[Special Stock] Hyundai AutoEver, Up Over 5% on Strong Q2 Earnings Outlook

Hyundai AutoEver's stock price is on the rise, with strong performance expected in the second quarter of this year. The strong earnings announcement from U.S. Tesla, which is also classified under the autonomous driving theme, appears to have had an impact.

At 9:50 a.m. on the 3rd, Hyundai AutoEver was trading at 165,300 KRW, up 7,900 KRW (5.02%) from the previous trading day.

Eugene Investment & Securities raised Hyundai AutoEver's target price by 19.5% from the previous 180,000 KRW to 215,000 KRW on the same day. Researcher Lee Jae-il of Eugene Investment & Securities said, "Second-quarter sales are expected to increase by 3.9% year-on-year to 783 billion KRW, and operating profit is expected to rise by 3.1% to 54 billion KRW," adding, "Considering the sales deferral due to delays in supply price negotiations, this is a strong performance exceeding market expectations."

Lee added, "Considering the strong second-quarter performance, the bottom-high pattern of earnings growth in the enterprise information technology (IT) sector, and the increasing importance of IT subsidiaries within the Hyundai Motor Group due to the introduction of software-defined vehicles (SDV), the upward trend in stock prices is expected to accelerate in the second half of the year."

Meanwhile, Tesla announced earnings that exceeded market expectations, causing its stock price to soar about 10%, and related domestic stocks in secondary batteries and autonomous driving also showed strength.