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【出版时间及名称】：2010年3月韩国汽车行业研究报告
【作者】：韩国truefriend证券
【文件格式】：pdf
【页数】：27
【目录或简介】：
New model effects to be maximized
Strong sales continued in February
February sales continued their winning streak with a healthy 462,467 units
(+31.8% YoY), led by robust domestic sales (106,522, +21.2% YoY) and
strong overseas plant sales (184,199, +65.2% YoY). As the YF Sonata will
begin full-scale sales in March, the expansion of Hyundai Motor (Hyundai)
and Kia Motors’ (Kia) US market share should soon resume. Kia posted a
higher sales growth rate (138,811, +45.5% YoY, vs. Hyundai’s +23.4%
YoY) on the back of sound domestic (+21.6% YoY) and overseas plant
sales (50,402, +172.3% YoY). Kia sold 24,002 units (+128.5% YoY) in
China in February, bringing its 2M10 sales to 58,192 units (+183.7% YoY).
Kia’s K7 and Sorento R sold 4,249 and 4,068 units in Korea.
Complaints over Toyota’s recalled vehicles mounting
Hyundai’s US market share remained at 4.4% but Kia’s slipped to 3.1%
from 3.2% a year earlier. Meanwhile, Toyota’s market share continued its
downward spiral to 12.8% from 15.9% a year earlier and 14.1% in January.
Toyota is struggling to restore its badly tarnished brand image, suffering
three days of testimony before the US Congress on Feb 23, 24 and Mar 2.
However, the beleaguered Japanese automaker problems with
Washington appear to be far from over as it facing another congressional
hearing on Mar 11 amid a growing chorus of complaints from Toyota
owners whose vehicles have been recalled and supposedly repaired. In
contrast, after running advertisements during the Super Bowl for three
consecutive years, Hyundai aired eight commercials during the Academy
Awards as the event's exclusive automotive sponsor for the second
straight year. As these two TV spots were focused on the YF (five spots
out of eight during the Super Bowl, six out of eight during the Oscars), the
new car effect should be maximized from March, we believe.
Top picks: Hyundai Motor, Kia Motors, Nexen Tire
Toyota’s woes will not come to an end anytime soon if US consumers
remain skeptical about the automaker’s safety. Against this backdrop,
Hyundai’s quality and brand image in the US market have seen a
phenomenal improvement in recent years. Furthermore, the redesigned
Sonata and Tucson represent the first two vehicles in a wave of new model
launches which will introduce a total of seven new models by the end of
2011 in the US. In this regard, we forecast Hyundai to be the biggest
beneficiary of Toyota’s continuing crisis. Kia has stronger momentum in the
domestic and China markets on the back of new model effects and ample
production capacity. Also, the Sorento R, which is now rolling out from its
US plant, is doing well in the US with 7,398 units sold in January and
8,207 units in February. Nexen Tire’s (Nexen) operating profit margin
should pick up from 3Q10 and its mid- to long-term growth potential is
strengthening. As such, Hyundai (005380, TP W170,000), Kia (000270, TP
W30,000) and Nexen (002350, TP W8,500) remain our top picks.
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