by Park Soyeon
Published 18 Apr.2023 08:15(KST)
Kyobo Securities maintained its target price of 139,000 KRW and a buy rating for Hyundai Heavy Industries on the 18th.
Kyobo Securities forecasted that Hyundai Heavy Industries' sales in the first quarter would increase by 36.1% year-on-year to 2.7248 trillion KRW, and operating profit would turn positive to 54.5 billion KRW.
As of the end of February this year, Hyundai Heavy Industries secured orders worth 1.26 billion USD in the shipbuilding sector, 3 million USD in the offshore sector, and 740 million USD in the engine and machinery sector, totaling 2.01 billion USD.
Additionally, by securing two VLGC vessels last month (worth 207 million USD), the company achieved 18.7% of its annual order target of 11.86 billion USD.
Researcher Ahn Yudong of Kyobo Securities said, "Although new order flow is still sluggish, it is expected that the second phase of Qatar LNG volumes (around 10 vessels) will be ordered in the second half of the year, and with the continued rise in LPG vessel freight rates and prices, VLGC orders are anticipated."
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