[Alpha Biz=(Chicago) Reporter Paul Lee] Samsung Securities lowered its target price to 28,000 won, reflecting Hanwha Ocean's weaker-than-expected performance.

"Hanhwa Ocean's fourth-quarter sales rose sharply from the previous quarter and a year earlier, while operating profit posted a deficit of 48.8 billion won, below the consensus," Samsung Securities said on the 22nd.

Samsung Securities added, "If we consider all of this to be a one-time event, operating profit in the fourth quarter would have been at the break-even quarter level," adding, "It is still sluggish compared to existing consensus and competitors."

However, net profit was far higher than market expectations due to one-off profit related to deferred corporate tax.

Reflecting the weaker-than-expected fourth-quarter earnings, the target price fell to 28,000 won. On the other hand, the company raised its investment opinion to BUY, saying that the recent fall in stock prices has created room for upward growth.

"The business indicators such as prices, fares and new orders are still solid, and Hanwha Ocean will not be excluded from the benefits of business improvement," Samsung Securities said. "The relative preference in the industry is still subordinated."

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