Category: Shipbuilding

Brokerage : SK Securities Analyst : Seunghan Han (R.A : Seoyoung Ko) Investment Rating : BUY (Maintained) Target Price : KRW 134,000 (Lowered) Core Momentum : Sustained merchant earnings expansion driven by a rising mix of high-price vessel construction, with focus shifting to global naval pipeline diversification and essential 2H offshore plant order intake following…

Read More “[Research] Hanwha Ocean (042660) – SK Securities | Merchant Margin Growth · Offshore Order Requirements · Global Naval Pipeline / 2026-07-13” »

Brokerage : Daishin Securities Analyst : Jini Lee Investment Rating : BUY (Maintained) Target Price : KRW 139,000 (Lowered) Core Momentum : Near-term earnings improvement supported by the early revenue recognition of an offshore FPSO project, with long-term fundamentals anchored by diversified global naval pipelines and US auxiliary ship synergies beyond the Canadian tender outcome…

Read More “[Research] Hanwha Ocean (042660) – Daishin | Early Offshore Revenue · Naval Defense Pipeline · Excessive Discount / 2026-07-09” »

Brokerage : Yuanta Securities Analyst : Yongmin Kim Investment Rating : BUY (Maintained) Target Price : KRW 179,000 (Maintained) Core Momentum : Merchant earnings expansion driven by an increased revenue share of high-price FY24–25 orders, with medium-to-long-term valuation upside centered on the Canadian CPSP submarine tender outcome and 2H MASGA developments 📊 1. [Valuation &…

Read More “[Research] Hanwha Ocean (042660) – Yuanta | Merchant Mix Improvement · CPSP Project Value · MASGA Catalysts / 2026-07-06” »

Brokerage : Kiwoom Securities Analyst : Hangyeol Lee Investment Rating : BUY (Maintained) Target Price : KRW 179,000 (Maintained) Core Momentum : Strong corporate earnings expansion powered by the revenue recognition of high-price LNGCs secured since 2023 and structural cost cuts in commercial shipbuilding, alongside expectations for naval and offshore order intake to alleviate fixed-cost…

Read More “[Research] Hanwha Ocean (042660) – Kiwoom | Merchant Profit Driver · High-Price Mix Scale-Up · Naval & Offshore Orders / 2026-04-29” »

Brokerage : DS Investment & Securities Analyst : Daesung Kim Investment Rating : BUY (Maintained) Target Price : KRW 170,000 (Raised) Core Momentum : Sustained commercial shipbuilding profitability driven by the declining share of low-margin legacy orders and TOP cost reductions, coupled with emerging growth catalysts from the US NGLS conceptual design contract and the…

Read More “[Research] Hanwha Ocean (042660) – DS Investment & Securities | Low-Price Mix Reduction · Merchant Margin Step-Up · MASGA & Defense Pipeline / 2026-04-28” »

Brokerage : Hanwha Investment & Securities Analyst : Seongjo Bae Investment Rating : Buy (Maintained) Target Price : KRW 175,000 (Raised) Core Momentum : Substantial merchant margin surprise driven by the revenue recognition of high-price post-2024 orders and structural cost improvements across non-LNG vessel types, alongside upcoming defense milestones including KDDX order intake and Canadian…

Read More “[Research] Hanwha Ocean (042660) – Hanwha | Merchant Margin Surprise · High-Price Mix Expansion · Special Ship Fixed-Cost Absorption / 2026-04-28” »