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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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End-of-day quote Korea Stock Exchange  -  2023-01-31
170000.00 KRW   +1.80%
05:23aDovish US Fed Pivot, Stronger Won Buoy South Korean Shares
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04:03aHyundai Motor's Sales Rise 8% In January
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01:33aHyundai Motor's High-End Models Boost January Sales
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South Korea government, truckers far from deal as strike looms - union

11/22/2022 | 11:14pm EST
FILE PHOTO: A member of the Cargo Truckers Solidarity union stands next to a LPG lorry in Ulsan

SEOUL (Reuters) - South Korea's government and truckers remain at odds over a wages deal, the lead union said on Wednesday, hours before the planned start of a strike that is stoking fears over the nation's post-pandemic recovery and global supply chains.

The nationwide strike by truckers unions, expected to start at midnight (1500 GMT), would be the second in less than six months to disrupt manufacturing and fuel supplies in the world's 10th-largest economy.

Prime Minister Han Duck-soo on Tuesday urged the truckers to scrap the plan to spare the economy, warning it would cause logistics paralysis and irreversible damage.

In June, an eight-day strike by truckers delayed cargo shipments for industries from autos to semiconductors in Asia's fourth-largest economy, costing more than $1.2 billion in lost output and unmet deliveries.

Industry giants including Hyundai Motor and steelmaker POSCO were forced to cut output due to the June strike, and POSCO has warned the fresh action could slow repair works at a major plant hit by floods this summer.

The Cargo Truckers Solidarity Union (CTSU), which is organising the multi-union strike, has demanded that the government extend its "Safe Trucking Freight Rate", a policy launched during the COVID-19 pandemic to guarantee a minimum annual wage that is due to expire in December.

The government and ruling party offered a three-year extension of the rate policy on Tuesday, but refused to accept the unions' demand for covering truckers in other industries, including fuel and steel. CTSU rejected that compromise deal.

"The government and the ruling party are ignoring our demands but only representing the shippers and neutralising the safe freight system, in complete defiance of the agreement from June," CTSU said in a statement.

The transport ministry had said some 7,000 people participated in the June strike, while the union said more than 22,000 took part.

"We had left a minimum breathing room last time but we're cornered now given the deadline, and will block as many shipments as possible," Lee Eung-joo, a union official, told Reuters.

He added that almost all of CTSU's 25,000 members would take part in the upcoming strike, joined by an unspecified number of non-union members.

The Korea International Trade Association, a shippers' body, said on Wednesday that it has created a task force to handle any disruptions and minimise trade damage.

(Reporting by Hyonhee Shin and Soo-hyang Choi; Editing by Jamie Freed)

By Hyonhee Shin and Soo-hyang Choi


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION -0.18% 16550 End-of-day quote.2.16%
HYUNDAI MOTOR COMPANY 1.80% 170000 End-of-day quote.12.58%
POSCO HOLDINGS INC. 1.00% 303500 End-of-day quote.9.76%
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Analyst Recommendations on HYUNDAI MOTOR COMPANY
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Financials
Sales 2022 141 996 B 116 B 116 B
Net income 2022 8 077 B 6,58 B 6,58 B
Net Debt 2022 85 161 B 69,4 B 69,4 B
P/E ratio 2022 5,28x
Yield 2022 3,16%
Capitalization 39 346 B 32 047 M 32 047 M
EV / Sales 2022 0,88x
EV / Sales 2023 0,83x
Nbr of Employees 64 054
Free-Float 69,8%
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Mean consensus BUY
Number of Analysts 28
Last Close Price 170 000,00 KRW
Average target price 224 964,29 KRW
Spread / Average Target 32,3%
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Managers and Directors
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Executive Vice President
Albert Biermann Co-President & Director
JosÚ Antonio Mu˝oz Barcelo Co-President & Global Chief Operating Officer
Eon-Tae Ha Co-President & Director
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