DOCSLIB.ORG

Korea Tyre Sector

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Korea Tyre Sector x Consumer Discretionary / Korea 26 November 2012 Initiation: setting the wheels in Korea Tyre Sector motion Positive (initiation) Heightened earnings visibility for 2013E on stronger demand and Neutral stabilising raw-material prices could drive up share prices Negative Companies look poised for long-term earnings growth on price competitiveness and product mix improvements Recent share-price corrections provide a good entry point How do we justify our view? Korean tyre makers‟ price Buy (1) rating and six-month target competitiveness (versus global price of KRW57,000 (31% upside major brands) should continue to potential). help their earnings growth and market-share expansion going We initiate coverage of Nexen Tire Jun Yong Bang forward. We are equally optimistic (Nexen) with an Outperform (2) (82) 2 787 9168 about a further improvement in rating and six-month target price of [email protected] their product mix, with the revenue KRW19,000 (15% upside potential). proportion of ultra-high- We are more positive on Nexen‟s Sung Yop Chung performance tyres (UHPT) longer-term earnings-growth (82) 2 787 9157 [email protected] increasing through the companies‟ outlook, underpinned by its capacity rising market presence globally. expansion plan in China and Korea. ■ Investment case Despite market concerns about the However, we favour Hankook Tire We believe the recent correction in recent removal of US tariffs on over Nexen, due to: 1) Hankook Tire‟s the Korean tyre makers‟ share prices Chinese tyre exports and KRW more appealing valuation, and 2) its provides a good investment appreciation against the USD, we more defensive business profile opportunity over the next six believe the different pricing points versus Nexen‟s, which is more months, as we envisage heightened for Chinese and Korean tyre makers vulnerable to possible headwinds, earnings visibility for the tyre and the fact that Korean tyre makers such as more competition from makers in 2013 on stronger demand are largely naturally hedged for the Chinese tyre makers. and stabilising raw-material prices. USD suggest that the impact may Over the long term, we think their not be as severe as some in the ■ Risks value proposition and a further market anticipate. Key risks include weaker-than- improvement in their product mix expected shipment volume in 2013 could move the Korean tyre makers ■ Valuation and more intense competition from up the value ladder within the global Due to the abovementioned Chinese imported tyres after the tyre industry context. concerns, the Korea Tyre Sector has lifting of tariffs in the US. underperformed the KOSPI by 11% ■ Catalysts over the past two months. However, Despite market concerns about we believe the recent correction, potential softness in unit shipments which has led to the sector now and rising competition in the tyre trading at its past-7-year trough PER industry, we expect solid tyre of 7.4x for 2013E, provides a good Key stock calls demand overall, backed by a recovery entry point ahead of the more New Prev. in US tyre shipments, to lead to solid favourable earnings outlook we see Hankook Tire (161390 KS) earnings growth for the Korean tyre for 2013 on stronger demand and Rating Buy stabilising raw-material prices. Target 57,000 makers in 2013. In our view, US Upside 31.3% replacement tyre demand is near an Hankook Tire is our top pick, for Nexen Tire (002350 KS) inflection point, where pent-up Rating Outperform demand, accumulated during the what we regard as its solid earnings Target 19,000 outlook and high value proposition. Upside 15.2% economic slowdown, should lead a recovery in global tyre demand. Applying a target 2013E PBR of Source: Daiwa forecasts. 1.85x, we initiate coverage with a See important disclosures, including any required research certifications, beginning on page 40 Korea Tyre Sector 26 November 2012 How do we justify our view? Growth outlook Valuation Positive (initiation) Earnings revisions Neutral Negative US replacement equipment (RE) shipments vs. monthly vehicle Growth outlook miles of travel Contrary to some concerns in the market about a 20% 1.5% potentially softening demand outlook in the near term, 1.0% 10% we believe Korean tyre makers‟ shipments in 2013 will 0.5% be supported by demand for replacement equipment in 0% 0.0% the US, which seems to have neared an inflection point. -0.5% -10% -1.0% -1.5% Backed by a recovery in demand, Korean tyre makers -20% should generate a steady operating-profit CAGR of 16% -2.0% -30% -2.5% 08 09 10 11 12 08 09 10 11 12 08 09 10 11 for 2012-14, based on our forecasts. 