[Click eStock] "SK Ocean, Benefiting from Full-Scale Offshore Wind Power... Target Price 23,000 Won"

Hana Securities on the 22nd set the target price for SK Ocean Plant at 23,000 KRW, which is 62% higher than the current stock price. This outlook is based on the expectation that orders for offshore wind power substructures will increase as countries like South Korea and Taiwan begin full-scale investments in offshore wind power.

The offshore wind substructure (jacket) manufactured by SK Ocean Plant being loaded onto a barge for export to Taiwan

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Yoo Jae-sun, an analyst at Hana Securities, stated on the 22nd, "Since the second quarter of this year, there has been an increasing trend in offshore wind power orders," adding, "With the resumption of previously delayed offshore wind power orders in Taiwan, the proportion of offshore wind power sales is expected to show an upward trend."

SK Ocean Plant is striving to secure a leading position in offshore wind power generation complexes in the southeastern coast of Ulsan and Jeonnam to expand its offshore wind power business. Previously, it was selected as the preferred negotiation partner for 38 substructures of the Anma Offshore Wind Power Project.

Analyst Yoo said, "SK Ocean Plant has decided to invest in a new yard with a total investment cost of approximately 1.15 trillion KRW," and predicted, "Once completed, the production capacity of offshore wind power substructures is expected to expand to 1.5 trillion KRW in sales."

He added, "Orders in both the offshore wind power and special ship sectors have been improving since the second half of the year," expressing optimism that "while a large-scale competitive bidding related to Taiwan's offshore wind power is pending, stable volumes can also be secured domestically."

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