【出版时间及名称】：2009年11月韩国汽车及轮胎行业研究报告
        【作者】：SHINHAN证券
        【文件格式】：PDF
        【页数】：37
        【目录或简介】：
Contents
Valuation
Two variables for Re-rating: Profitability & US Market share
5
Investment Focus
2009 Review – Makers undergo manufacturing capacity adjustments
2010 Projection – Growth potential & margin to improve as util. rate rises
Assumptions on major macro variables in 2010
11
Major issues for 2010
Hyundai-Kia Automotive Group’s US market share to grow
N. America auto industry restructuring → Focus on profitability
Structural growth of Chinese auto demand will continue
Projections on auto demand in major markets
14
Auto demand outlook by country
Issue for US market: restructuring of M/S as GM & Chryseler files
bankruptcy protection and rebounding auto demand trend
Issue for Chinese market: structural growth rate of Chinese auto market
Issue for European market: declining auto demand trend as european
countries discontinue to subsidize auto buyers
Issue for US market: increasing auto demand trend as new models rollout
21
Tire Industry
Valuation
Rising utilization rate and improving performance of overseas subsidiaries
should narrow relative discount against Kospi
Growth potential from overseas subsidiaries!
25
Investment Focus
Abnormally high margins should go through normalizing process in 2010
Korean tire makers are advantageous in ASP competition
US government’s tariff on Chinese-made-tires has limited impact
Growth potential of overseas subsidiaries is valid
28
Company profile
Hyundai Motor (BUY, Fair value W139,000)
Hyundai Mobis (BUY, Fair value W196,000)
Hankook Tire (BUY, Fair value W28,200)
31