12 08 09 10 11 12 - - - - - - - - - - - - - - - - - - - - Jul Jul Jul Jul Jul Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Jan Jan Jan Jan Jan US RE shipments (YoY) (LHS) Monthly vehicle-miles of travel (12M Avg, YoY) Source: Various sources including Federal Highway Administration and RMA Korea Tyre Sector valuation: PBR-ROE time series (2005-2012E) Valuation The Korea Tyre Sector is trading currently at a 2013E PBR (x) 2.5 PER of 7.4x, near the low-end of its past-7-year multiple (stripping out the period of the global financial crisis), 2.0 even based on what we consider to be our conservative ASP forecasts. 1.5 Using a PBR-ROE valuation methodology, whose target 1.0 multiples we derive from our Gordon Growth Model, we y = 0.0365x + 1.0514 R² = 0.5144 apply a 2013E PBR of 1.85x for Hankook Tire and 0.5 obtain a six-month target price of KRW57,000 (31% ROE (%) upside potential from its current share price). We assign 0.0 a 2013E PBR of 2.1x for Nexen and obtain a six-month (10) (5) 0 5 10 15 20 25 30 35 40 target price of KRW19,000 (15% upside potential). Source: Companies, Bloomberg, compiled by Daiwa Bloomberg consensus EPS revision trend (2013E) Earnings revisions The Korea Tyre Sector has undergone downward 130% earnings-forecast revisions by the Bloomberg consensus 120% in recent months, due we believe to concerns about: 1) 110% the softening demand outlook, 2) the repeal of the US tariffs on Chinese-made tyres, and 3) the appreciation of 100% the KRW against the USD. 90% 80% As we believe the negative earnings impact from the 70% abovementioned headwinds is largely discounted, Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 further substantial cuts to the consensus forecasts look Michelin Goodyear Bridgestone unlikely going forward. Sumitomo Chengshin Cooper Nexen Source: Bloomberg Note: consensus EPS data for Hankook Tire is not available due to its spin-off from its holding company in August 2012 - 2 - Korea Tyre Sector 26 November 2012 Contents Valuation looks attractive ............................................................................................................ 4 US replacement demand nearing the inflection point ................................................................ 7 Well-positioned in the industry ................................................................................................. 10 Raw materials: price stabilisation should continue ................................................................... 12 Shifting to high-end products .................................................................................................... 14 Foreign-exchange impact may not be so great .......................................................................... 17 Company Section Hankook Tire .......................................................................................................................... 19 Nexen Tire .............................................................................................................................. 29 - 3 - Korea Tyre Sector 26 November 2012 Bloomberg EPS consensus revision trend (2013E) 130% 120% 110% 100% Valuation looks 90% attractive 80% 70% Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 After the recent correction, we believe Michelin Goodyear Bridgestone Sumitomo Chengshin Cooper current share prices offer an attractive Nexen entry point. Source: Bloomberg Note: consensus EPS data for Hankook Tire is not available due to its spin-off from its holding company in August 2012 Share-price performance We believe the recent correction is excessive and that the concerns have been overdone, given our view that: Led by investors‟ looming concerns about softening 1) tyre shipments in the developed markets are tyre shipment volume in developed markets, Korean reaching an inflection point, and 2) the earnings tyre makers‟ share prices have fallen by more than 11% impact of some of the aforementioned negatives could since October 2012. We also believe concerns about the be less severe than many have feared. appreciating KRW and removal of US tariffs on Chinese tyre exports have weighed negatively on share Based on our earnings forecasts, which incorporate prices. what we consider as very conservative ASP forecasts (due to Daiwa‟s forecast for the KRW to appreciate Global tyre makers: share price performance (since Oct 2012) further, vs. the USD for end-2012 and 2013), Korean Cooper Tire 26% tyre makers‟ current valuations suggest to us that they Bridgestone 12% offer an attractive entry point with comfortable support Michelin 5% for the downside risks. Based on our EPS forecasts, Sumitomo Rubber 5% Hankook Tire is trading currently at a 2013E PER of Yokohama Rubber 1% 6.9x, 1SD below its past-7-year average PER, while Continenal 1% Nexen is near its low-mid cycle PER. Pirelli -5% CSR -6% Korea Tyre Sector: trading below its historical average PER Goodyear -7% (x) Hankook Tire
Load more

Recommended publications
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP
