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Hyundai Motor Securities Maintains Buy Rating on Poongsan Holdings, Citing Strong Earnings Growth

Non-Energy Minerals · Other Metals/Minerals · yonhap_finance · 2026-09-03

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Hyundai Motor Securities projects continued earnings growth for Poongsan Holdings in Q3, maintaining a buy rating and a target price of 50,500 KRW.

What Happened

Earnings Outlook: Hyundai Motor Securities expects Poongsan Holdings to report a robust third-quarter operating profit of 30.4 billion KRW, a 72% increase year-on-year. This growth is driven by strong performance from key subsidiaries, following a 39% profit increase in the second quarter.

Valuation Analysis: Analyst Park Hyun-wook highlighted that the company's current price-to-book ratio (PBR) of 0.4x indicates significant undervaluation. This low valuation is seen as a key factor supporting potential upside for the stock in the medium term.

Stock Performance: Despite recent sideways price movement, the firm anticipates a gradual upward trend for the stock, supported by solid fundamentals and attractive valuation metrics. Consequently, the target price remains unchanged at 50,500 KRW.

Investment Stance: The brokerage maintains a 'Buy' rating, emphasizing that the earnings contribution from subsidiaries will remain the primary driver for the stock. Investors are encouraged to consider the stock's long-term potential given its current discounted price levels.

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