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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Securities lowered its investment opinion on GS Engineering & Construction, saying its fourth-quarter earnings last year will fall short of market expectations.
Hyundai Motor Securities lowered its investment opinion on GS Engineering & Construction from 'buy' to 'market return' on the 19th. However, considering the recent decline in stock prices, the target price remained at 16,000 won.
Hyundai Motor Securities predicted that GS Engineering & Construction will record sales of 3.3586 trillion won and operating profit of 37.2 billion won in the fourth quarter of last year. This is down 14.4% and 66.8%, respectively, from the fourth quarter of 2022. In particular, operating profit is expected to fall far below the market forecast of 67.8 billion won.
Hyundai Motor Securities, however, analyzed that GS Engineering & Construction's housing sector and project financing (PF) concerns are relatively small.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
