[Click eStock] "Daehan Shipping, Clear Profitability Improvement with Market Recovery... Target Price Up 21%"

[Asia Economy Reporter Park Jihwan] Daishin Securities on the 18th maintained its investment opinion of 'Marketperform' for Daehan Haeun, citing profitability improvement due to market recovery, and raised the target price by 21.2% from the previous 3,300 KRW to 4,000 KRW.

Yang Jihwan, a researcher at Daishin Securities, evaluated that "profitability is improving due to market recovery." In fact, Daehan Haeun's sales in the first quarter of this year were 225.5 billion KRW, down 2.2% year-on-year, but operating profit increased by 20.6% to 40.7 billion KRW.

The reasons for the improved performance include profitability improvement of Open chartered vessels (spot, 8 vessels) due to the improvement in the dry bulk market, cost reduction such as charter fees due to a decrease in the number of chartered vessels compared to the same period last year, and expansion and profitability improvement of the LNG business division.

Among the total 27 dry bulk vessels, 8 are deployed in spot charter operations, and it is explained that profitability in the spot sector is expected to continue improving due to the recent boom in the dry bulk market. Researcher Yang Jihwan said, "However, despite the improvement in the dry bulk market, the possibility of a dramatic improvement in performance is not high due to conservative views on spot fleet expansion, so we maintained the marketperform investment opinion."

This content was produced with the assistance of AI translation services.