Hyundai E&C's 'buy' rating was maintained.
It is expected that this year's earnings will be strengthened thanks to a full-fledged increase in sales in the overseas business division.
On the 25th, Kiwoom Securities maintained a BUY rating on Hyundai E&C stock and a target price of 75,000 won.
Kiwoom Securities predicted that “Hyundai E&C’s overseas sales are increasing as sales of large-scale overseas projects are in full swing.”
Hyundai Engineering & Construction is expected to continue to sell large projects in the fourth quarter, following sales in Saudi Arabia's Marjan project worth KRW 3.1 trillion from the third quarter of this year and Qatar's Lusail Plaza worth KRW 1.2 trillion.
In the domestic housing market, it is expected that large-scale sales will continue in the fourth quarter of this year. Kiwoom Securities predicted that Hyundai E&C's target of 32,000 households (separate basis) would be easily achieved this year.
Hyundai Engineering & Construction is expected to generate 17.6442 trillion won in sales and 792.5 billion won in operating profit on a consolidated basis in 2021. Sales and operating profit are up 4.0% and 44.4% from last year.
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
