Mando: One-Off Gains Reflected Into Stock Performance
Summary
- 3Q19 operating profit will likely be 26% higher than the consensus estimate.
- Without one-offs, 2019 results will probably miss guidance.
- We maintain Marketperform and our target price of KRW33,000.
Analyst's Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Hyundai Motor Company is a passive shareholder in our bank.
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