iM Securities cuts target for Hyundai Motor stock to KRW 600,000

Published on 10/20/2026 at 09:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

iM Securities kept Buy on October 15, 2026. Hyundai Motor stock faces KRW 45.3 trillion third-quarter revenue, down 2.70 percent year over year.

Profit recovery depends on volume

iM Securities cut its Hyundai Motor target from KRW 650,000 to KRW 600,000 on October 15, 2026.
Third-quarter revenue was forecast at KRW 45.3 trillion, down 2.70 percent year over year.
Global wholesale sales were estimated at 918,000 vehicles, down 11.50 percent year over year.

Hyundai Motor, KR7005380001, Illustration mit AI erstellt.

Hyundai Motor (KR7005380001) saw iM Securities cut its target from KRW 650,000 to KRW 600,000 on October 15, 2026, while maintaining its Buy rating, according to Financial News. The brokerage projected third-quarter revenue of KRW 45.3 trillion, down 2.70 percent from the same period a year earlier.

Three target cuts reset expectations

The latest revision followed a sequence of weaker forecasts. On October 6, 2026, NH Investment and Securities cut its target from KRW 620,000 to KRW 540,000 and forecast third-quarter revenue of KRW 42.2232 trillion, down 9.60 percent year over year, according to Edaily.

On October 12, 2026, KB Securities lowered its target from KRW 720,000 to KRW 700,000. Its third-quarter operating profit estimate was KRW 2.555 trillion, 16.00 percent below consensus, while wholesale sales excluding China were expected to fall 9.70 percent to 909,000 units, Chosun reported.

What does the target cut mean for earnings?

iM Securities estimated global wholesale sales at 918,000 vehicles in the third quarter, down 11.50 percent year over year. Its operating profit forecast was KRW 2.4663 trillion, a decline of 2.80 percent, while European wholesale sales were estimated at 122,947 vehicles, down 18.10 percent.

The pressure came from production disruptions, weaker European sales, higher raw-material costs and a decline in earnings per share. Seoul Economic Daily reported on October 12, 2026, that several brokerages kept Buy ratings while cutting targets, including Kiwoom Securities from KRW 700,000 to KRW 600,000, as strikes reduced output and currency effects weighed on earnings, according to Seoul Economic Daily.

Earnings recovery faces hurdles

The investment case now depends on whether new models and normalized production can offset weaker volumes. iM Securities forecast full-year revenue of KRW 187.3886 trillion and operating profit of KRW 10.9481 trillion, with next-year operating profit projected at KRW 12.744 trillion.

Hyundai Motor remains listed on the KOSPI, while the analyst forecasts point to a difficult third quarter followed by a possible improvement in the fourth quarter. The main counter-factor is execution: production recovery and new-model demand must arrive before cost pressure and weak European sales ease.