0612 GMT - HD Hyundai Marine Engine's share price appears overvalued, CGS International's Yongmin Kim says, citing the surge in the stock price since end-2023. This overvaluation is mainly due to recent positive sector tailwinds from maintenance, repair, and overhaul of U.S. naval vessels, which likely have limited impact on the South Korean company, the analyst says in a note. The marine engine manufacturer's vessel engine order backlog of KRW690 billion as of 4Q also looks priced into the stock's current valuation. The brokerage reiterates the stock's reduce rating, but raises the target to KRW16,000 from KRW15,000 to reflect its higher 2025-2026 EPS forecasts. Shares are 5.3% lower at KRW27,550. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
March 20, 2025 02:12 ET (06:12 GMT)
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