S-Oil: Improving Refining Margins, Middle East Uncertainties

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About: S-Oil Corp. ADR (SOOCY)
by: Hyundai Motor Investment & Securities
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Hyundai Motor Investment & Securities
Long/short equity, Deep Value, growth at reasonable price, Korea
Summary

4Q earnings results likely to be below consensus.

We revise down our 2020 earnings forecasts.

Rising oil prices caused by the Iran issue is positive in the short term.

Investment highlights

Recent unrest in the Middle East triggered by the Iranian issue is a cause for some investors. We believe that the issue is positive in the short term but risks over the long