Hyundai Glovis flies again in 4Q 2012

Hyundai Glovis, a logistics company of the Hyundai Motors Group, might see growth again in its financial results for the 4th quarter of 2012.

HMC Investment Securities analyst Mr. Kang Dongjin predicted that Hyundai Glovis will achieve KRW 2.489 trillion in revenue and KRW 104.3 billion for adjusted operating profit in the fourth quarter in 2012. The financial results were up by 17.6% and 16.9%, respectively, over the same period of 2011.

The analyst said, "The revenue for CKD increased by 12.5% to KRW 1.1534 trillion because Hyundai Motors' auto factory in Brazil has been operated in earnest since the fourth quarter of 2012. In addition, the shipping for completed cars made a great growth in revenue. The revenue is estimated at KRW 35 billion, increasing by 46% compared with 2011."

"Owing to the start of operations in the Yangsan secondhand car auction house, the distribution section will also grow," he added. Mr. Kang concluded that the target stock price would be 'KRW 310 thousand' and recommended it as a 'buy'. < 김보람 기자 brkim@ksg.co.kr >