KR : HDC Hyundai Development - Housing revenue recovery to begin in 3Q21

HDC has been underperforming (vs. peers) in 1H21 on sluggish revenue but we believe housing revenue yoy growth will turn positive starting from 3Q21F. We see momentum to rebuild in the housing industry picking up ahead of the 2022 presidential election. HDC’s housing OP will likely recover in 2022F. HDC is trading at 0.6x FY21F P/BV with 12% FY21-22F ROE. Reiterate Add with a higher TP of W35k on orders and earnings recovery.

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