Shinhan Investment Corp. has raised the target price for Bumhan Fuel Cell to 18,900 won. This decision is based on the expectation that Bumhan Fuel Cell's fuel cells could be installed on export submarines.
On the 12th, Shinhan Investment Corp. presented Bumhan Fuel Cell as a stock of interest in renewable energy (hydrogen) in a report titled "Possibilities for overseas expansion through K-defense."
Choi Gyu-hyun, a researcher at Shinhan Investment Corp., said, "Bumhan Fuel Cell's core business is fuel cells for submarines," adding, "The visibility of export project results is expected to act as a strong upward momentum."
According to researcher Choi, Bumhan Fuel Cell's fuel cells have been installed in Hanwha Ocean's next-generation submarine, the Jangbogo-III.
In this context, Bumhan Fuel Cell's client, Hanwha Ocean, and HD Hyundai are participating as a united team in overseas submarine project bids in Canada and other countries, which increases the possibilities for overseas expansion, according to researcher Choi.
Researcher Choi noted, "While Hanwha Group's foray into vertical integration of fuel cells poses risks, it is also possible for Hanwha Group to manufacture modules while Bumhan Fuel Cell supplies customized stacks."