    Global Equity Fund June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA MICROSOFT CORP 2.5289% 2.5289% APPLE INC 2.4756% 2.4756% AMAZON COM INC 1.9411% 1.9411% FACEBOOK CLASS A INC 0.9048% 0.9048% ALPHABET INC CLASS A 0.7033% 0.7033% ALPHABET INC CLASS C 0.6978% 0.6978% ALIBABA GROUP HOLDING ADR REPRESEN 0.6724% 0.6724% JOHNSON & JOHNSON 0.6151% 0.6151% TENCENT HOLDINGS LTD 0.6124% 0.6124% BERKSHIRE HATHAWAY INC CLASS B 0.5765% 0.5765% NESTLE SA 0.5428% 0.5428% VISA INC CLASS A 0.5408% 0.5408% PROCTER & GAMBLE 0.4838% 0.4838% JPMORGAN CHASE & CO 0.4730% 0.4730% UNITEDHEALTH GROUP INC 0.4619% 0.4619% ISHARES RUSSELL 3000 ETF 0.4525% 0.4525% HOME DEPOT INC 0.4463% 0.4463% TAIWAN SEMICONDUCTOR MANUFACTURING 0.4337% 0.4337% MASTERCARD INC CLASS A 0.4325% 0.4325% INTEL CORPORATION CORP 0.4207% 0.4207% SHORT-TERM INVESTMENT FUND 0.4158% 0.4158% ROCHE HOLDING PAR AG 0.4017% 0.4017% VERIZON COMMUNICATIONS INC 0.3792% 0.3792% NVIDIA CORP 0.3721% 0.3721% AT&T INC 0.3583% 0.3583% SAMSUNG ELECTRONICS LTD 0.3483% 0.3483% ADOBE INC 0.3473% 0.3473% PAYPAL HOLDINGS INC 0.3395% 0.3395% WALT DISNEY 0.3342% 0.3342% CISCO SYSTEMS INC 0.3283% 0.3283% MERCK & CO INC 0.3242% 0.3242% NETFLIX INC 0.3213% 0.3213% EXXON MOBIL CORP 0.3138% 0.3138% NOVARTIS AG 0.3084% 0.3084% BANK OF AMERICA CORP 0.3046% 0.3046% PEPSICO INC 0.3036% 0.3036% PFIZER INC 0.3020% 0.3020% COMCAST CORP CLASS A 0.2929% 0.2929% COCA-COLA 0.2872% 0.2872% ABBVIE INC 0.2870% 0.2870% CHEVRON CORP 0.2767% 0.2767% WALMART INC 0.2767%
    [Show full text]
  • Altair Technology Conference 2019
    Altair Technology Conference Registration starts at PM 12:00 Altair Technology Conference 2019 Altair Technology Conference has grown to become a premier event forum for learning and sharing experiences in engineering and design. Altair invites you to be part of the conversation with industry leaders and technology experts to discuss how new solutions are transforming design and decision making at the Altair Technology Conference. Register We are pleased to announce that the Altair Technology Conference will take place at the Conrad Seoul Hotel in Korea on September 20, 2019. ATC.altair.co.kr TRINITY SPONSOR | Engineering Altair Technology Conference 6F 5F Structure ElectroMagnetic Inspire / Manufacturing Samsung Electronics / Wu Jingxi Hyosung Heavy Industries / Donghyun Lee KERI / Changseob Kwak KIA Motors / Haeryong Lee Simulation study to estimate stand stability of display products Gearbox Analysis with SimSolid Analysis of Small Current Interruption Performance for Body side seal inner with integrated extrusion bearing optimization Gas Circuit Breaker Using Flux 2D Nedec / Hangoo Kim Samsung Electronics / Jaechoon Yoo OBP ENG / Donghoo Kim Hyosung Heavy Industries / Hyoungjun Moon Optimization Design for High Pressure Die Casting Gate Robot Arm Optimization with ESLM Application and Comparison of Inspire and SimSolid Shape and Injection Conditions in the Design Analysis of Ammunition Optimum Design and Analysis Technique of SG`s Auxiliary Hyundai Motor Company / Yongha Han Winding for AVR Power Supply Using Flux 2D Studio IL HOON
    [Show full text]
  • The World's 100 Biggest Automotive Suppliers in 2018
    THE WORLD’S 100 BIGGEST AUTOMOTIVE SUPPLIERS IN 2018. BERYLLS.COM Berylls’s Study on the Global Automotive Supplier Industry MANAGEMENT SUMMARY. 1 Record Revenues Despite Difficult Circumstances:Des - pite the Brexit chaos, impulsive US trade policy and a cooling of the Chinese economy, the global 100 biggest automotive suppliers achieved revenue growth of 7.6% year on year. 2 Investment Spending in the Future Puts Pressure on Margins: CASE technologies demand their tribute, resulting in margins declining by one percentage point to an average of 7.7% (operating income / EBIT). 3 M&A Momentum Takes On New Dimensions: Spin-offs of business units in the “old automotive” field, acquisitions in the “new automotive” field and mergers with competitors raised the M&A market to a new level and are fueling the continuing advance of industry consolidation. German Suppliers Assert their Market Position: Bosch in 4 first place, Continental second and ZF Friedrichshafen on a shop- ping trip, in fifth place: these positions underscore the strength of the German suppliers, including in future technologies. Chinese Suppliers Advancing: CATL is the climber of the 5 year, profiting from the increasing penetration of electro- mobility, and increasing the number of Chinese companies among the Top 100 to a total of 6. REVENUES UP, PROFITS DOWN The end turned out differently than had been forecasted at the start of the year: 2018 held surprises, with high growth rates and new record revenues. But the omens for this had been poor at the start of the year. However, there were also severe skid marks in 2018, since many companies were confronted with declining margins.
