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Analysts Recommend Korean Tyre Shares

Financial analysts are recommending buying shares in Korean tyremakers (particularly Hankook and Nexen), following their initiation of stock coverage at the end of November. Their view is that internal structural and strategic fundamentals and external conditions are now favouring Korean tyre makers: “The top three global tyre makers continue to lose market share, having lost 10 percentage points in the past 10 years. On the other hand, we expect the global market share of Korea’s three tyre makers to rise to 7.2 per cent by 2010 from 5.5 per cent in 2008 (by revenue),” Deutsche Bank wrote in an investors report dated 21 November.

3rd December 2009/by Tyrepress Editors

FT: PAI Pumps £20 million into Kwik-Fit

PAI, the French private equity fund has owned Kwik-Fit since 2005, is reportedly planning to inject £20 million (22 million euros; $33 million) into the UK’s leading tyre retailer to avoid a banking covenant breach, according to a report in the Financial Times. Kwik-Fit, which was last sold to PAI for around £800 million after seeing off fellow bidder Bridgestone, has reportedly seen a slight slowdown in sales growth in the recession and been hit by foreign exchange rates. Nevertheless the Edinburgh-based business is still expected to generate turnover of more than £900 million this year, that’s a 7 per cent growth in like-for-like sales. EBITDA is expected to drop 3 per cent to £96.3 million.

2nd December 2009/by Tyrepress Editors

Recession-hit Motorists Skimp On Maintenance, Says Survey

Motorists may be neglecting essential vehicle maintenance in an effort to reduce their expenditure during the recession, according to research. Car expert Glass's has conducted a survey which reveals that 46 per cent of those polled have chosen to put off servicing their car or paying for repairs to tyres or bodywork. In addition, many are now choosing to avoid other car-related expenditures such as purchasing satnavs or alloy wheels.

1st December 2009/by Tyrepress Editors

Apollo Bottom Line Expected to Grow 29% CAGR to 2011

According to Mumbai based private equity advisory and investment banking services provider Firstcall India, the top and bottom line at Apollo Tyres is expected to grow at a compound annual growth rate of 15 per cent and 29 per cent in the financial years from 2008 to 2011. This is one of the reasons Firstcall is currently recommending a ‘buy’ on Apollo shares, with a price target of Rs 64 (£0.83) as against the November 25 market price of Rs 52.05.

1st December 2009/by Tyrepress Editors

MRF to Produce Fighter Aircraft Tyres?

This year Indian manufacturer MRF established a niche in the military aviation tyre segment through an arrangement to supply original equipment tyres to Hindustan Aeronautical’s Chetak range of helicopters. The first batch of three to four hundred tyres has already been produce and another order is expected to be ready by January 2010. Furthermore, it appears likely that the tyre maker will extend its military supply presence even further in the near future.

30th November 2009/by Tyrepress Editors

Safe Tyres? No Thanks, We’d Rather Party…

Kwik-Fit expresses concern that almost a third of car owning students would rather blow their budget on a night out than fix a tyre. Admittedly, finances are often tight while studying, but the fast fit giant points out it’s not just necessities such as books, rent and food that are taking priority over car maintenance. Kwik-Fit reveals the shameful statistic that 32 per cent of car owning students confessed that they’d choose to blow their last £50 on a big night out rather than replace an illegal tyre – even if it meant driving home on it the next day.

27th November 2009/by Tyrepress Editors

Consultation on Conti Clairoix Closure Ends

The consultation phase regarding the planned closure of Continental’s Clairoix tyre factory that began on March 11 has come to an end. After more than eight months of talks between Continental France SNC and workers’ unions over the passenger car and light truck tyre factory’s future, or lack thereof, the bodies representing employees have, in Continental’s words, “rendered their recommendations” on both the economic rationale in support of the planned closure as well as the qualification scheme included in the social plan for the plant’s 1,120 employees.

