Hyundai Motor Company: Q2 2019 To Satisfy Heightened Expectations

Investment highlights We expect Hyundai Motor Company’s (OTCPK:HYMTF) 2Q19 operating profit to come in at KRW1.13tn (+18% YoY, 4.4% operating margin), 0.6% higher than the consensus estimate. Wholesale volume was flat YoY (-1% YoY excluding China) but FX conditions turned favorable YoY except the BRL. In addition, the product mix considerably improved led by Palisade…