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S. Korea’s Mando stock gains from Tesla partnership report

Collected: 2016.05.27

Distributed: 2016.05.30

Source: Go Direct

[Photo by Mando]

South Korean auto parts maker Mando Corp. stepped into limelight with much hoopla raised over the announcement that it was chosen as Tesla Motors Inc.’s partner in developing self-driving vehicles.

Local securities companies all rushed to recommend buy in Mando shares and revising up target stock price, hyping that Mando has joined the rank as global parts supplier upon being favored by the iconic electric vehicle maker over Robert Bosch GmbH and Continental AG.

Samsung Securities Co. revised up the company’s target price from 250,000 won ($211.69) to 300,000 won on Wednesday - its third upgrade in less than a month. It upped the price 50 percent higher from last month’s estimate. Mando finished Thursday 223,000 won, up 12 percent from a week earlier.

eBEST Investment & Securities Co. upgraded its estimate for Mando from 190,000 to 250,000, Heungkuk Securities Co. from 200,000 to 260,000 and IBK Securities Co. from 190,000 to 230,000.

The company also expects better earnings in the second quarter as it diversified away from primary client Hyundai Motor by adding BYD Co., China’s biggest electric car and bus manufacturer, Zhejiang Geely Holding Group Co. and U.S. General Motors Co. to its supply portfolio.

By Noh Hyun

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