25th November 2009/by Tyrepress Editors

Cheng Shin to Build New Taiwan Plant

Sources reported by China Knowledge indicate that Taiwan based Cheng Shin Rubber will invest NT$12 billion (£223.5 million) establishing a new tyre manufacturing facility in its home market. Construction work on the new plant is expected to get underway in June 2010 and be completed a year later. According to a company financial executive the facility will hold an initial capacity of 14,000 passenger car tyres and 3,000 truck and bus tyres; output from the new site will help raise Chen Shin’s passenger car tyre production capacity by 10 to 15 per cent.

24th November 2009/by Tyrepress Editors

Ukrainian Tyre Recycler Coral Group Joins TRIB

Coral Group Ecological Technologies (Ukraine) has become the latest company to join the Tire Retread & Repair Information Bureau (TRIB). Formed just over five years ago, Coral Group has developed what TRIB describes as “a very important method for recycling waste tyres and has a pilot plant in operation in the Ukraine to prove the economic and environmental benefits of their method.” Coral Group’s method is a pyrolisis-based technique that the company says results in an “ecologically clean and financially beneficial method of recycling the worn out automobile tyres.”

To get an idea of the scale of what Coral Group are planning, subscribers can view company’s corporate video below.

18th November 2009/by Tyrepress Editors

Michelin Releases Switzerland 2010 Guide

Michelin recently launched its centennial guide to Germany, and now it is the turn of neighbour Switzerland to receive its 2010 list of fine dining establishments. The latest guide, which goes on sale on November 19 in Switzerland and shortly afterwards elsewhere, provides information on 867 hotels and 695 restaurants across all comfort and price categories within its 520 pages.

18th November 2009/by Tyrepress Editors

Yokohama Supplying Tyres to Macau GP for 27th Consecutive Year

Yokohama Rubber’s supply of tyres to the Macau Grand Prix on November 19 to 22 marks the 27th consecutive year in which it has done so. As part of the weekend’s activities in Macau, the company will also support the final race of the 2009 FIA World Touring Car Championship series and other races. A total of about 2,500 tyres will be supplied.

17th November 2009/by Tyrepress Editors

Apollo Tennis Programme Hits Financial Foul

The future of Apollo Mission 2018 tennis programme has been lobbed into uncertain territory by an article published by the Hindustan Times on November 11. The paper claims the Indian tyremaker’s effort to foster potential tennis talent in its home country is “in serious financial trouble.”

12th November 2009/by Tyrepress Editors

Toyo Sales Drop 25% in H1 FY2009

Toyo Tire & Rubber remained in the red during the first half of the current financial year, recording a net loss of 1,976 million yen (£13.24 million). Sales during the six months to September 30 dropped 25.0 per cent year-on-year to 129,609 million yen (£868.25 million), and operating loss amounted to 1,300 million yen (£8.71 million), compared with an operating income of 1,177 million yen in the first half of the 2008 financial year. The company’s tyre business unit generated 74.0 per cent of the company’s entire sales and posted a first-half net turnover of 96,001 million yen (£643.11 million) – a 21.6 per cent decrease from a year earlier.

9th November 2009/by Tyrepress Editors

Triangle Chairman Issues Green Challenge

Triangle chairman and CEO Ding Yu HuaTriangle Group chairman and CEO Ding Yu Hua brought his message of industry working for a greener earth to the SEMA Show, issuing a challenge to the tyre industry to help the world move from an “industrial civilisation” to an “ecological civilization.” To do that, Ding said, industry need to adopt principles to lessen their impact on the environment and do more to reduce, recycle and reuse materials used in production and the final products themselves.

6th November 2009/by Tyrepress Editors

Pirelli Tyre Performance Helps Company Position in Third Quarter

According to the Pirelli Group, the first nine months of the 2009 fiscal year delivered “positive” operating indicators that are “overall in line with what was set out in the 2009-2011 industrial plan.” The company forecasts that, barring unforeseeable events, it will in the full year 2009 reach the targets identified in the plan presented last February, and due to Pirelli Tyre’s positive performance may even surpass these targets.

6th November 2009/by Tyrepress Editors