[Infostock Daily= Reporter An Hoe Hyun] As business conditions could improve faster than expected and increase its performance on Mando on the 28th, KB Securities maintained its investment opinion 'BUY' and raised its target stock price by 18.2% from KRW 33,000 to KRW 39,000.
KB Securities expects Mando's third-quarter operating profit to reach 45 billion won. This is more than 1.6 billion won of the market forecast. South Korea's sales in the third quarter are expected to reach 640.5 billion won, up 17.1% from previous expectations.
"As the Chinese auto market is growing rapidly, it can benefit from Chinese sales of non HMG affiliates, and the export of new Genesis models with Mando's ADAS(Advanced Driver Assistance System) function will increase in earnest," the company said, adding, "Due to the growth of the electric vehicle market and the high share of chassis to leading electric car makers, it may have an opportunity to expand its suppliers."
Reporter An Hoe Hyun ahh@infostock.co.kr