[Infostock Daily= Reporter An Hoe Hyun] Daishin Securities said on the 22nd that Innocean is showing a faster-than-expected recovery due to increased sales of Hyundai · Kia Motors. In response, the company maintained its 'Buy' investment opinion and raised its target stock price to 81,000 won, 10% higher than before.
Daishin Securities estimated Innocean's sales of 136 billion won and operating profit of 28 billion won in the third quarter. Compared to the same period last year, sales are expected to increase 9% and operating profit is expected to decrease 2%. The operating profit estimate was raised from the previous estimate of 22.1 billion won.
"We believe that Hyundai · Kia Motors' marketing execution may have increased more than expected in both headquarters and overseas based on Hyundai · Kia Motors' sales data in September released earlier this month," the company explained, adding, "Compared to Cheil Worldwide's positive performance, not only domestic and foreign affiliates but also non-affiliate advertisers are rapidly implementing marketing, which shrank in the first half, in the second half of the year."
Next year, Hyundai Motor will complete its 'Genesis' lineup as it enters Chairman Chung Eui-sun's system and launch its first dedicated electric vehicle, 'Ioniq'.
"We can expect growth due to the completion of the vehicle lineup and the process of changing Kia Motors' logo(CI)," the company predicted.
Reporter An Hoe Hyun ahh@infostock.co.kr
