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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Kia Motors Corporation    A000270   KR7000270009

KIA MOTORS CORPORATION

(A000270)
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Activist hedge fund Elliott sells stakes in Hyundai Motor companies - paper

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01/22/2020 | 09:46pm EDT
Employees of Hyundai Motor Group leave after the company's new year ceremony in Seoul

Elliott Management sold all its shares in Hyundai Motor Group companies last year after it was thwarted in its campaign for huge special dividends and board seats, South Korean media reported.

The U.S. activist hedge fund was not among the December 2019 year-end list of shareholders at any of the Hyundai companies it targeted, the Korea Economic Daily reported, citing an unidentified investment banking source.

A Seoul-based representative for the fund declined to comment. Hyundai Motor also declined to comment.

Elliott held more than $1 billion worth of shares in Hyundai Motor, Kia Motors and Hyundai Mobis, an Elliott unit said in April 2018.

Its efforts to shake up the family-run conglomerate had some success when a 2018 Hyundai-backed shareholder vote on a restructuring proposal, seen aimed at aiding the handing of the group's reins to heir apparent Euisun Chung, was cancelled.

But in March 2019, the companies' shareholders rejected Elliott's demands for 7 trillion won (4.72 billion pounds) in one-off dividend payments and seats on the boards of Hyundai Motor and Hyundai Mobis.

"From Hyundai Motor's perspective, Elliott kept talking about excess capital and asking for dividends, a lot of money. But the company rejected it by insisting it has a lot of investment needs," said Lee Han-joon, analyst at KTB Investment & Securities.

"I'm sure they will breathe a little easier as Elliott leaves.. they will have more room to utilise capital," Lee said.

A recent recovery in the share prices of the Hyundai firms may have influenced the move, the newspaper said, citing the source.

(Reporting by Joyce Lee; Editing by Edwina Gibbs)

By Joyce Lee

Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI MOBIS CO.,LTD -1.60% 184000 End-of-day quote.-28.13%
HYUNDAI MOTOR COMPANY -2.78% 94500 End-of-day quote.-21.58%
KIA MOTORS CORPORATION -1.63% 30100 End-of-day quote.-32.05%
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Financials (KRW)
Sales 2020 56 710 B
EBIT 2020 1 523 B
Net income 2020 1 420 B
Finance 2020 2 312 B
Yield 2020 3,93%
P/E ratio 2020 8,51x
P/E ratio 2021 5,42x
EV / Sales2020 213x
EV / Sales2021 196x
Capitalization 12 068 B
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Technical analysis trends KIA MOTORS CORPORATION
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 26
Average target price 37 576,92 KRW
Last Close Price 30 100,00 KRW
Spread / Highest target 86,0%
Spread / Average Target 24,8%
Spread / Lowest Target -6,98%
EPS Revisions
Managers
NameTitle
Han-Woo Park President, Co-Chief Executive Officer & Director
Jun-Young Choi Co-Chief Executive Officer, Director & VP
Woo-Jung Joo Director & Head-Finance
Eui-Sun Chung Director
Sang-Koo Nam Independent Director
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