Category: Shipbuilding

Brokerage : Daishin Securities Analyst : Jini Lee Investment Rating : BUY (Maintained) Target Price : KRW 139,000 (Maintained) Core Momentum : Surging merchant vessel profitability driven by a higher share of high-margin LNGC vintage recognition and favorable FX effects, coupled with emerging execution synergies with Philly Shipyard for US naval auxiliary programs 📊 1….

Read More “[Research] Hanwha Ocean (042660) – Daishin | Merchant Vessel Margin · FX Impact · US Navy Logistics Synergy / 2026-07-29” »

Brokerage : Kiwoom Securities Analyst : Hangyeol Lee Investment Rating : BUY (Maintained) Target Price : KRW 144,000 (Maintained) Core Momentum : Rapid merchant earnings expansion driven by the higher revenue mix of post-2024 high-price orders and structural cost reductions, with focus shifting to 2H order acceleration across merchant, naval, and offshore divisions 📊 1….

Read More “[Research] Hanwha Ocean (042660) – Kiwoom | High-Price Mix · Merchant Margin Acceleration · 2H Order Intake / 2026-07-28” »

Brokerage : iM Securities Analyst : Yongjin Byun Investment Rating : Buy (Maintained) Target Price : KRW 134,000 (Lowered) Core Momentum : Record-high merchant shipbuilding earnings driven by high-price order recognition and cost savings, countered by a target price reduction to reflect near-term sentiment headwinds from the Canadian submarine outcome and delayed US naval legislation…

Read More “[Research] Hanwha Ocean (042660) – iM Securities | Merchant Profit Surprise · Special Ship Sentiment · Valuation De-rating / 2026-07-28” »

Brokerage : Shinhan Securities Analyst : Dongheon Lee, Jihan Lee Investment Rating : BUY (Maintained) Target Price : KRW 130,000 (Lowered) Core Momentum : Robust merchant earnings expansion driven by post-2024 high-price LNGC recognition and cost savings, with a diversified portfolio across merchant, offshore, and energy shielding against naval export uncertainties 📊 1. [Valuation &…

Read More “[Research] Hanwha Ocean (042660) – Shinhan | Merchant Profit Level-Up · Special Ship Order Variables · Balanced Portfolio / 2026-07-28” »

Brokerage : SK Securities Analyst : Seunghan Han (R.A : Seoyoung Ko) Investment Rating : BUY (Maintained) Target Price : KRW 134,000 (Maintained) Core Momentum : Sustained recurring profit expansion in merchant ships driven by high-margin 2024–2025 LNGC builds, alongside a balanced focus on total earnings volatility stemming from FX shifts, incentive costs, and fixed-cost…

Read More “[Research] Hanwha Ocean (042660) – SK Securities | Merchant Margin Surprise · Cost & Incentive Factors · Earnings Volatility / 2026-07-28” »

Brokerage : Eugene Investment & Securities Analyst : Dongheon Lee, Seunghoon Yang Investment Rating : BUY (Maintained) Target Price : KRW 137,000 (Lowered) Core Momentum : Sustained profitability improvement in the merchant ship division as high-price post-2024 orders enter production, with expectations turning toward global naval pipeline opportunities and MASGA progress following the pricing-in of…

Read More “[Research] Hanwha Ocean (042660) – Eugene | High-Price Order Mix · Merchant Margin Continuity · Special Ship Pipeline / 2026-07-28” »

Brokerage : Yuanta Securities Analyst : Yongmin Kim Investment Rating : BUY (Maintained) Target Price : KRW 179,000 (Maintained) Core Momentum : Differentiated earnings growth driven by expanding revenue recognition of high-price FY24–25 orders and recurring FX gains under a limited hedging policy during periods of Won weakness 📊 1. [Valuation & Key Financial Metrics]…

Read More “[Research] Hanwha Ocean (042660) – Yuanta | Merchant Vessel Margin · FX Gains · Earnings Differentiation / 2026-07-28” »

Brokerage : Hana Securities Analyst : Jaeseon Yoo Investment Rating : BUY (Maintained) Target Price : KRW 175,000 (Maintained) Core Momentum : Sustained margin step-up in merchant ships driven by post-2024 high-price LNGC recognition, positioned for structural order gains across gas carriers, tankers, and offshore plants amid global energy supply chain shifts 📊 1. [Valuation…

Read More “[Research] Hanwha Ocean (042660) – Hana Securities | Merchant Vessel Margin Expansion · Energy Supply Chain Shift · Order Momentum / 2026-07-28” »

Brokerage : DS Investment & Securities Analyst : Daesung Kim Investment Rating : BUY (Maintained) Target Price : KRW 145,000 (Raised) Core Momentum : Strong profitability expansion in the merchant ship division driven by ~70% recognition of high-price post-2024 vintages and cost optimization, coupled with prime positioning for US naval MASGA programs via Philly Shipyard…

Read More “[Research] Hanwha Ocean (042660) – DS Investment & Securities | Merchant Vessel Profitability · High-Price Mix · MASGA Beneficiary / 2026-07-28” »

Brokerage : Kiwoom Securities Analyst : Hangyeol Lee Investment Rating : BUY (Maintained) Target Price : KRW 144,000 (Lowered) Core Momentum : Earnings turnaround driven by a higher mix of high-margin commercial vessels and early offshore project recognition, with 2H focus turning to broader LNGC contracting and global naval pipeline expansion 📊 1. [Valuation &…

Read More “[Research] Hanwha Ocean (042660) – Kiwoom | Merchant Earnings Growth · 2H Order Momentum · US Naval Defense / 2026-07-15” »