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Hyundai M&F Insurance: Consensus Met, Set To Enter Virtuous Cycle

Summary

Hyundai Marine and Fire Insurance posted 2Q19 net income of KRW86.8bn, close to the consensus estimate of KRW87.2bn.

The deteriorating loss ratio was offset by an increase in investment income.

We reiterate BUY but reduce our target price to KRW35,000.

hyundai insurance

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: Hyundai Motor Company is a passive shareholder in our bank.