[Special Stock] Hyundai Glovis Up 8% on 6.7 Trillion KRW Deal with Hyundai and Kia Motors

Large-scale Contract Signing on the 31st
Freight Cost Increase a 'Booster' Despite Volume Decline
Applied Exchange Rate Also 1470 Won

Hyundai Glovis is showing strength. It appears to be influenced by the news of a large-scale contract renewal with Hyundai and Kia Motors.

As of 10:35 AM on the 2nd, Hyundai Glovis is trading at 128,300 KRW, up 8.64% (12,000 KRW) compared to the previous trading day. During the session, it touched a high of 130,000 KRW. This is the highest stock price since August of last year.

On December 31 of last year, Hyundai Glovis signed finished vehicle maritime transport contracts worth 3.37 trillion KRW and 3.33 trillion KRW with Hyundai Motor Company and Kia Motors, respectively. The contract period spans five years, from 2025 to 2029. Although the volume proportion decreased to 50%, the contract size increased due to the reflection of freight rate hikes. The applied exchange rate was also adjusted upward to 1,470 KRW.

Jeong Yeonseung, a researcher at NH Investment & Securities, said, "This contract aligns with Hyundai Glovis's announced goal of maximizing profitability, and an increase in profits is expected through freight rate hikes with affiliates." He added, "Considering Hyundai Glovis's mid- to long-term shareholder return policy, the current stock price level is analyzed to have sufficient valuation merits."