Hankook Results Counter ‘Lacklustre’ Analyst Expectations

23rd July 2010 | 0 Comments
 

Hankook recent record second quarter results contradict the negative predictions of some financial analysts that when Hankook Tire kicks off the second quarter earnings season for auto/auto part makers on 20 July, it will set the tone for a “lacklustre” set of results from the likes of Hankook, Kumho and Nexen. In an investor’s note dated 1 July 2010, Deutsche Bank research analyst Sanjeev Rana had commented: “We expect tyre makers such as Hankook and Nexen Tire to report in line or slightly below consensus results due to the burden of higher rubber prices.” It appears these reports failed to take into account the huge profit jumps of 501 per cent and 43 per cent in the first quarter 2010 from Hankook and Nexen respectively and an 18 per cent increase in sales from Kumho – all of which surprised analysts at the time.

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