[Click eStock] "Hyundai Glovis, Bigger Picture of New Business Entry Over Short-Term Earnings... Target Price Up 17%"

[Asia Economy Reporter Park Jihwan] Daishin Securities stated on the 16th that Hyundai Glovis appears to be focusing on a big picture such as entering new businesses rather than short-term performance, and maintained its investment opinion as 'Buy' and raised the target price by 16.6% from the previous 180,000 KRW to 210,000 KRW.

Yang Jihwan, a researcher at Daishin Securities, said, "Hyundai Glovis's stock price has risen by 24.6% this month alone, driven by increased operating rates at overseas plants of Hyundai and Kia Motors since the end of Q3 this year and strong sales, as well as the news of Chairman Chung Euisun's inauguration."

Researcher Yang said, "The inauguration of Chairman Chung Euisun has highlighted expectations for the restructuring of Hyundai Motor Group's governance and business structure, and "it is expected that active participation will be seen in the group's new businesses such as the hydrogen economy, electric vehicle business, and used car distribution, and that new business areas can be established."

He added, "Chairman Chung has shown proactive efforts to expand the supply of hydrogen and electric vehicles," and "Hyundai Glovis is expected to actively enter new business areas such as the electric vehicle battery leasing business in collaboration with LG Chem and Hyundai Motor, platform construction and distribution for hydrogen supply chain efficiency, participation in special purpose companies for the construction and operation of hydrogen charging stations for commercial vehicles, and expansion of the used car distribution business."

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