    [Show full text]
  • June 20, 2012
    June 20, 2012 KOREA Major Indices Close Chg Chg (%) KOSPI 1,904.12 12.35 0.65 KOSPI 200 252.92 1.61 0.64 KOSDAQ 484.55 6.19 1.29 Turnover ('000 shares, Wbn) Volume Value KOSPI 362,348 3,635 KOSPI 200 64,172 2,902 KOSDAQ 573,165 1,763 Market Cap (Wbn) Value KOSPI 1,096,350 KOSDAQ 102,979 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,028 809 219 Institutional 711 763 -53 Retail 1,767 1,921 -154 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 79 56 23 Institutional 76 61 16 Retail 1,607 1,637 -30 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 758 584 174 KOSDAQ 24 16 7 Advances & Declines Advances Declines Unchanged KOSPI 548 275 79 KOSDAQ 656 253 85 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,252,000 8,000 330 Hynix 24,800 950 226 KODEX LEVERAGE 12,175 145 192 Hyundai Motor 253,500 0 124 Honam Petrochemical 244,000 6,500 103 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value AHNLAB 112,700 1,200 40 Com2us 39,550 950 33 Celltrion 31,250 250 29 Medipost 96,200 -1,700 28 HJIN 7,400 530 23 Note: As of June 20, 2012 This document is a summary of a report prepared by Daewoo Securities Co., Ltd. („Daewoo‰) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable.
    [Show full text]
  • Dimensional 2020 Target Date Retirement Income Fund As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Dimensional 2020 Target Date Retirement Income Fund As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. This fund operates as a fund-of-funds and generally allocates its assets among other mutual funds, but has the ability to invest in securities and derivatives directly. The holdings listed below contain both the investment holdings of the corresponding underlying funds as well as any direct investments of the fund.
    [Show full text]
  • Stoxx® South Korea 200 Index
    STOXX® SOUTH KOREA 200 INDEX Components1 Company Supersector Country Weight (%) Samsung Electronics Co Ltd Technology South Korea 28.94 SK HYNIX INC Technology South Korea 4.68 NAVER CORP Technology South Korea 4.12 KAKAO CORP Technology South Korea 3.20 LG Chem Ltd Chemicals South Korea 2.70 Samsung SDI Co Ltd Technology South Korea 2.61 Hyundai Motor Co Automobiles & Parts South Korea 2.57 Celltrion Health Care South Korea 2.08 POSCO Basic Resources South Korea 2.07 KB Financial Group Inc Banks South Korea 1.66 KIA CORPORATION Automobiles & Parts South Korea 1.66 Shinhan Financial Group Co Ltd Banks South Korea 1.41 Hyundai Mobis Automobiles & Parts South Korea 1.34 LG H&H Personal Care, Drug & Grocery Stores South Korea 1.22 LG Electronics Inc Consumer Products & Services South Korea 1.19 SK TELECOM Telecommunications South Korea 1.17 SAMSUNG C&T CORP Construction & Materials South Korea 1.12 SK INNOVATION Energy South Korea 1.00 NCsoft Consumer Products & Services South Korea 0.99 SAMSUNG BIOLOGICS Health Care South Korea 0.97 Hana Financial G Banks South Korea 0.95 LG Corp Industrial Goods & Services South Korea 0.87 KT&G Corp Food, Beverage & Tobacco South Korea 0.82 HMM Industrial Goods & Services South Korea 0.80 Samsung Electro-Mechanics Co L Technology South Korea 0.71 KOREAN AIR LINES Travel & Leisure South Korea 0.68 SK Technology South Korea 0.68 CELLTRION HEALTHCARE Health Care South Korea 0.66 Amorepacific Consumer Products & Services South Korea 0.60 Samsung Fire & Marine Insuranc Insurance South Korea 0.59 Korea Electric
    [Show full text]
