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Investing.com - UBS upgraded Hanon Systems (KS:018880) from Sell to Neutral on Wednesday, raising its price target to KRW4,500.00 from KRW3,000.00 following the company’s third-quarter results.
The South Korean auto parts supplier beat consensus estimates in the third quarter, which UBS attributed to successful cost-cutting initiatives and the recovery of U.S. tariff costs from customers.
UBS cited visible progress in Hanon’s restructuring efforts as a key factor in its more optimistic outlook on the company’s margin turnaround potential in 2026-2027.
The investment bank also noted reduced capital raising concerns beyond the already announced rights issue, expecting improvements in free cash flow and the company’s gearing ratio.
Despite the upgrade, UBS maintained a cautious stance on Hanon’s growth prospects, pointing to limited revenue growth expectations for 2026 due to weak U.S. electric vehicle demand and disappointing new business wins in recent periods.
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