April 16, 2024

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[THE INVESTOR] Concerns over Hyundai Glovis’ growth remain, said Mirae Asset Daewoo on April 28, lowering the target price to 200,000 won (US$176.02) from 220,000 won. 

The reinforced regulation against funneling business and lack of growth momentum including non-existent mergers and acquisitions will plague the company, said analyst Ryu Je-hyeon. 

The analyst maintained a “buy” recommendation, though, saying that its stock price remains attractive and the company continues its efforts to improve transparency in internal transactions and attempts at mergers. 

Its investment in vessels is nearing completion, raising the possibility for dividend rise, added Ryu.

By Hwang You-mee (glamazon@heraldcorp.com)