Hyundai Motor Securities: FSS Approves A 200 Billion Won Capital Raise + Rising Real Estate PF Risk

• On 10 January, it was reported that Hyundai Motor Securities (001500 KS)'s 200 billion won capital increase plan passed the Financial Supervisory Service's review.

• Based on the recent revised report to the FSS, Hyundai Motor Securities disclosed that there is a risk of loss in domestic real estate PF and overseas real estate investment.

• The company's decision to proceed with the capital raise is likely to weaken its share price to below its expected rights offering price of 6,640 won in the coming weeks.