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Equity Bottom-Up

Hyundai Motor's shares dropped more than 4.4% on March 3 after media reports of Chinese tour operators being ordered to stop selling tour packages to South Korea, as well as photos of a vandalized Hyundai car being circulated on Chinese social media sites. Such events are related to the South Korean government's decision to allow the deployment of Terminal High-Altitude Area Defense, a U.S. air missile defense system. The issue has a been a point of contention between China and South Korea since July 2016, when the South Korean government announced its deployment decision. In February, the company had to delay the launch of its key hybrid vehicle because of the Chinese government’s refusal to certify the batteries used in the vehicle.We believe the fallout from the THAAD deployment has long been digested by the market and the latest events will not have a long-lasting impact on the company. Hence, we maintain our fair value estimate of KRW 150,000 per share and our no-moat rating.Analyst: Phillip Zhong

Hyundai Motor's shares dropped more than 4.4% on March 3 after media reports of Chinese tour operators being ordered to stop selling tour packages to South Korea, as well as photos of a vandalized Hyundai car being circulated on Chinese social media sites. Such events are related to the South Korean government's decision to allow the deployment of Terminal High-Altitude Area Defense, a U.S. air missile defense system. The issue has a been a point of contention between China and South Korea since July 2016, when the South Korean government announced its deployment decision. In February, the company had to delay the launch of its key hybrid vehicle because of the Chinese government’s refusal to certify the batteries used in the vehicle.We believe the fallout from the THAAD deployment has long been digested by the market and the latest events will not have a long-lasting impact on the company. Hence, we maintain our fair value estimate of KRW 150,000 per share and our no-moat rating.Analyst: Phillip Zhong 

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