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Hyundai Mobis April 20, 2012 KOREA Morning Company News & Analysis Major Indices Close Chg Chg (%) Hyundai Mobis (Buy/TP: W378,000) KOSPI 1,999.86 -4.67 -0.23 Long-term value is being underestimated KOSPI 200 265.58 -0.64 -0.24 KOSDAQ 501.92 -1.71 -0.34 Hyundai Wia (Buy/TP: W210,000) Raise TP Deserving of a premium Turnover ('000 shares, Wbn) Volume Value Hyundai Heavy Industries (Buy/TP: W400,000) KOSPI 406,776 4,031 Orders expected to bounce back KOSPI 200 60,905 3,152 KOSDAQ 517,641 1,918 Market Cap (Wbn) Value KOSPI 1,150,366 KOSDAQ 108,187 KOSPI Turnover (Wbn) Buy Sell Net Foreign 850 947 -97 Institutional 868 880 -12 Retail 2,141 2,077 64 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 56 64 -8 Institutional 75 86 -10 Retail 1,783 1,768 15 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 574 543 32 KOSDAQ 12 9 3 Advances & Declines Advances Declines Unchanged KOSPI 289 523 92 KOSDAQ 372 565 66 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,307,000 14,000 336 Hynix 28,800 750 169 SEMCO 104,000 2,500 146 KODEX LEVERAGE 13,645 -50 135 LG Electronics 75,500 -1,900 129 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value AHNLAB 119,000 -4,300 126 EG 62,100 -4,500 64 Victek 2,860 370 62 Tera Resource Co., Ltd 1,670 -95 58 Agabang 14,200 -300 51 Note: As of April 19, 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. However, the information has not been independently verified. Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose. Company April 20, 2012 Auto parts Hyundai Mobis (012330 KS) Daewoo Securities Co., Ltd. Michael Yun Long-term value is being underestimated +822-768-4169 [email protected] Maintain Buy rating with TP of W378,000 Young-ho Park +822-768-3033 We maintain our Buy rating on Hyundai Mobis with a 12-month target price of [email protected] W378,000. Using a sum-of-the-parts methodology, we derived our target price by calculating the operating values of Hyundai MobisÊ AS and module divisions relative to their respective benchmarks and adding the results to the companyÊs asset value and net cash holdings. Buy (Maintain) Recently, Hyundai MobisÊ shares have been sluggish due to: 1) negative sentiment Target Price (12M, W) 378,000 related to the launch of Hyundai Motor Electronics, 2) concerns over potential delays Share Price (04/19/12, W) 283,500 to margin recovery, and 3) a burden on shares owing to speculation that Hyundai-Kia Expected Return (%) 33.3 Automotive Group (HKAG) could switch to a holding company structure. However, EPS Growth (12F, %) 11.2 regardless of these issues, we believe that Hyundai Mobis will remain the key Market EPS Growth (12F, %) 19.3 supplier of HKAGÊs core electronic parts for the foreseeable future. In addition, we P/E (12F, x) 8.2 believe that the companyÊs 1Q earnings will show a rebound. Thus, we believe that Market P/E (12F, x) 9.8 Hyundai MobisÊ share price is attractive. KOSPI 1,999.86 Market Cap (Wbn) 27,597 1Q Preview: OP of W725bn; OP margin of 10.1% Shares Outstanding (mn) 97 Avg Trading Volume (60D, '000) 571 We forecast Hyundai MobisÊ 1Q consolidated revenues to come in at W7.2tr (up Avg Trading Value (60D, Wbn) 164 16.3% YoY). We anticipate that the AS division and the module division will show Dividend Yield (12F, %) 0.7 respective revenue increases of 17.8% YoY and 11.2% YoY. Hyundai Motor (HMC) Free Float (%) 67.8 52-Week Low (W) 261,500 and Kia Motors saw double-digit production increases in 1Q, and, as a result, 52-Week High (W) 416,500 Hyundai MobisÊ module business is believed to have enjoyed double-digit growth as Beta (12M, Daily Rate of Return) 1.2 well. Price Return Volatility (12M Daily, %, SD) 2.7 Foreign Ownership (%) 46.5 We forecast consolidated operating profit to come in at W725bn (up 5.5% YoY, up Major Shareholder(s) 23.5% QoQ) on an OP margin of 10.1%. FX-related losses, which affected some Kia Motors et al. (30.17%) overseas operations in 4Q, should not be in issue, as the relevant currencies Alliance Bernstein L.P.(7.09%) stabilized in 1Q. Also, we forecast profitability improvement for Hyundai MobisÊ NPS (6%) module division, as more of its core parts are being adopted. Price Performance (%) 1M 6M 12M Earnings to further improve in 2Q thanks to K9 and Santa Fe launches Absolute -0.5 -18.2 -21.4 Relative 1.8 -25.9 -15.6 We forecast Hyundai MobisÊ 2Q consolidated revenues and operating profit to come Key Business in at W7.58tr and W764bn, respectively, with an OP margin of 10.1%. The Hyundai Mobis is Hyundai-Kia Automotive companyÊs module division should enjoy benefits from strong seasonality, HMCÊs Group's largest parts and KiaÊs solid global sales, and new car launches (i.e., the K9 and the Santa Fe). supplier. The company also handles Hyundai MotorÊs and Kia Motors' AS Hyundai Mobis should continue to supply new core electronic products (i.e., full LED divisions. lights, AFLS, LDWS, and air suspension systems) that will contribute to mix improvement. Share price FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 140 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (X) (X) (X) 120 12/10 22,144 2,331 10.5 2,504 25,712 2,800 1,679 28.0 11.1 2.8 9.8 100 12/11 26,295 2,675 10.2 3,023 31,046 2,991 1,130 25.3 9.4 2.1 9.4 80 12/12F 30,007 3,008 10.0 3,362 34,524 3,457 1,475 21.9 8.2 1.7 7.7 60 12/13F 32,417 3,258 10.1 3,654 37,527 3,720 2,000 19.7 7.6 1.4 6.8 40 12/14F 36,072 3,638 10.1 4,011 41,192 4,091 2,354 18.1 6.9 1.2 5.9 4/11 8/11 12/11 4/12 Notes: 2010 figures are based on K-GAAP; 2011~2014F figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests; Source: Company data, KDB Daewoo Securities Research estimates 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. However, the information has not been independently verified. Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose. Company April 20, 2012 Auto parts Hyundai Wia (011210 KS) Daewoo Securities Co., Ltd. Michael Yun Deserving of a premium +822-768-4169 [email protected] Raise TP to W210,000; Maintain Buy rating Young-ho Park +822-768-3033 We maintain our Buy rating on Hyundai Wia and raise our 12-month target price to [email protected] W210,000. We have raised our target price because we revised up our 2012 EPS forecast by 13.7%. In deriving our target price, we applied a target P/E of 15.8x to Hyundai WiaÊs 2012F EPS (W13,371). We arrived at our multiple of 15.8x using a PEG of 0.8x, which is the average PEG of KOSPI-listed manufacturers. Buy (Maintain) We believe that Hyundai WiaÊs automotive and machine tool businessesÊ margin Target Price (12M, W) 210,000 improvements will be faster than originally anticipated. This is due to: 1) sales mix Share Price (04/19/12, W) 155,500 improvement at the machine tool unit, 2) the fact that solid top-line growth should Expected Return (%) 35.0 ease increasing fixed cost pressures, and 3) efficiency improvement.
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