2024-05-01 16:15:11 ET
Summary
- POSCO Holdings' operating profit for Q1 2024 increased by 92% QoQ, as its steel, battery materials, and energy businesses performed well.
- But PKX's actual capital expenditures for full-year 2024 might turn out to be below its initial KRW10.8 trillion target, which has negative read-throughs for its business outlook.
- The recovery in first quarter operating income for PKX has been overshadowed by management's cautious view on 2024 capital expenditures, so I have maintained a Hold rating.
Elevator Pitch
I have a Hold investment rating for POSCO Holdings Inc. ( PKX ) [005490:KS] shares....
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POSCO Holdings: Operating Income Recovery Overshadowed By Cautious Capex Outlook