CLSA has maintained its outperform rating on Hyundai, assigning a target price of Rs 2,155 per share, implying potential upside from the current market price of Rs 1,839.70.
The brokerage noted that Hyundai’s EBITDA margin for the quarter stood at 14.1%, marking a sequential improvement of 285 basis points. This was also 200 basis points above CLSA’s own estimates.
The margin expansion was attributed to a combination of higher-than-expected average selling prices (up 5% QoQ), which were supported by price hikes, reduced discounts, a favourable product mix, and government subsidies.
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