April 20, 2024

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[THE INVESTOR] Halla Holdings will not be able to grow significantly this year, said NH Investment and Securities on May 24, lowering the target price to 86,000 won (US$76.34) from 90,000 won.

Its revenue will fall 3.4 percent on-year to 966.9 billion won and operating profit will stand at 116.1 billion won, estimated analyst Cho Su-hong. 

The analyst maintained a “buy” recommendation, however, saying that Halla Stackpole is the main reason for the weak earnings and Halla Holdings has lowered its stake in the subsidiary this month. 

There are many factors that could cushion its major client Hyundai Motor's slow sales in China, such as its car parts maker subsidiary Mando’s profits and leveled growth of its key subsidiaries, said Cho. 

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