Samsung Heavy Industries "expects orders for high-margin FLNG"... Hanwha Aerospace, "50 trillion won pipeline" target price raised to 1.46 million won [Stocktopia]

[Financial News] On the morning of January 15, here is a summary of major brokerage reports.
Samsung Heavy Industries is expected to win orders for high-margin floating liquefied natural gas production, offloading, and storage facilities (FLNG), which is likely to serve as a share price catalyst this year.

Hanwha Aerospace Co., Ltd. has had its target price raised to 1.46 million won, as it is expected to benefit from a mid- to long-term order pipeline worth about 50 trillion won. OCI Co., Ltd., a producer of chemical products for semiconductor processes, is forecast to see a rebound in earnings this year as sales volume and profitability improve on the back of a recovery in the semiconductor industry.
◆Samsung Heavy Industries (010140)― Daishin Securities Co., Ltd. / Analyst Jini Lee
- Target price: 36,000 won (raised from the previous 30,000 won)
- Investment opinion: Buy
Daishin Securities Co., Ltd. raised its target price for Samsung Heavy Industries from 30,000 won to 36,000 won, saying that orders for high-margin FLNG will be a share price catalyst this year. Analyst Jini Lee analyzed that the offshore business segment is set for strong growth this year, as volumes that had been pushed back — including the FLNG project with Delfin LNG in the United States, for which orders had been expected last year — have accumulated. The analyst also expects Samsung Heavy Industries, which had been excluded from the momentum around cooperation with the U.S. shipbuilding industry, to benefit from collaboration with Vigor Marine Group, a shipbuilder specializing in naval vessel maintenance, repair, and overhaul (MRO), and General Dynamics NASSCO.※ FLNGA floating natural gas production facility that serves as an offshore platform for extracting natural gas, liquefying it, and then storing and transporting it. Although construction costs are high because all processes can be carried out at sea without onshore facilities, it is a high value-added product with high margins.
◆Hanwha Aerospace Co., Ltd. (012450)― Hana Securities / Analyst Un-Sam Chae
- Target price: 1.46 million won (raised from the previous 1.23 million won)
- Investment opinion: Buy
Hana Securities raised its target price for Hanwha Aerospace Co., Ltd. from 1.23 million won to 1.46 million won, saying that in the context of geopolitical instability and a global trend of increasing defense budgets, the company is expected to enjoy mid- to long-term benefits from an order pipeline worth about 50 trillion won.

Analyst Un-Sam Chae noted that although deliveries under the first execution contract for Poland will be completed this year and deliveries under the second contract will begin, sales growth to countries other than Poland is expected to more than offset any earnings decline caused by lower volumes to Poland. The analyst added that while the recent share price has been affected by global geopolitical developments, this also means that tensions could quickly ease with a single remark from U.S. President Donald Trump.
◆OCI Co., Ltd. (456040)― Samsung Securities Co., Ltd. / Analyst Hyunryul Cho
- Target price: Not provided
- Investment opinion: Not provided
Samsung Securities Co., Ltd. forecast that OCI Co., Ltd. will see a rebound in earnings this year as sales volume and profitability of semiconductor chemical products improve on the back of a recovery in the semiconductor industry. Analyst Hyunryul Cho explained that OCI, which had experienced a decline in profits from the second half of 2024 due to a downturn in the semiconductor cycle, saw the operating margin of its Basic Chemical Division, which handles semiconductor chemical products, slow to 2.8% in the third quarter of last year. However, from the second half of last year, as the semiconductor industry recovered and Samsung Electronics Co., Ltd.’s P4 plant went into operation, sales volume and profitability began to recover from the fourth quarter.

sms@fnnews.com Seong Min-seo Reporter