External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 2Q25, Hyundai Glovis reported above-consensus results, led by record-high shipping operating profit (W200.2bn; OP margin of 14.7%).</li><li>The shipping division was supported by: 1) cost savings stemming from a reduction in short-term chartered vessels (amid easing port congestion); and 2) higher freight rates for affiliate volume (negotiated last year), which began to have a positive impact from 1Q25.</li><li>However, the biggest driver of margin improvement was an increased mix of higher-priced nonaffiliate volume within the PCTC business.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

For 2Q25, Hyundai Glovis reported above-consensus results, led by record-high shipping operating profit (W200.2bn; OP margin of 14.7%).The shipping division was supported by: 1) cost savings stemming from a reduction in short-term chartered vessels (amid easing port congestion); and 2) higher freight rates for affiliate volume (negotiated last year), which began to have a positive impact from 1Q25.However, the biggest driver of margin improvement was an increased mix of higher-priced nonaffiliate volume within the PCTC business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Glovis (086280 KS/Buy)Turning Adversity into Opportunity