Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  KOREA EXCHANGE  >  Hyundai Motor Co    005380   KR7005380001

News SummaryMost relevantAll newsSector newsTweets

South Korea's antitrust chief to urge change in talks with chaebol executives

share with twitter share with LinkedIn share with facebook
share via e-mail
06/19/2017 | 06:53am CEST

South Korea's antitrust chief said on Monday that he will urge powerful family-run business empires including Samsung and Hyundai to "voluntarily" reform themselves when he meets executives in the wake of a bruising political bribery scandal.

Korea Fair Trade Commission Chairman Kim Sang-jo said he would begin a round of meetings with top executives from the so-called chaebols as soon as this week, amid calls for better corporate governance and greater transparency.

"I will pursue chaebol reforms through a positive campaign where companies voluntarily create exemplary cases," he told reporters after his appointment last week by President Moon Jae-in to oversee the anti-trust watchdog.

"I will urge them to change if they continue practices that go against the hopes of the government, the society and the market."

The government would take "appropriate action" if the conglomerates which dominate Asia's fourth-biggest economy continued business as usual, Kim added without elaborating.

Transactions among group affiliates - long claimed by critics to favour the owning families and disrupt fair competition - would be closely analysed and investigations could ensue if any wrongdoing was suspected, he said.

The former shareholder activist who campaigned against big businesses was considered an architect of chaebol reform pledges made by Moon during the election campaign last month.

Moon campaigned strongly for changes to the chaebols' corporate cultures following the corruption scandal which led to the ouster of his predecessor, Park Geun-hye, and the arrest of Samsung Group chief Jay Y. Lee.

The conglomerates helped make South Korea a corporate powerhouse but critics say they have abused their power to crowd out smaller businesses.

They also blame the chaebol's complex web of cross-shareholdings and opaque governance for devaluing their shares in comparison to their global peers.

(Reporting by Hyunjoo Jin; Editing by Stephen Coates)

By Hyunjoo Jin

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on HYUNDAI MOTOR CO
08/21 India's Tata Motors CEO says to invest $625 million to boost sales
08/20 OMAN MOTORING : Hyundai’s search for World Rally Championship star of the ..
08/18 HYUNDAI MOTOR : reveals next-generation eco-friendly car
08/18 HYUNDAI STEEL : W500 mil. high-voltage cable missing at Hyundai Steel factory
08/18 Hyundai goes green
08/17 HYUNDAI MOTOR : Patent Issued for Thin Type Injection Molding Skin Manufacturing..
08/17 HYUNDAI MOTOR : "Panel Assembly Structure for Preventing Column Dive" in Patent ..
08/17 HYUNDAI MOTOR : "Sealed Honeycomb Structure" in Patent Application Approval Proc..
08/17 HYUNDAI MOTOR : Patent Issued for Method of Limiting Maximum Speed of Vehicle (U..
08/17 HYUNDAI MOTOR : Patent Issued for Common Jig Apparatus for Mounting Fender of Mu..
More news
News from SeekingAlpha
08/17 Hyundai shifts focus to long-range EVs
08/01 EV Company News For The Month Of July 2017
08/01 HYUNDAI JULY U.S. SALES : -28%
07/29 Stocks to watch next week
Financials ( KRW)
Sales 2017 97 121 B
EBIT 2017 5 413 B
Net income 2017 4 939 B
Debt 2017 36 548 B
Yield 2017 2,95%
P/E ratio 2017 7,86
P/E ratio 2018 6,66
EV / Sales 2017 0,78x
EV / Sales 2018 0,74x
Capitalization 39 358 493 M
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 38
Average target price 174 733  KRW
Spread / Average Target 18%
EPS Revisions
Mong-Koo Chung Chairman & Co-Chief Executive Officer
Won-Hui Lee Co-President, Co-CEO & Director
Gab-Han Yoon Co-President, Co-CEO & Director
Byeong-Cheol Choi Chief Financial Officer
Woong-Cheol Yang Vice Chairman-Executive Board, Head-R & D
Sector and Competitors
1st jan.Capitalization (M$)
TOYOTA MOTOR CORP-10.38%182 319
VOLKSWAGEN-4.95%75 931
DAIMLER-14.72%75 878