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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Hyundai Motor Co    A005380   KR7005380001

HYUNDAI MOTOR CO

(A005380)
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Hyundai Motor : ditches Oracle over database management

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05/04/2019 | 03:06am EST

By Jun Ji-hye Hyundai Motor has decided to wrap up its contract with Oracle over database management and software maintenance, the latest move to reduce its dependence on the US computer technology firm, company officials said, Thursday. The move is apparently aimed at reducing expenses in digital transformation, according to the officials.

Korea's largest automaker plans to change their contractor for the software maintenance of its database management, selecting Rimini Street as a preferred bidder Oracle Korea has so far provided Hyundai Motor with software maintenance, which refers to services providing upgrades and security patches. The company has received about 20 percent of software prices as maintenance costs from its clients, according to sources.

Rimini Street has reportedly told Hyundai Motor it is capable of offering the same services at lower rates. In March, Hyundai Motor also decided to change their database management system provider for the firm's enterprise resource planning (ERP) system from Oracle to SAP.

The decision was part of the automaker's efforts to adopt a cloud-based ERP system for the first time among car makers here. The firm plans to complete the establishment of the next-generation ERP system in 2026.

'We have changed database and software maintenance service providers to respond better to the changing environment,' a Hyundai Motor official said. 'What we need is constantly changing.

' Besides Hyundai Motor, Samsung Electronics also decided to change from Oracle to SAP, pushing to carry out the next-generation ERP project. The two conglomerates' move will likely affect other companies, sources said.

'A variety of products and services have begun to appear, meaning companies now have large variety of choice,' a source said. Following the decisions of Hyundai Motor and Samsung Electronics, concerns have grown that sales of Oracle Korea could take a hit as the computer technology company makes profits from selling products and offering software maintenance services.

An Oracle Korea official rebuffed concerns, saying the firm has been actively operating a variety of businesses. 'Currently, we focus our efforts on cloud business and plan to open a data center at the earliest possible date,' he said.

'More clients are expected to use Oracle's cloud services.' But Oracle Korea faces the hard task of resolving deteriorating labor-management relations and improving its performance amid leadership vacuum Kim Hyung-rae, who was a CEO of Oracle Korea since 2014, abruptly quit the company in March, allegedly due to his failure to manage labor-related issues and boost business performance.

Sources said the fate of the company would depend on how well a new CEO can play their role. .

(c) 2019 Korea Times Co. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI MOTOR CO End-of-day quote.
RIMINI STREET, INC. 1.84% 4.99 Delayed Quote.26.29%
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Financials (KRW)
Sales 2020 109 738 B
EBIT 2020 5 112 B
Net income 2020 4 493 B
Debt 2020 47 497 B
Yield 2020 3,54%
P/E ratio 2020 6,78x
P/E ratio 2021 6,37x
EV / Sales2020 241x
EV / Sales2021 233x
Capitalization 26 384 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Average target price 167 080,00  KRW
Last Close Price 122 500,00  KRW
Spread / Highest target 63,3%
Spread / Average Target 36,4%
Spread / Lowest Target -2,04%
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NameTitle
Mong-Koo Chung Chairman & Co-Chief Executive Officer
Won-Hui Lee Co-President, Co-CEO & Director
José Munoz Global Chief Operating Officer
Byeong-Cheol Choi Chief Financial Officer
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
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