HD Hyundai, the intermediate holding company for shipbuilding of HD Korea Shipbuilding & Offshore Engineering [009540], announced on March 18 that it has recently signed a construction contract for three ammonia carriers (VLAC) with an Oceanian shipping company. The total order amount is 490 billion
The value of overseas construction orders to Korean contractors exceeded US$30 billion for the fourth year in a row in 2023. Korean builders’ target for 2024 is US$40 billion. They have been looking for opportunities in overseas markets as the Korean real estate market has been slumping for a long t
Since the beginning of this year, HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has achieved over 50 percent of its 2024 annual order target within just two months.HD KSOE announced on March 4 that it had signed construction contracts for two medium-sized liquefied petroleum gas (LPG) carri
The Korean government has set a higher plant order intake target for this year than 2023 and will provide intensive support to help Korean plant builders attain the goal. This is because the global plant market is expected to grow and Korean companies’ order-taking competitiveness has been strengthe
HD Korea Shipbuilding & Offshore Engineering (KSOE) recently signed a contract on the construction of four 174,000-cubic-meter liquefied natural gas (LNG) carriers with an Oceania-based shipping company.The LNG carriers are valued at US$270 million per vessel, which is US$5 million more than the pre
Rongsheng Petrochemical, China’s largest petrochemical company, will begin a major expansion of petrochemical products at the beginning of the new year. The expansion portfolio includes intermediate raw materials and synthetic resins, which are the main products of Korean petrochemical companies.Ron
HD Hyundai Heavy Industries announced the world’s first application of a damping material made from graphene, often referred to as a dream material, on warships on Dec. 6.The damping material for warships, similar to a coating, is applied to the lower engine deck and the upper structure of the prope
SKC is accelerating its business restructuring efforts, actively pursuing mergers and acquisitions (M&As) and investments, while streamlining its underperforming sectors. The company is transitioning its portfolio from a chemical-focused approach, including films and basic materials, to high value-a
Hyundai Construction has succeeded in securing a plant construction project in Saudi Arabia worth 6.5 trillion won (US$5.0 billion). It is the seventh overseas contract in its history and the largest project ever secured in Saudi Arabia. This accomplishment is seen as a concrete result of the agreem
The author is an analyst of NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.The impacts of China’s economic reopening are unfolding slower than expected. But, with the direction of a gradual strengthening in demand remaining intact, we foresee a modest earnings recovery for L
France’s GTT, which receives royalties for cargo holds for liquefied natural gas (LNG) carriers worth hundreds of billions of won built by Korean shipyards, recorded profit growth of over 20 percent in the first quarter of 2023. Despite receiving large-scale LNG carrier orders, Korean shipbuilders a
FILA Holdings has been selected as a “2023 ESG Top-Rated Company” by global environmental, social, and governance (ESG) evaluation agency Sustainalytics, a subsidiary of American financial service provider Morningstar.Sustainalytics annually evaluates and publishes ESG Risk Ratings for more than 15,
Hyundai Heavy Industries Group has succeeded in developing a hybrid engine that uses a mixture of liquefied natural gas (LNG) and hydrogen for the first time in Korea. Korea Shipbuilding & Offshore Engineering and Hyundai Heavy Industries Co. announced on Dec. 22 that they have successfully complete
Hyundai Engineering has signed a memorandum of understanding (MOU) with the Federation of Turkmenistan Industrial Entrepreneurs for a US$1.4 billion ammonia urea fertilizer plant project.A signing ceremony was held at a Korea-Turkmenistan business meeting held on Nov. 29 at the Lotte Hotel in Seoul
LG Chem announced on Nov. 17 that it will build a dry reforming of methane (DRM) facility that makes plastics with methane and carbon dioxide.DRM is a type of carbon dioxide capture and utilization (CCU) technology and is a carbon reduction facility that reduces existing carbon dioxide emissions by
Samyang Group has completed Korea's first plant for commercial production of bioplastics with plant-based ingredients.On Nov. 16, Samyang Innochem, a chemical affiliate of Samyang Group, held a ceremony to mark the completion of the plant at Gunsan Free Trade Complex in South Jeolla Province. Th
SK Incheon Petrochem, the Ministry of Agriculture, Food and Rural Affairs and Nhabgroup have started a working-level discussion on a pilot project to build an eco-friendly livestock industry model.The first meeting was held at the Livestock Environment Management Institute in Sejong City on Nov. 11.
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. Stable 3Q22 earnings excl. one-offs— Samsung Engineering posted 3Q22 preliminary consolidated revenue of KRW2.5tn (+40.7% YoY, -1.4% QoQ), OP of KRW160.5bn (+15.5% YoY, +4.6% QoQ) and NP (attributable to
The author is an analyst of KB Securities. He can be reached at wchun@kbfg.com. -- Ed. Initiating coverage with BUY, target price of KRW91,000 We initiate coverage on DL Holdings with a BUY rating and TP of KRW91,000 (55.3% upside). Our valuation of Refineries & Chemicals stocks is based on the ROE-
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. 2Q22 review: OP in line with consensus on robust revenue despite extra costs of KRW60.0bn — Samsung Engineering posted 2Q22P consolidated revenue of KRW2.5tn (+47.0% YoY, +15.3% QoQ), OP of KRW153.5bn (+2