  • Accelerate Hyundai Proposals Unlocking Value at One of the World’S Leading Automotive Brands
    Accelerate Hyundai Proposals Unlocking Value at One of the World’s Leading Automotive Brands 1 Important Information This Presentation (i) is from and is published by Elliott Associates, L.P. (“EALP”) and Potter Capital LLC (“Potter”), both of which are Elliott affiliates; and (ii) accompanies a letter from EALP and Potter to the directors of Hyundai Mobis Co., Ltd., Hyundai Motor Company, and Kia Motors Corporation (the “Letter”). Capitalized terms used in this Presentation shall unless otherwise defined bear the meanings ascribed to them in the Letter. Many of the statements in this Presentation as well as in the Letter are the opinions and/or beliefs of EALP and/or Potter, which are based on their own analysis of publicly available information. Any statement or opinion expressed or implied in this Presentation and the Letter is provided in good faith but only on the basis that no investment decision(s) will be made based on, or other reliance will be placed on, any of the contents herein by others. EALP, Potter, Elliott and/or any of their respective affiliates (i) may at any time in the future, without notice to any person (other than as reQuired under, or in compliance with, applicable laws and regulations), increase or reduce their holdings of any Hyundai group entity’s shares or other eQuity or debt securities (including such securities and derivative products directly and/or indirectly related to such securities including, for example, KOSPI 200 Index) and/or may at any time have long, short, neutral or no economic or other exposure
    [Show full text]
  • Hyundai Mobis
    002 HYUNDAI MOTOR GROUP COMMUNITY RELATION WHITE BOOK HYUNDAI PROLOGUE CHAIRMAN’S MESSAGE CORPORATE PHILOSOPHY CSR SYSTEM GLOBAL CSR ACTIVITIES HYUNDAI GLOBAL CSR ACTIVITIES AFFILIATES & FOUNDATION TOWARDS A BETTER FUTURE FOR ALL OF US AFFILIATES & FOUNDATION HYUNDAI MOTOR GROUP IS MOVING FORWARD 003 PROLOGUE 007 GROUP’S GLOBAL CSR ACTIVITIES 038 HYUNDAI MOTOR COMPANY WITH A SINCERE EFFORT. 004 CHAIRMAN’S MESSAGE 009 ASIA CSR ACTIVITIES 039 KIA MOTORS CORPORATION GLOBAL CSR PROJECTS 005 CORPORATE PHILOSOPHY 011 CHINA 039 HYUNDAI STEEL 006 CSR SYSTEM 013 INDIA 040 HYUNDAI ENGINEERING & 013 UZBEKISTAN CONSTRUCTION 014 PHILIPPINES 040 HYUNDAI ENGINEERING 015 INDONESIA 041 HYUNDAI MOBIS 016 MYANMAR 041 HYUNDAI WIA 016 BANGLADESH 042 HYUNDAI TRANSYS 017 NORTH AMERICA CSR ACTIVITIES 042 HYUNDAI ROTEM 018 USA 043 HYUNDAI CAPITAL 019 CANADA 043 HYUNDAI KEFICO 020 CENTRAL & SOUTH AMERICA 044 HYUNDAI MOTOR CHUNG MONG-KOO CSR ACTIVITIES FOUNDATION 021 PERU 022 BRAZIL 022 MEXICO GLOBAL CSR PROJECTS 023 CHILE 024 AFRICA CSR ACTIVITIES 045 GLOBAL CSR PROJECTS 026 TANZANIA / MALAWI / MOZAMBIQUE / ETHIOPIA / KENYA / UGANDA / RWANDA / GHANA 027 EUROPE CSR ACTIVITIES 029 RUSSIA 029 SLOVAKIA 030 CZECH 030 TURKEY 031 UK 032 KOREA CSR MAJOR ACTIVITIES 003 HYUNDAI HYUNDAI MOTOR GROUP PROLOGUE COMMUNITY RELATION WHITE BOOK HYUNDAI PROLOGUE CHAIRMAN’S MESSAGE CORPORATE PHILOSOPHY CSR SYSTEM GLOBAL CSR ACTIVITIES AFFILIATES & FOUNDATION GLOBAL CSR PROJECTS 004 HYUNDAI HYUNDAI MOTOR GROUP CHAIRMAN’S MESSAGE COMMUNITY RELATION WHITE BOOK HYUNDAI PROLOGUE CHAIRMAN’S MESSAGE CORPORATE PHILOSOPHY CSR SYSTEM MOVING WITH ALL OUR HEART AND SOUL. HYUNDAI MOTOR GROUP’S SOCIAL CONTRIBUTION OPERATIONS HAVE BEEN GLOBAL CSR ACTIVITIES STEADILY EXPANDING SINCE 2003.
