"Hyundai Steel's Merger with Hyundai Hysco Boon to the Former's Share Price"...Woori Inv.
"Hyundai Steel's Merger with Hyundai Hysco Boon to the Former's Share Price"...Woori Inv.
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.10.17 04:21
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SEOUL, KOREA- Woori Investment & Securities said on October 15 that the likely merger of Hyundai Hysco will affect the share price of Hyundai Steel positively. Woori Investment & Securities analyst Byun Jong-man said, "As Hyundai Steel completed the construction of its third blast furnace in September, it no longer needs spend a large amount in capacity expansion projects.It is highly likely that it will merge with Hyundai Hysco, a cold-rolled steel sheet maker." "A merger will be definitely positive for Hyundai Steel's share price," he added.
 
He also predicted Hyundai Steel's third-quarter financial performance at 3,019.5 billion won in sales revenue (-8.5% from previous quarter), 153.5 billion won in operating profit (-15.4%), and 291.9 billion won in net profit (+222.5%). Comparing to market consensus figures, sales revenue is almost same while those for operating profit and net profit would be in excess by 4.0 percent and 38.3 percent, respectively.
 
The improved financial results are due largely to the price increase in August by 30,000 won per ton for the company's hot-rolled steel sheets sold for large customers.

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