Samsung Heavy Industries, "The most comfortable shipbuilding stock in the second half"... Hyundai Rotem, resolving order uncertainty is key [Stocktopia]

Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.
Samsung Heavy Industries saw its second-quarter performance falter due to one-time costs from the ordinary wage ruling, but it was named the most comfortable shipbuilding stock for the second half of the year thanks to strong order intake and competitiveness in offshore facilities. As the first phase of the contract for K2 tanks in Poland enters its final stages, the timing of new export contracts with countries such as Peru and Iraq has been identified as a variable that will determine the direction of Hyundai Rotem's performance.
Although Kia's second-quarter profits fell short of expectations due to European electric vehicle promotional costs, it received an assessment that it would recover in the second half driven by expanded hybrid sales.
5%, from 37,000 won) | Previous Day's Closing Price: 22,900 won - Investment Opinion: Buy (Maintain) Shinhan Investment & Securities lowered its target price for Samsung Heavy Industries to 32,000 won, stating that second-quarter operating profit fell short of market expectations due to the reflection of one-time costs resulting from the ordinary wage ruling.
Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.S.support ships, and the recent decline in stock price." Since the core business is growing steadily once one-time costs are removed, this implies that the recent decline in stock price actually serves as a low-risk entry point.
Order volume is also solid.
The two analysts noted that the company had already met 72% of its annual order target by July, combining merchant vessels and offshore ships, and assessed that "exceeding the target is certain for the remaining period.
" It was added that a rebound in stock prices is also expected once the volume of Final Investment Decisions (FID) for U.
S.
Liquefied Natural Gas (LNG) projects begins in earnest.
※ Floating Liquefied Natural Gas (FLNG) This is a facility in the form of a super-large vessel floating on the sea.It liquefies and stores natural gas extracted from the seabed on-site before transferring it to transport vessels.It plays a key role in the development of offshore gas fields as it eliminates the need to build large-scale factories on land.※ Floating Data Center (FDC) This is a concept of building data centers filled with servers on floating structures on the sea rather than on land.It is attracting attention as a next-generation offshore facility because it can utilize seawater for cooling and places less burden on land acquisition, potentially becoming a new source of revenue for shipbuilders.
Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.S.New orders from Peru, Iraq, etc.6%, from 270,000 won) | Previous day's closing price: 158,400 won DS Investment & Securities lowered its target price for Hyundai Rotem to 236,000 won, stating that second-quarter earnings fell short of market expectations and the 2027 earnings forecast has also been lowered.
Analyst Kang Tae-ho analyzed that profits declined due to a combination of factors: an increase in low-profit domestic orders, the entry into the final phase of the first contract (EC1) for K2 tanks in Poland, and a base effect resulting from one-time gains last year.
The two analysts noted that the company had already met 72% of its annual order target by July, combining merchant vessels and offshore ships, and assessed that "exceeding the target is certain for the remaining period.
It was projected that while production of Gap Fillers (GF) for the second contract (EC2) in Poland would accelerate in the second half of the year, the proportion of exports would remain at around 70% as domestic mass production and overhaul businesses proceed concurrently.
Researcher Kang stated, "However, if the timing of securing orders for the pipeline is delayed compared to the previously expected schedule, the proportion of exports could decline after the completion of GF production for the Poland EC2 in 2027, making the resolution of order uncertainty the key.
" This implies that securing new export contracts in countries such as Peru, Iraq, and Romania is the key to filling the performance gap following the Polish volume.
While the signing of the main contract for Peru is expected in the second half of the year following the presidential inauguration on the 28th of this month, Researcher Kang predicted that more time is needed for Iraq and Romania due to variables such as political instability in the Middle East and cabinet reshuffling.※ Gap Filler (GF) This refers to volume produced and supplied urgently in advance to fill the power gap before the main contract volume is delivered in earnest.Poland is applying this method to the second contract for K2 tanks, allowing Hyundai Rotem to accelerate production starting in the second half of the year.
Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.S.Analyst Im Eun-young explained, "While Kia increased sales amidst declining global automobile demand, it expanded EV sales incentives to compete with Chinese manufacturers in the European market," adding, "Profitability deteriorated as the proportion of EV sales increased." Analysis suggests that while sales volume reached an all-time high, net profits actually decreased as the proportion of discounted electric vehicles (EVs) increased.
However, the atmosphere is expected to change in the second half of the year.
The two analysts noted that the company had already met 72% of its annual order target by July, combining merchant vessels and offshore ships, and assessed that "exceeding the target is certain for the remaining period.
With increased production of the Telluride and Sportage Hybrid (HEV) in the U.
S.
leading to expanded sales of high-profit hybrids, and limited potential for further expansion of EV incentives in Europe, third-quarter operating profit is projected to exceed market consensus.
Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.Although Samsung Heavy Industries' second-quarter earnings fell short of market expectations due to one-time costs resulting from the ordinary wage ruling, it was named the most comfortable shipbuilding stock for the second half of the year, driven by its competitiveness in offshore facilities and strong order intake.
[email protected] Seong Min-seo Reporter