but in line with revised expectations. For the second half, Shinhan projects a recovery in H2 earnings supported by normalization of production disruptions, expanded hybrid vehicle sales, and upcoming catalyst events including the Beijing robotics expo and CEO investor day. The brokerage forecasts Q3 operating profit of 3.2 trillion KRW (up 26.6% year-over-year) and Q4 of 3.1 trillion KRW (up 80.3%), citing potential re-rating due to recovery in earnings and future growth initiatives around robotics and software-defined vehicles.
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