    [Show full text]
  • Hyundai Motor Company and Its Subsidiaries
    HYUNDAI MOTOR COMPANY AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019 (Unaudited) ATTACHMENT: INDEPENDENT AUDITORS’ REVIEW REPORT HYUNDAI MOTOR COMPANY Contents INDEPENDENT AUDITORS’ REVIEW REPORT ----------------------------------------------------------- 1 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ----------------------------------- 4 CONSOLIDATED STATEMENTS OF INCOME ------------------------------------------------------ 6 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME --------------------------- 7 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ------------------------------------ 8 CONSOLIDATED STATEMENTS OF CASH FLOWS ----------------------------------------------- 10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ----------------------------------- 12 152, Teheran-ro, Gangnam-gu, Seoul 06236 (Yeoksam-dong, Gangnam Finance Center 27th Floor) Republic of Korea Independent Auditors’ Review Report The Board of Directors and Shareholders Hyundai Motor Company: Reviewed financial statements We have reviewed the accompanying condensed consolidated interim financial statements of Hyundai Motor Company and its subsidiaries (the “Group”), which comprise the condensed consolidated statement of financial position as of March 31, 2020, the condensed consolidated statements of income, comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2020 and 2019 and notes, comprising a summary of significant
    [Show full text]
  • Hyundai Mobis Co., Ltd. and Subsidiaries
    HYUNDAI MOBIS CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements December 31, 2018 and 2017 (With Independent Auditors’ Report Thereon) WorldReginfo - 63fabde6-5eb5-4b70-91c4-13081a9cd0a0 Contents Page Independent Auditors’ Report 1 Consolidated Statements of Financial Position 4 Consolidated Statements of Income 6 Consolidated Statements of Comprehensive Income 7 Consolidated Statements of Changes in Equity 8 Consolidated Statements of Cash Flows 10 Notes to the Consolidated Financial Statements 11 WorldReginfo - 63fabde6-5eb5-4b70-91c4-13081a9cd0a0 152, Teheran-ro, Gangnam-gu, Seoul 06236 (Yeoksam-dong, Gangnam Finance Center 27th Floor) Republic of Korea Independent Auditors’ Report Based on a report originally issued in Korean To the Board of Directors and Stockholders HYUNDAI MOBIS Co., Ltd.: Opinion We have audited the consolidated financial statements of HYUNDAI MOBIS Co., Ltd. (the “Company”) and its subsidiaries (the “Group”), which comprise the consolidated statements of financial position as of December 31, 2018 and 2017, the consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended, and notes to the financial statements, comprising significant accounting policies and other explanatory information. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2018 and 2017, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”). Basis for Opinion We conducted our audits in accordance with Korean Standards on Auditing (KSAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report.
    [Show full text]
  • Hyundai Motor Company and Its Subsidiaries
    HYUNDAI MOTOR COMPANY AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2020 AND 2019 (Unaudited) ATTACHMENT: INDEPENDENT AUDITORS’ REVIEW REPORT HYUNDAI MOTOR COMPANY Contents INDEPENDENT AUDITORS’ REVIEW REPORT ----------------------------------------------------------- 1 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ----------------------------------- 4 CONSOLIDATED STATEMENTS OF INCOME ------------------------------------------------------ 6 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME --------------------------- 7 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ------------------------------------ 8 CONSOLIDATED STATEMENTS OF CASH FLOWS ----------------------------------------------- 10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS --------------------------------- 12 152, Teheran-ro, Gangnam-gu, Seoul 06236 (Yeoksam-dong, Gangnam Finance Center 27th Floor) Republic of Korea Independent Auditors’ Review Report The Board of Directors and Shareholders Hyundai Motor Company: Reviewed financial statements We have reviewed the accompanying condensed consolidated interim financial statements of Hyundai Motor Company and its subsidiaries (the “Group”), which comprise the condensed consolidated statement of financial position as of September 30, 2020, the condensed consolidated statements of income, comprehensive income for the three-month and nine-month periods ended September 30, 2020 and 2019, the condensed consolidated statements of
    [Show full text]