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Hyundai Marine & Fire: Note The Cycle Change Ahead Of Earnings

Summary

3Q19 net income is estimated at KRW81.3bn, in line with the consensus estimate of KRW82.2bn.

The auto loss ratio, the biggest swing factor of earnings because of its volatility, is to improve in 2020.

We maintain BUY and our target price of KRW35,000.

Hyundai insurance hyundai marine & fire 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.