[Click eStock] Daewoo Construction, Continued Sales Growth... Investment Rating Upgraded to 'Buy'

[Asia Economy Reporter Hwang Yoon-joo] Meritz Securities upgraded its investment opinion on Daewoo Engineering & Construction to 'Buy' on the 28th, stating that sales growth will continue this year and profitability will improve. The target price was maintained at 7,300 KRW.

Park Hyung-ryeol, a researcher at Meritz Securities, said, "Following strong sales performance with 14,000 units sold in 2018, 21,000 units in 2019, 33,000 units in 2020, 28,000 units in 2021, and a plan for 30,000 units in 2022, sales growth is expected to continue."

Park added, "In the overseas sector, new order expansion is expected based on a robust overseas pipeline, including the 2022 Libya power plant project (PJ) worth 1.9 trillion KRW and the Nigeria Indorama Fertilizer III project worth 500 billion KRW."

Park explained, "As sales from the Vietnam THT project and high-profit projects secured in Iraq and Nigeria steadily increase, profitability is expected to improve," adding, "The completion of the acquisition of Joongheung Construction in February is anticipated to be a turning point."

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