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Hyundai, Kia Q4 profits seen up on weaker won
Hyundai Motor Co (005380.KS) and its affiliate Kia Motors Corp (000270.KS), together the world's No.5 automaker, may post rises in quarterly profits as a weaker won boosted overseas sales and earnings from abroad.
The outlook for South Korea's top two car makers this year is grim amid a global recession and financial crisis that have hit worldwide car sales and squeezed credit.
Hyundai and Kia, however, are expected to weather the storm better than many of their global peers thanks to a softer won currency and focus on smaller models, analysts said.
'The current problems at global automakers could be an opportunity for Hyundai Motor Group,' said Yun Tae-sik, an auto analyst at Dongbu Securities. 'It will benefit from a weaker won and small cars while the U.S. Big Three fight for mere survival and Japanese makers struggle with a firmer yen.'
Not all Korean automakers are holding up so well, however, with No.5 Ssangyong Motor Corp (003620.KS) seeking bankruptcy protection this month after a plunge in demand for its SUV-heavy line-up of vehicles.
Hyundai is expected to post a 52 percent jump in net profit to 513.5 billion won ($376.1 million) in the fourth quarter of 2008 from a year ago, a Reuters poll of 11 auto analysts showed.
The maker of the Sonata sedan reported a 338 billion won net profit a year ago and 265 billion won profit in the third quarter of 2008.
Hyundai is seen posting a 638.6 billion won operating profit during the last quarter of 2008, compared with a revised 638 billion profit won a year ago.
The won fell 32 percent versus the dollar in the fourth quarter from a year earlier on average and 22 percent from the previous quarter, data from South Korea's central bank showed.
The weakness in the local currency probably also helped Kia almost double its net profit to 71.7 billion won during the fourth quarter from a 37.9 billion won a year ago, according to a Reuters poll of 10 analysts.
MORE COMPETITIVE
A softer won is expected to boost the value of Hyundai and Kia's overseas sales and enhance their price competitiveness abroad.
Japanese automakers, including world No. 1 Toyota Motor Corp (7203.T), have been suffering from a firmer yen, which rose about 23 percent against the dollar last year.
Hyundai and Kia are also likely to benefit from their smaller cars as more customers are expected to look for cheaper models in a slowing economy, analysts said.
While J.D. Power and Associates estimates overall global auto sales will fall by at least 8 percent in 2009, analysts expect Hyundai's annual sales to dip just 0.5 percent to 2.64 million this year. Kia's sales are seen down 0.4 percent to 1.34 million, according to Reuters polls.
The outlook for South Korea's top two car makers this year is grim amid a global recession and financial crisis that have hit worldwide car sales and squeezed credit.
Hyundai and Kia, however, are expected to weather the storm better than many of their global peers thanks to a softer won currency and focus on smaller models, analysts said.
'The current problems at global automakers could be an opportunity for Hyundai Motor Group,' said Yun Tae-sik, an auto analyst at Dongbu Securities. 'It will benefit from a weaker won and small cars while the U.S. Big Three fight for mere survival and Japanese makers struggle with a firmer yen.'
Not all Korean automakers are holding up so well, however, with No.5 Ssangyong Motor Corp (003620.KS) seeking bankruptcy protection this month after a plunge in demand for its SUV-heavy line-up of vehicles.
Hyundai is expected to post a 52 percent jump in net profit to 513.5 billion won ($376.1 million) in the fourth quarter of 2008 from a year ago, a Reuters poll of 11 auto analysts showed.
The maker of the Sonata sedan reported a 338 billion won net profit a year ago and 265 billion won profit in the third quarter of 2008.
Hyundai is seen posting a 638.6 billion won operating profit during the last quarter of 2008, compared with a revised 638 billion profit won a year ago.
The won fell 32 percent versus the dollar in the fourth quarter from a year earlier on average and 22 percent from the previous quarter, data from South Korea's central bank showed.
The weakness in the local currency probably also helped Kia almost double its net profit to 71.7 billion won during the fourth quarter from a 37.9 billion won a year ago, according to a Reuters poll of 10 analysts.
MORE COMPETITIVE
A softer won is expected to boost the value of Hyundai and Kia's overseas sales and enhance their price competitiveness abroad.
Japanese automakers, including world No. 1 Toyota Motor Corp (7203.T), have been suffering from a firmer yen, which rose about 23 percent against the dollar last year.
Hyundai and Kia are also likely to benefit from their smaller cars as more customers are expected to look for cheaper models in a slowing economy, analysts said.
While J.D. Power and Associates estimates overall global auto sales will fall by at least 8 percent in 2009, analysts expect Hyundai's annual sales to dip just 0.5 percent to 2.64 million this year. Kia's sales are seen down 0.4 percent to 1.34 million, according to Reuters polls.
