DAISHIN SECURITIES noted on the 27th that Hanwha Ocean is preparing for structural growth based on a stable cargo order backlog and selected it as a preferred stock in the shipbuilding sector. Accordingly, the investment opinion is 'buy', and the new target stock price is set at 90,000 won.
Research Institute at DAISHIN SECURITIES identified the investment points for Hanwha Ocean as ▲ resolving delivery delays and leading low-priced order volumes to normalize operations ▲ expectations for maintenance, repair, and overhaul (MRO) and new shipbuilding through the acquisition of overseas shipbuilders.
According to this Research Institute, when one drillship ordered in 2013 and five container ships ordered in 2020 are delivered from Hanwha Ocean's current order backlog, the proportion of high-profit orders is expected to increase, leading to an improvement in profitability. As of the end of last year, among the 109 vessels in Hanwha Ocean's order backlog, the most significant type is LNG carriers, which make up 72 vessels and account for 66.7% of the total order backlog.
This Research Institute explained, 'They are achieving production stabilization through the hiring of foreign workers' and 'As the delivery of high-profit orders in the institutional sector centered on LNG and container ships increases, revenue expansion is projected.'
They also stated, 'As a defense affiliate of Hanwha, they are accelerating efforts to secure MRO orders for U.S. naval ships and are actively engaging in acquiring overseas shipbuilders as a stepping stone for securing contracts for U.S. naval vessels, expecting alpha generation,' adding, 'They maintain a competitive advantage in that naval ship orders and construction via Philippine shipyards are possible.'
Hana Securities projected that in the first quarter of this year, sales and operating profit will reach 3.2797 trillion won and 170.1 billion won, respectively. The annual sales forecast for this year is 13.5 trillion won, with an operating profit of 834.2 billion won.