摩根斯坦利：韩国汽车配件行业研究报告2009年8月

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Investment conclusion: We upgrade S. Korea Autos &
Auto Parts industry view to Attractive from In-line. We
upgrade Kia Motors (KMC) to Overweight from
Equal-weight. We believe Korean automakers are well
positioned to benefit from growing demand for compact
cars in global markets due mainly to their focus on fuel
efficient compact cars. Thanks to narrowing gap
between brand and quality recognition as well as more
availability of competitive new models based on
cost-efficient platform sharing, Hyundai and Kia could
gain further market share beyond 2010, in our view. We
favor, in order: Hyundai Motor (HMC) and KMC followed
by Hyundai Mobis. Halla Climate Control (upgraded to
OW) is our top pick among small- to mid-cap stocks in
our Auto Parts coverage (see today’s separate report on
Halla).
Upgrade Kia Motors to Overweight from
Equal-weight: Despite near 80% outperformance
relative to the market, we upgrade Kia Motors to
Overweight, mainly because of improved earnings
outlook. We have revised up 2009-10e EPS estimates
by 31.7% and 23.3%, respectively, on better sales
outlook helped by more new models using shared
platforms as well as low inventory. As a result of
improved earnings, balance sheet risk should decrease,
as gearing should fall from 70% to 51% by 2011.
Risks to our view: We believe the appreciating KRW
against the USD and JPY remains the biggest risk for
the sector. Our FX assumption for 2010 is W1,150/USD,
down 8.2% from W1,253 in 2009. However, higher
utilization arising from new “volume” model additions
should help support margins.

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：行业研究报告 摩根斯坦利 研究报告 汽车配件 摩根斯坦 研究报告 行业 摩根斯坦利 韩国 汽车配件