HD Hyundai Heavy Industries (HHI) announced on April that it has signed a memorandum of understanding (MOU) with Philly Shipyard in Pennsylvania of the United States to provide new shipbuilding and maintenance, repair and overhaul (MRO) services for US naval and government vessels for the U.S. gover
With Canadian Export Promotion, International Trade and Economic Development Minister Mary Ng leading a large-scale trade mission to Korea, high-level business leaders from both countries have come together to call for expanding cooperation in not only traditional industries such as energy but in cu
A Canadian trade mission led by Canadian Minister of International Trade Mary Ng visited HD Hyundai and Hanwha Ocean.According to industry sources, the visiting Canadian trade delegation toured HD Hyundai and Hanwha Ocean’s facilities on April 22 at the invitation of the two Korean shipbuilders.Cana
Korean shipbuilding stocks have been rallying as expectations grow that the Korean shipbuilding industry will enjoy reflective benefits from US sanctions against China.According to the Korea Exchange on April 23, Hanwha Ocean closed at 34,750 won (US$25.35), down 2550 won, or 7.92 percent, from Apri
Hyundai Mobis, a global leading company in the electric vehicle supplier, announced the construction of a new plant in Spain, the heart of Europe's automotive market. Mobis currently operates battery system production facilities in Korea, China, and the Czech Republic and is building several more in
Chinese electric multiple unit rapid transit cars, which dominated the U.S. electric rapid transit car market through price war, are being withdrawn from the market one after another due to safety issues and rising costs. Hyundai Rotem, which has struggled due to the price war, is aggressively pursu
Hyundai Motor Group has signed a power purchase agreement for 147 megawatts (MW) of solar power to run an electric vehicle factory under construction in the U.S. state of Georgia with renewable energy.Hyundai Motor Group announced on April 22 that it recently signed a 15-year long-term power purchas
The author is an analyst for Shinhan Securities. He can be reached at ldh@sinhan.com -- Ed.1Q24 review: OP of engines surpasses construction equipmentHD Hyundai Infracore posted sales of KRW1.16tr (-10% YoY), operating profit of KRW92.8bn (-39% YoY), and operating margin of 8% (-3.8%p YoY) for 1Q24.
The author is an analyst for Shinhan Securities. She can be reached at sunmi.kim@shinhan.com -- Ed.Strong top-line drives earnings surprise & annual forecast revisionHyundai Engineering & Construction posted sales of KRW8.5tr and operating profit of KRW250.9bn for 1Q24, beating consensus estimates b
The number of affiliates belonging to Korea’s conglomerates crossed 3,000 for the first time in 2023. The increase is the result of business diversification in response to an unstable global business environment, but the increase has generated many negative side effects.As of May 2023, the number of
On April 18, Hyundai Motor Group signed a strategic cooperation agreement with Toray Group to develop new materials for mobility at the Hyundai Motor Group headquarters in the Yangjae neighborhood of Seoul.Hyundai Motor Group has partnered with Toray Group to innovate mobility materials. The strateg
Saudi Arabia’s state-owned oil company Aramco called off a plan to expand Safaniya Oil Field, putting a damper on Hyundai E&C’s plan to reach its annual overseas order goal. The company has set a target of 6.3 trillion won for overseas orders this year.According to sources in the Korean construction
bereum co.,ltd, a specialist in postbiotic, led by CEO Hwan Kwon Il, has signed an export and supply contract worth $980,000 for postbiotic pet food with Tecnocalidad of Colombia, under the leadership of CEO Harvey Ibanez Ortiz.Tecnocalidad is a subsidiary responsible for product imports of Agrocamp
The collective net worth of Korea’s 50 Richest on the 2024 Forbes list rose slightly to US$115 billion from $106 billion, amid the country’s global chipmaking ambitions. The complete list can be found at www.forbes.com/korea, as well as in the April/May issue of Forbes Asia and the May issue of Forb
HD Hyundai Heavy Industries announced on April 16 that it had signed a contract worth 640.6 billion won to jointly construct four naval vessels with the Peruvian state-owned SIMA Shipyard. Selected as the priority negotiating partner at the end of last month, the contract was formalized within appro
It has been revealed that the market capitalization of the domestic stock market surged by nearly 100 trillion won in the first quarter of this year.According to the corporate analysis firm Korea CXO Research Institute on April 16, the total market capitalization of 2,692 stocks, excluding preferred
Amid the surge in the Korean won against the U.S. dollar, reaching close to 1,400 won, dividends from listed companies, often heavily held by foreign investors, are continuing to flow. During this period, foreign investors are set to receive dividends totaling over 6 trillion won. If foreign investo
The scale of The Line project in Saudi Arabia is expected to be significantly reduced compared to the original plan. The Line is a large-scale project that was expected to cost up to 700 trillion won. As a result, Korean builders are expected to significantly lower the level of their anticipation fo
HD Hyundai Group’s shipbuilders have achieved 73 percent of this year’s order target in the first 100 days of this year. In particular, they are enjoying a boom in eco-friendly ships for the first time in 15 years, as they have been selecting only high-value-added vessels to fill its docks.According
Much attention is paid to geopolitical risks in the Middle East, which have accounted for the largest share of overseas construction orders to Korean construction companies in the first quarter of this year.A total of 183 Korean construction companies won 171 orders in 63 countries around the world