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Nexen Tire: Loss Likely For 2Q20

Jul. 19, 2020 2:38 AM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.


  • We expect 2Q20 operating profit to turn to a loss of KRW3.6bn (turn to loss YoY, -0.9% operating margin), far below the consensus estimate.
  • Plummeting domestic utilizations caused by weak US-bound exports coupled with mounting fixed-cost burdens caused by the lockdown in Europe have been the major reasons.
  • We cut our target price by 12% to KRW5,300 and maintain Marketperform on the company.

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

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