[EQUITIES] ‘Hyundai E&C to remain on upturn’
[THE INVESTOR] Hyundai Engineering and Construction will meet market expectations in the first quarter, said Mirae Asset Daewoo on April 20, maintaining a “buy” recommendation and 53,000-won target price.
Its revenue will rise 4.7 percent on-year to 4.49 trillion won and operating profit by 19.6 percent to 247.7 billion won, as profits from plant business remained stable while housing sales increased, estimated analyst Lee Gwang-su.
The growth in profitability will continue but orders from overseas will pick up from the second half at the earliest, according to the analyst, adding that it will still meet the 13.4 trillion won order target for this year.
Orders from diversified international clients, stable construction for Hyundai group and upturn in its housing business will bolster its long-term growth, emphasized Lee.
By Hwang You-mee (firstname.lastname@example.org)