The authors are analysts of Shinhan Investment Corp. They can be reached at idh@shinhan.com and jiunmyoung@shinhan.com, respectively. -- Ed. Initiate coverage with BUY for a target price of KRW140,000We initiate coverage of Hyundai Mipo Dockyard with BUY for a target price of KRW140,000, based on 20
The authors are analysts of Shinhan Investment Corp. They can be reached at idh@shinhan.com and jiunmyoung@shinhan.com, respectively. -- Ed. Initiate coverage with BUY for a target price of KRW180,000We initiate our coverage of Hyundai Heavy Industries with BUY for a target price of KRW180,000, base
Daewoo Shipbuilding & Marine Engineering (DSME) said on Aug. 5 that it has filed an arbitration request with the International Chamber of Commerce (ICC) regarding a claim for damages from INPEX, Japan's largest oil and gas exploration and production company.The Japanese company demanded damages
Medytox’s Chinese partner has announced that it would terminate cooperation with the Korean company in the botulinum toxin business, dealing a blow to Medytox’s efforts to expand its business in China. Bloomage BioTechnology announced on Aug. 3 that it notified Medytox on July 29 of its intention to
Unionized Daewoo Shipbuilding & Marine Engineering (DSME) workers released a statement on Aug. 1 to express concerns on the possibility of the company being divided into several units to facilitate its sale.After the recent strike by subcontract workers that continued for 51 days, divide and sell is
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. In 2Q22, Daewoo E&C witnessed a rise in cost-to-sales ratio at the housing division, due mainly to one-off cost burden (hikes in construction materials prices). Given today’s gloomy market condit
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. We raise our TP on Daewoong Pharm to W260,000. On a parent basis, it booked 2Q22 sales of W293.8bn and consensus-topping OP of W33.6bn. We boost our 2022 sales assumption for Nabota to W141.3bn, and
Korean shipbuilders' order intake in the first half of this year increased 5.7 percent from the same period of 2021.As of June, the combined order intake of the five major Korean shipbuilders -- Hyundai Heavy Industries, Hyundai Mipo Dockyard, Hyundai Samho Heavy Industries, Samsung Heavy Indust
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. In June, nationwide pre-sales volume totaled 15,000 units, with a subscription ratio of 11:1. There were 9 unsold sites nationwide, including 2 built by top-10 constructors. Pre-sale volume for K
South Korean shipbuilders’ contracts with Russia are being mentioned as a factor that may hinder their profitability improvement. They are aiming to turn a profit next year, but any payment failure on the part of Russian shipowners may delay the schedule. At present, contracts with Russia total US$5
Daewoo Shipbuilding & Marine Engineering (DSME) announced on July 25 that it has won an order for two large LNG carriers worth 649.5 billion won from a European client. These ships will be built at the Okpo Shipyard in Korea and delivered to the client in the second half of 2026.Each of the LNG carr
Subcontract workers’ strike at Daewoo Shipbuilding & Marine Engineering (DSME) has ended. With huge business losses caused by the strike, how to bring the company back to normal is being discussed again. According to many experts, to sell it as a whole is the best option for blocking further losses
The Korean Metal Workers’ Union (KMWU) under the Korean Confederation of Trade Unions initiated a general strike on July 20 in Seoul and Daewoo Shipbuilding & Marine Engineering in Geoje. The strike is to support subcontract workers working for DSME.“The South Korean government closed its ears to th
As subcontract workers’ strike at Daewoo Shipbuilding & Marine Engineering (DSME) continues for nearly 50 days, the nation's other shipbuilders including Hyundai Heavy Industries are keeping a close eye on the development of the situation.On July 20, Hyundai Heavy Industries Group called a meeti
Daewoong Pharmaceutical announced on July 19 that its drug for idiopathic pulmonary fibrosis, dubbed DWN12088, has been granted fast-track designation by the U.S. Food and Drug Administration (FDA).The designation will allow Daewoong Pharmaceutical to accelerate the development of DWN12088. The comp
The strike at Daewoo Shipbuilding & Marine Engineering (DSME) is showing no signs of ending. According to experts, this is because the domestic shipbuilding sector highly depends on external factors and the interests of contractors and subcontractors are intertwined in it.The negotiating parties in
Daewoo Engineering & Construction (Daewoo E&C) and its consortium partners have disclosed a plan to develop an urban air mobility (UAM) service at the 2022 Korea Drone and UAM Fair held at Gocheok Sky Dome in Seoul from July 15 to 16.At the fair, the consortium presented a blueprint for UAM, includi
Daewoo Shipbuilding & Marine Engineering (DSME) subcontract workers are continuing with their strike in Geoje, Tongyoung and Goseong and the company’s resultant losses are estimated at 992 billion won. According to DSME, the delayed launching of ships attributable to the strike has led to a daily sa
Unionized subcontract workers at Daewoo Shipbuilding & Marine Engineering (DSME) are still occupying the company’s Okpo Shipyard to hinder ship launching. Under the circumstances, the DSME union of regular employees is heavily criticizing them.The subcontract workers, who are Korean Confederation of
The labor union of Daewoo Shipbuilding and Marine Engineering (DSME) is considering withdrawing from the Korean Metal Workers’ Federation (KMWF) amid intensifying labor-labor conflicts due to a prolonged strike by unionized workers at subcontractors in Geoje, Tongyeong, and Goseong.The DSME branch o