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(Photo=HD Korea Shipbuilding & Marine Engineering) |
[Alpha Biz= Reporter Kim Minyoung] Hana Securities evaluated HD Hyundai Heavy Industries on the 21st, stating that the company has entered a full-fledged earnings rebound phase based on its increased order backlog. Hana Securities gave HD Hyundai Heavy Industries a 'Buy' investment rating with a target price of 170,000 KRW, which is 32.7% higher than the previous day's closing price of 128,100 KRW.
The primary reason for Hana Securities' positive evaluation of HD Hyundai Heavy Industries is the continued orders centered on eco-friendly ships. Notably, these include liquefied natural gas (LNG) carriers, liquefied petroleum gas (LPG) carriers, and ammonia carriers. As of March, HD Hyundai Heavy Industries holds orders for 69 LNG carriers, 30 LPG carriers, and 16 ammonia carriers, accounting for approximately 65% of its total order backlog of 176 ships.
The maintenance, repair, and operation (MRO) business for warships is also evaluated by Analyst Wi as a potential new growth area. Expectations are high for the MRO business of the U.S. 7th Fleet stationed in the Pacific, as well as the new construction and maintenance MRO business for U.S. government-commissioned warships, following the memorandum of understanding (MOU) signed last month between HD Hyundai Heavy Industries and Philadelphia Shipyard.
Hana Securities stated, "If we secure the MRO business for the U.S. 7th Fleet, it is expected to generate annual sales of approximately 300 billion KRW," and added, "We anticipate that HD Hyundai Heavy Industries will gradually expand in size through the materialization of the warship MRO business."
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
