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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Hyundai Motor Company    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

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Shortage of Chinese parts caused $50 billion fall in February's global exports: U.N.

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03/06/2020 | 03:18pm EDT
Worker welds automobile parts at a workshop manufacturing automobile accessories in Huaibei, Anhui

(This corrects paragraph eight of March 4 story to quote UNCTAD report saying Honda's output will be reduced in March, rather than plants closed, and deletes reference to Hyundai.)

By Stephanie Nebehay

China's exports of vital parts and components for products ranging from automobiles to cellphones are estimated to have shrunk by an annualized 2% in February, costing other countries and their industries $50 billion, a United Nations agency said on Wednesday.

The world's second-largest economy - and epicenter of the coronavirus outbreak that has spread to 75 nations - accounts for a fifth of global trade in intermediate products. Many countries rely on its manufacturing inputs, it said.

"There is a ripple effect throughout the global economy to the tune of a $50 billion fall in exports across the world," Pamela Coke-Hamilton, director of UNCTAD's division of international trade, told a Geneva news briefing.

The figure, which covers only the month of February, is preliminary and may be a "conservative estimate", she said.

It was partly based on China's official Purchasing Managers' Index (PMI), issued on Saturday, showing factory activity in China contracted at the fastest pace ever in February, even worse than during the global financial crisis, highlighting the colossal damage from the coronavirus outbreak.

Countries or regions suffering the highest export losses due to the disruption are the European Union (EU), with nearly $15.6 billion, the United States ($5.8 billion), Japan ($5.2 billion), the Republic of Korea ($3.8 billion), Taiwan ($2.7 billion) and Vietnam ($2.3 billion), according to the U.N. Conference on Trade and Development (UNCTAD).

Precision instruments, machinery, automotive and communication equipment are the hardest-hit sectors, it said in its report which does not cover agriculture or services.

The report cited carmaker Honda as saying it would reduce vehicle output at two of its domestic plants in Japan's Saitama Prefecture for a week or so in March due to concerns about parts supply from China.

"The impact on the automotive industry in the European Union is about $2.5 billion," said Alessandro Nicita, an UNCTAD economist.

Asked whether manufacturers might shift to diversify suppliers, Nicita said: "In the short term, no. Because it takes a while to identify new suppliers. In the long term, probably yes."

China has built a huge logistics transport network including ports, shipping lanes and airplanes to move its goods, he said.

Referring to a gradual resumption in China's industrial production, he said: "If it rebounds it can probably make up for the loss in February. If it stays low those numbers are going to compound and the situation for the global value chain is going to deteriorate even further."

India, the world's main supplier of generic drugs, has restricted the export of 26 pharmaceutical ingredients and the medicines made from them, including paracetamol, a common pain reliever also sold as acetaminophen, as the coronavirus outbreak plays havoc with supply chains.

Coke-Hamilton, asked whether such restrictions indicated the virus was having a 'strangulating' effect on the global supply chain, said: "In short, yes. It would seem so."

"Assuming that it is not mitigated in the short term, it is likely that the overall impact on the global economy is going to be significant in terms of a negative downturn," she said.

(Reporting by Stephanie Nebehay; Editing by Michael Shields, Elaine Hardcastle and Frances Kerry)


Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - EURO 1.12% 11682.585 Real-time Quote.79.22%
BITCOIN - UNITED STATES DOLLAR 0.90% 13611.555 Real-time Quote.88.71%
BYD COMPANY LIMITED -1.60% 154.1 End-of-day quote.296.65%
ETHEREUM - BITCOIN -1.87% 0.028203 Real-time Quote.69.34%
ETHEREUM - EURO -0.83% 329.305 Real-time Quote.203.94%
ETHEREUM - UNITED STATES DOLLAR -0.97% 383.76 Real-time Quote.220.12%
EURO / US DOLLAR (EUR/USD) -0.27% 1.16459 Delayed Quote.4.16%
HONDA MOTOR CO., LTD. -1.93% 2435 End-of-day quote.-21.43%
HYUNDAI MOTOR COMPANY -3.24% 164500 End-of-day quote.36.51%
RIPPLE (XRP/BTC) 0.00% 1.8E-5 Real-time Quote.-26.92%
RIPPLE (XRP/EUR) -1.17% 0.205555 Real-time Quote.26.85%
RIPPLE - UNITED STATES DOLLAR -1.32% 0.2395 Real-time Quote.33.88%
SHIFT, INC. 0.38% 13310 End-of-day quote.66.79%
THE GLOBAL LTD. -12.20% 223 End-of-day quote.-52.65%
WORLD CO., LTD. -2.36% 1323 End-of-day quote.-50.84%
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Financials
Sales 2020 104 054 B 91,6 B 91,6 B
Net income 2020 1 877 B 1,65 B 1,65 B
Net Debt 2020 60 850 B 53,5 B 53,5 B
P/E ratio 2020 22,9x
Yield 2020 2,32%
Capitalization 34 737 B 30 583 M 30 569 M
EV / Sales 2020 334x
EV / Sales 2021 301x
Nbr of Employees -
Free-Float 71,0%
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Mean consensus BUY
Number of Analysts 27
Average target price 219 111,11 KRW
Last Close Price 164 500,00 KRW
Spread / Highest target 52,0%
Spread / Average Target 33,2%
Spread / Lowest Target -14,9%
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Managers
NameTitle
Mong-Koo Chung Co-Chief Executive Officer & Honorary Chairman
Won-Hui Lee Co-President, Co-CEO & Director
Eui-Sun Chung Chairman
Josť Munoz Global Chief Operating Officer
Byeong-Cheol Choi Chief Financial Officer
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