HD Hyundai Mipo set a new record high since the global financial crisis of 2008. Expectations that the United States will expand its "Strategic Commercial Fleet" seem to have driven up HD Hyundai Mipo's stock price.
The Strategic Commercial Fleet is a fleet of ships used for transporting cargo or supporting naval supply under normal conditions, but can be mobilized in emergencies such as wartime. If the United States expands the Strategic Commercial Fleet, it is expected that HD Hyundai Mipo's orders will also increase.
On the 21st, HD Hyundai Mipo traded at 141,800 won on the KOSPI market. The stock price rose by 9.67% (12,500 won) compared to the previous day. During the day, it surged to 144,300 won, marking the highest price since December 2007.
Although shipbuilding stocks, which are seen as beneficiaries from Donald Trump's presidential inauguration, all showed strength that day, HD Hyundai Mipo's stock price increase was particularly notable. It is interpreted that a report released that day by Choi Kwang-sik from Daol Investment & Securities stimulated investor sentiment. Choi predicted that HD Hyundai Mipo would be the first among domestic shipbuilders to benefit from the construction of the U.S. Strategic Commercial Fleet.
In late last year, the U.S. Congress introduced the "Ships for America Act" aimed at the prosperity and security of the United States' shipbuilding and port facilities. The key point is to increase the Strategic Commercial Fleet to 250 vessels within the next decade. The law stipulates that the fleet must be composed of commercial ships built in the United States, but allows for the use of foreign-built ships in unavoidable circumstances. Considering that domestic shipbuilders' vessel construction competitiveness is among the best in the world, there is a high possibility that the U.S. will place orders with domestic companies.
Most of the support ships contracted with the Military Sealift Command (MSC), one of the pillars of the Strategic Commercial Fleet, are medium-range petroleum product carriers (MR tankers). Additionally, as of the end of last year, among the 86 vessels managed by the Maritime Administration (MARAD) of the United States Navy Reserve Fleet (NDRF), 51 are RO-RO (Roll-on/Roll-off) vessels. RO-RO vessels can carry both standard automobiles and vehicles loaded with cargo directly.
HD Hyundai Mipo is ranked first in the global market for both MR tankers and RO-RO vessels. The market share of MR tankers is around 50%, while the market share for RO-RO vessels is approximately 18%. Considering this, Choi noted that if the construction of the Strategic Commercial Fleet intensifies, HD Hyundai Mipo could secure orders, which could lead to a rise in stock prices.
Not only Choi but also other securities firms are raising their expectations for HD Hyundai Mipo. According to financial data company FnGuide, the average target price of 11 domestic securities firms that provided investment opinions on HD Hyundai Mipo this year is 183,800 won, which is 15% higher than the previous average target price of 159,600 won. Korea Investment & Securities, Kyobo Securities, and Sangsangin Investment & Securities have set target prices above 200,000 won.
최 연구원뿐만 아니라 다른 증권사들도 HD현대미포에 대한 눈높이를 올리고 있다. 금융정보업체 에프앤가이드에 따르면 새해 들어 HD현대미포에 대한 투자의견을 밝힌 국내 증권사 11곳의 평균 목표주가는 18만3800원이다. 이전 평균 목표주가 15만9600원보다 15% 높은 수준이다. 한국투자증권과 교보증권, 상상인증권은 20만원 이상을 제시했다.