Daishin Securities initiated a Buy rating on Hyundai Glovis and set a target price of 320,000 Korean won, compared with the previous day’s close of 198,500 won. The brokerage expects rising PCTC (pure car and truck carrier) freight and charter rates, expanding Chinese finished-vehicle exports and stronger High & Heavy cargo demand to accelerate the company’s medium- to long-term earnings improvement. It estimates this year’s revenue at 34.76 trillion won, up 17.6% year on year, and operating profit at 2.232 trillion won, up 7.7%.