Hyundai Electric Inks W35-B Saudi Deals

Hyundai Electric and Energy Systems Co. will supply transformers to Saudi Electricity Co. in a 23 billion won deal, and provide gas-insulated switchgear to Saudi Aramco for 12 billion won.

The two orders worth 35 billion won raised Hyundai Electric's deals in Saudi Arabia to over 60 billion won in the first four months of the year, up more than three times from the same period last year.

It remains to be seen how the two deals would influence the company's valuation in the stock market.

Share prices for Hyundai Electric & Energy Systems Co., Ltd., Hyundai Electric, a unit of shipbuilding giant Hyundai Heavy Industries Co., went down 40 percent in the last 90 days and has slid 73 percent in a year.

The company hasn't been paying dividends, but its total shareholder return of -69 percent exceeds its share price return of -73 percent, implying it has either raised capital at a discount or spun-off a business, providing value to shareholders.