Analyst Sanjeev Rana dropped the world’s largest shipbuilder from buy to hold after an earnings report dismissed as a big disappointment.
Rana said: “We had expected Hyundai’s margin to show recovery in 2013 but continued earnings disappointment, order misses and strong price competition for orders makes us believe that a meaningful margin improvement is unlikely until 2014.”
Hyundai has set its sights on a 52% rise in fresh contracts for 2013, but with competition rife among yards the analyst believes there is a high chance the marker will be missed.
“We
