Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
0Activity
0 of .
Results for:
No results containing your search query
P. 1
Mad Market

Mad Market

Ratings: (0)|Views: 9|Likes:
Published by Shawn Byun
automotive market
automotive market

More info:

Published by: Shawn Byun on Feb 06, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

02/06/2012

pdf

text

original

 
 
www.wooriwm.com
Automotive industry
 
Comment 
Feb 2, 2012
 
HMG continues to enjoy sound global sales
Excluding negative impact from reduced number of working days,HMGcontinues to enjoy sound global sales
– Hyundai Motor Group (HMG)’s monthly sales remained sluggish in January due toa reduced number of working days stemming from the Lunar New Year holidays(last year the holiday fell in February). However, excluding the negative impact of fewer working days, we believe HMG’s sound sales trend remains intact. Of note,we expect HMG’s sales to surge y-y in February on an increase in the numberof working days.– In detail, the number of working days in January at HMG’s domestic and Chineseplants declined 15~19% y-y and 10% y-y, respectively. Also, the automaker’s salescontracted y-y in both of these markets,in line with the fewer number of workingdays. Meanwhile, as the company’s exports declined only slightly y-y, we believethat HMG continued to enjoy sound overseas sales.– In January, Hyundai Motor Company (HMC) and Kia Motors’ domestic salesreached 45,186 units (down 18.5% y-y; domestic market share of 46.9%) and34,210 units (down 15.4% y-y; 35.5%), respectively. Despite lackluster sales likelystemming from the reduced number of working days, HMG’s contract ratesurpassed consensus.– In January, sales at HMG’s overseas plants continued to grow y-y, with HMC’ssales rising 12.5% y-y to 188,000 units and Kia’s sales climbing 4.0% y-y to84,000 units. However, sales at HMG’s Chinese and Slovakia plants slipped y-ydue to fewer working days (negatively affecting its Chinese plants) and aninventory reduction of the previous ‘Cee’d’ prior to the new modellaunch(negatively impacted the Slovakia plant). However, sales continued to grow at asound pace at other HMG overseas plants, including those in the US, Russia, andthe Czech Republic.
HMG possesses 8.6% US market share
– In January, US auto sales increased 11.4% y-y to about 913,000 units, equivalent toa seasonal adjusted annual sales rate (SAAR) of 14,200,000 units—the highestlevel since 2009 (vs a SAAR of 13,600,000 units in December and 12,700,000units in Jan 2011). We believe US auto demand will continue recovering in 2012thanks to the release of pent-up demand.– The US Big Three (GM, Ford, and Chrysler) and Japan’s Big Three (Toyota,Honda, and Nissan) accounted for respective US market shares of 44.4% (vs46.8% in December) and 31.4% (vs 30.9%). Toyota sold 28,295 units of its‘Camry’ (vs 33,506 units in December and 18,145 units in Jan 2011),andVolkswagen offloaded 6,318 units of its ‘Passat’(vs 6,884 units in December and108 units in Jan 2011).– HMC and Kia sold 42,694 units (up 14.7% y-y; US market share of 4.7%) and35,517 units (up 27.8% y-y; 3.9%), respectively, giving HMG 8.6% of the USmarket (vs 8.3% in 4Q11 and 8.9% (average) in 2011).
 AnalystSoohong Cho
822)768-7604, soohong.cho@wooriwm.com
June Oh (RA)
822)768-7645, june.oh@wooriwm.com
Positive
 
(Maintain)
 
 
 
