[Featured Stock] Hyundai Wia Drops Over 5% on Weak Q3 Earnings... New Low

Hyundai Wia showed weakness due to poor third-quarter performance this year, recording a new 52-week low during the trading session.

As of 9:22 a.m. on the 28th, Hyundai Wia was trading at 43,600 won, down 2,700 won (5.83%) from the previous close. During the session, it fell to 43,050 won, marking a new 52-week low.

On the 25th, Hyundai Wia disclosed that its third-quarter operating profit decreased by 22.5% year-on-year to 52.9 billion won. Sales increased slightly by 0.1% to 2.1012 trillion won, but it turned to a net loss of 11.3 billion won. Joo Soo-hong, a researcher at NH Investment & Securities, said, "Operating profit fell short of consensus (average securities firm forecast) due to a decline in global sales of Hyundai Motor Group in the third quarter and the pre-reflection of wage increases," adding, "The decrease in pre-tax profit was influenced by increased volatility in foreign exchange gains and losses due to the weakening of the dollar and ruble." NH Investment & Securities lowered Hyundai Wia's target stock price from 80,000 won to 64,000 won following the revision of profit forecasts.