HanonSystems, a specialist in the manufacturing of automotive heaters andair-conditioners, enjoyed more than a 20-percent growth in its operating profitfor the first quarter of this year.
HanonSystems' strong performance is drawing keen attention in a situation where theperformance of other Korean auto parts suppliers are hit by the sluggishperformance of Hyundai Motor and Kia Motors.
HanonSystems announced on May 15 that it posted sales of 1.44 trillion won andoperating profit of 127.1 billion won for the first quarter. Year on year,sales increased 1.5 percent and operating profit 21.3 percent.
Thisperformance is seen by many as unexpected and a rare earnings surprise,particularly given that the profits of other major auto parts suppliers fell by20-30 percent due to the decline in sales of Hyundai Motor and Kia Motors dueto China's THAAD retaliation.
Keyfactors behind the strong results of Hanon Systems include its market diversificationmoves. Its sales stem from various markets, including Korea (27%), Europe (31%),North America (16%), and China (16%).
The Public Officials Benefit Association (POBA) will select two global private credit managers to invest around $200 million in mezzanine debt via separately managed accounts (SMAs). POBA will allocate $100 million to each of two SMAs through two domestic investment&hellip
The Government Employees Pension Service (GEPS) will allocate $20 million to US dollar-denominated structured notes based on South Korean credit default swaps (CDS) and three-month US dollar LIBOR. It received proposals for the investment mandate by the afternoon of June 26.&hellip
Korea Investment Corporation (KIC) will open its third overseas office in Singapore as early as August in its push for alternative investments in Asia, according to a local newspaper report. The opening of a foreign office will come six years&hellip