Ignored By Equity Analysts, Hyundai Motor Surges To Top Status With Strong Financials

seekingalpha03-27

Hyundai has gained market share in the US by focusing on SUVs, improving design and engineering, and emphasizing safety and quality.The new Santa Fe SUV features European styling cues, advanced ...

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Notice the \"H\" portrayed across the front fascia. jetcityimage/iStock Editorial via Getty Images Hyundai Motor Co. (OTCPK:HYMTF), the South Korean automobile manufacturer, is - from an investment viewpoint - and enigma. The company has risen from among the less important to one of the most impressive automakers worldwide over the past thirty years. Its earnings record and reputation ought to make it a favorite among stock pickers and portfolio managers - yet it has taken little or no action to market its shares outside of Korea and thus is mostly ignored by equity analysts. What Hyundai has done in the U.S., the world's most profitable vehicle market, is to gain market share over the past few years by correcting an earlier misstep and placing more emphasis on SUVs over sedans and by injecting European styling cues, enhanced engineering and improved safety and quality into its models. Hunting Trip The Korean automaker took the step of recruiting top engineers and designers from European carmakers such as BMW and Audi to augment its homegrown staff. The result has been a series of new models that look at home next premium models from central Europe. Ranking by annual vehicle sales (Hyundai Motor Group) The latest example is Hyundai's new Santa Fe three-row midsize SUV, which departs radically from its previous design to a boxy, elegant look, reminiscent of much more expensive models by Land Rover and others. The upright stance is sophisticated and rugged, which likely will appeal to a broad audience. A variety of engines are available, starting with a 1.6-liter turbo. A more powerful 2.5-liter turbo comes on more expensive versions - and a gas-electric hybrid soon will be available as well. On trend with its competition, Santa Fe will feature over-the-air updates for much of its software, an infotainment system that accommodates Android Auto and Apple CarPlay wirelessly, digital instrument displays, dual wireless charging for phones, and even a compartment for sanitizing small objects. For 2024, Hyundai Motor Group says it leads the industry with 16 of its models awarded Top Safety Pick (TSP) or Top Safety Pick+ ratings by the Insurance Institute for Highway Safety. Hyundai, like other automakers, is touting battery-electric vehicle (BEV) models such as the Ioniq 6 in its advertising. The reality, at least for the moment, is that consumers are hesitant to buy BEVs because of premium pricing, insufficient charging availability, and inconvenient battery charging times. Consequently, the automaker's more profitable internal combustion engines (ICE), as well as gas-electric hybrids and plug-in hybrids dominate its sales. Minimally Electric BEV sales at the moment constitute about 6-7% of total vehicle sales in the U.S., according to Olabisi Boyle, Hyundai's Senior Vice President for product planning and mobility strategy. That proportion no doubt will rise with the completion of Hyundai's $7.6 billion \"Metaplant\" in Bryan County, Georgia in early 2025. The final assembly complex will include an LG battery factory. Hyundai Metaplant for BEVs (Hyundai Motor Group) BEVs built at the plant will qualify for the $7,500 federal payment per vehicle as outlined in the Inflation Reduction Act passed by the Biden administration. The current generation of Hyundai BEVs are produced in Korea and, therefore, don't qualify for the federal credit under the new law. Hyundai hasn't yet said which models it plans to build in Georgia. Depending on the outcome of the election this November, the ground rules regarding BEV incentives could change once again. Hyundai is ready to adapt, says Boyle; Metaplant could manufacture non-BEV vehicles if it makes business sense to do so. 2024 Santa Fe is the fifth generation of a midsize SUV unibody model introduced in 2000. Since then Santa Fe has grown larger with each new generation and in its latest version has departed abruptly from an exterior design similar to others in its class. Kevin Kang, head of Hyundai's North American design department, described the concept as one that began by radically widening the rear opening nearly six inches to create a much larger space for users who wanted to use the vehicle for camping and other outdoor adventures. The interior is extremely clean and modern; throughout the vehicle, visual cues portray the letter \"H,\" in homage of the automaker. Inserting the H (Hyundai Motor Group) Despite the new model's boxier shape, designers and engineers managed to reduce its coefficient of drag, the measure of wind resistance. Total interior volume is 166.6 cubic feet, nearly 19 cubic feet more than the 2023 model. Among the high-tech gadgets available on some versions of Santa Fe are a digital key that can be used from a smartphone or an Apple Watch. Strong Numbers One of the frustrating aspects of following HYMTF's financial results is the difficulty of finding numbers expressed in U.S. dollars. Fortunately, it's easy to do in Seeking Alpha. Financial results from the past five years paint a very positive picture, starting with last year's revenue of $125.54 billion, up from $112.9 the previous year - and a 6.5% compound annual growth over the past five years. Gross profit last year was $25.8 billion, up from $22.5 billion a year earlier - reflecting an 11.1% compound annual growth rate for the past five years. Operating income totaled $11.7 billion last year, up from $7.8 billion a year earlier - a 30.2% compound annual growth rate for the past five years. Finally, net income in 2023 was $9.23 billion, up from $5.9 billion the previous year - reflecting a 29.1% compound annual growth rate since 2019. Despite these numbers, the stock trades at a P/E of less than 5. Latest dividend payout is under 2%. Performance of the shares has been erratic, though the past year has seen HYMTF rise from about $33 a share to the neighborhood of $60. For reliable performance from the automotive sector, other stocks might be a better choice, particularly TM. HYMTF stock price return chart (Seeking Alpha) In the U.S., HYMTF is thinly traded on the pink sheets, an over-the-counter market with loose listing requirements favored by penny stocks. Repeated requests to the company to provide an explanation for its capitalization strategy have elicited no response. Still, nothing prevents Hyundai from modifying its stance and enlarging its presence on stock exchanges, especially in the U.S., which probably will favor those with longstanding positions in HYMTF. For the long-term investor, a bet on HYMTF could prove to be a very profitable investment one day - provided the company continues on its current path in the automotive market and if it decides to improve its international investment profile by telling the company's story more energetically to equity analysts and with more transparency. HYMTF ratings (Seeking Alpha)  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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