2
 Automotive industry
www.wooriwm.com
 
January domestic and overseas auto sales, by carmaker 
 
Domestic (unit) 12-Jan11-Jan% y-y11-Dec% m-m 12 YTD 11 YTD% y-y
Hyundai 45,186 55,412 -18.5 58,499 -22.8 45,186 55,412 -18.5KIA 34,210 40,502 -15.5 45,056 -24.1 34,210 40,502 -15.5GM Korea 8,041 10,007 -19.6 13,614 -40.9 8,041 10,007 -19.6Renault 6,207 11,800 -47.4 8,826 -29.7 6,207 11,800 -47.4Ssangyong 2,804 2,857 -1.9 3,502 -19.9 2,804 2,857 -1.9Market 96,448 121,079 -20.3 130,004 -25.8 96,448 121,079 -20.3
M/S(%) 12-Jan11-Jan% y-y11-Dec% m-m 12 YTD 11 YTD% y-y
Hyundai 46.9 45.8 2.4 45.0 4.1 46.9 45.8 2.4KIA 35.5 33.5 6.0 34.7 2.3 35.5 33.5 6.0GM Korea 8.3 8.3 0.9 10.5 -20.4 8.3 8.3 0.9Renault 6.4 9.7 -34.0 6.8 -5.2 6.4 9.7 -34.0Ssangyong 2.9 2.4 23.2 2.7 7.9 2.9 2.4 23.2
Export (unit) 12-Jan11-Jan% y-y11-Dec% m-m 12 YTD 11 YTD% y-y
Hyundai 88,891 89,511 -0.7 128,971 -31.1 88,891 89,511 -0.7KIA 92,588 93,113 -0.6 105,791 -12.5 92,588 93,113 -0.6GM Korea 54,001 52,065 3.7 54,421 -0.8 54,001 52,065 3.7Renault 8,233 12,028 -31.6 6,925 18.9 8,233 12,028 -31.6Ssangyong 5,429 4,722 15.0 5,163 5.2 5,429 4,722 15.0Total 249,142 251,558 -1.0 301,639 -17.4 249,142 251,558 -1.0
Overseas plant (unit) 12-Jan11-Jan% y-y11-Dec% m-m 12 YTD 11 YTD% y-y
Hyundai 187,680 166,885 12.5 183,792 2.1 187,680 166,885 12.5HMMA (US) 27,282 24,410 11.8 21,479 27.0 27,282 24,410 11.8BHMC (China) 61,988 72,319 -14.3 63,925 -3.0 61,988 72,319 -14.3HMI (India) 49,000 43,311 13.1 49,052 -0.1 49,000 43,311 13.1HAOS (Turkey) 5,310 5,295 0.3 9,176 -42.1 5,310 5,295 0.3HMMC (Czech) 27,900 20,320 37.3 21,791 28.0 27,900 20,320 37.3HMMR (Russia) 16,200 1,230 1,217.118,369 -11.8 16,200 1,230 1,217.1Kia 84,236 80,977 4.0 79,187 6.4 84,236 80,977 4.0DYKIA (China) 36,006 38,858 -7.3 45,068 -20.1 36,006 38,858 -7.3KMS (Slovakia) 21,500 21,905 -1.8 17,110 25.7 21,500 21,905 -1.8KMMA (US) 26,730 20,214 32.2 17,009 57.2 26,730 20,214 32.2
Source: Company data, Woori I&S Research Center 
 
 
3
 Automotive industry
www.wooriwm.com
 
Monthly sales at HMG
s overseas plants
2012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ’12 YTD
HMI (India) 49,000 49,000BHMC (China) 61,988 61,988HAOS (Turkey) 5,310 5,310HMMA (US) 27,282 27,282HMMC (Czech) 27,900 27,900HMMR (Russia) 16,200 16,200
Hyundai Overseas 187,680 187,680
DYKIA (China) 36,006 36,006KMS (Slovakia) 21,500 21,500KMMA (US) 26,730 26,730
KIA Overseas 84,236 84,2362011 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ’11 YTD
HMI (India) 43,311 51,881 55,431 52,025 47,644 52,432 49,666 51,030 57,808 48,325 57,080 49,052 43,311BHMC (China) 72,319 50,717 59,528 63,889 61,884 55,136 52,016 63,036 73,255 59,015 65,080 63,925 72,319HAOS (Turkey) 5,295 6,922 7,885 7,835 7,539 9,018 6,505 7,710 8,426 7,590 7,391 9,176 5,295HMMA (US) 24,410 28,197 31,897 27,559 29,652 31,223 22,962 32,971 29,903 29,867 28,415 21,479 24,410HMMC (Czech) 20,320 19,408 17,193 19,114 22,320 21,676 18,759 13,024 23,382 26,018 28,526 21,791 20,320HMMR (Russia) 1,230 6,530 6,057 11,493 10,731 11,556 9,480 11,800 15,978 17,737 17,049 18,369 1,230
Hyundai Overseas 166,885 163,655 177,991 181,915 179,770 181,041 159,388 179,571 208,752 188,552 203,541 183,792 166,885
DYKIA (China) 38,858 25,008 31,585 32,376 31,160 31,163 32,008 35,008 43,508 41,008 45,768 45,068 38,858KMS (Slovakia) 21,905 21,116 24,062 20,707 23,710 24,090 16,157 17,203 22,100 22,030 22,010 17,110 21,905KMMA (US) 20,214 20,071 22,040 21,002 24,083 19,802 23,421 26,839 24,923 25,886 27,014 17,009 20,214
KIA Overseas 80,977 66,195 77,687 74,085 78,953 75,055 71,586 79,050 90,531 88,924 94,792 79,187 80,977%y-y (‘12 vs ‘11) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
HMI (India) 13.1 13.1BHMC (China) -14.3 -14.3HAOS (Turkey) 0.3 0.3HMMA (US) 11.8 11.8HMMC (Czech) 37.3 37.3HMMR (Russia) 1,217.1 1,217.1
Hyundai Overseas 12.5 12.5
DYKIA (China) -7.3 -7.3KMS (Slovakia) -1.8 -1.8KMMA (US) 32.2 32.2
KIA Overseas 4.0 4.0
Source: Company data, Woori I&S Research Center 

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->