The authur is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com -- Ed.Daewoo E&C’s 1Q23 earnings beat consensus on cost-to-sales ratio improvement at the plant division. Ongoing cost-to-sales ratio improvement is anticipated at the plant division on the full-fledged
Hanwha Group has cleared the final hurdle to take over Daewoo Shipbuilding & Marine Engineering (DSME). It has been 15 years since Hanwha first attempted to acquire the Korean shipbuilder in 2008.The Korea Fair Trade Commission (KFTC) announced on April 27 that it has approved the merger in which fi
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
Hyundai Samho Heavy Industries, a subsidiary of HD Korea Shipbuilding & Offshore Engineering (KSOE), has received orders for 30 ships worth US$5.08 billion (approximately 6.75 trillion won) in just over three months this year. This is an amount that exceeds the company’s sales of 4.6464 trillion won
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.We lower our TP on Daewoong by 17%. In addition to responding to the Nabota lawsuit, the firm is searching for a new achievement. Backed by phase I data for its DWP213388 pipeline (currently in phase
Competition is heating up between Daewoo Shipbuilding & Marine Engineering (DSME), which will become an affiliate of Hanwha Group later this month, and HD Hyundai Heavy Industries (HHI).On April 19, DSME submitted a request to the Korean Board of Audit and Inspection to audit whether there was any i
Daewoong Pharmaceutical announced on April 18 that it has signed an open collaboration agreement with Signature Discovery, a global new drug development company, to discover effective substances for new drugs for autoimmune diseases.Through this agreement, the two companies will utilize Signature’s
Major South Korean defense companies – Hanwha Aerospace, Korea Aerospace Industries, LIG Nex1, Daewoo Shipbuilding & Marine Engineering, and Hyundai Rotem – recorded an order backlog of 100.4834 trillion won (US$76.21675 billion) at the end of last year.Specifically, Hanwha Aerospace topped 52.658 t
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.We favorably view a rebound in implant exports to China in March, but Suwon City saw disappointing results for 1Q23 on delayed recovery of exports to Russia. In March, aesthetic equipment hit its high
National Assemblyman Seo Il-joon of the People Power Party called for an immediate investigation into an alleged KDDX defense mafia case during the Moon Jae-in administration, citing the recent confirmation of the conviction of nine HD Hyundai employees who secretly stole military and trade secrets
Daewoo E&C’s overseas business is on a sharp rise. Last year, the Korea-based global contractor posted overseas sales of close to 2.8 trillion won, which accounted for 27 percent of the builder’s total sales.According to industry sources on April 10, Daewoo E&C posted sales of 2.7792 trillion won (U
Although Daewoo Shipbuilding & Marine Engineering (DSME) was sold off to Hanwha Group last year, approval from the Fair Trade Commission is being delayed due to opposition from a competitor which is not a foreign company but HD Hyundai Heavy Industries, a Korean company.After Hanwha Group reported t
The author is an analyst of Shinhan Securities. He can be reached atldh@sinhan.com -- Ed.1Q23 preview: Exports of K9 howitzers, merger of Hanwha MunitionsWe now expect Hanwha Aerospace to post sales of KRW1.76tr (+28% YoY), operating profit of KRW108.5bn (+63% YoY), and operating margin of 6.2% (+1.
The Korean shipbuilding industry is moving closer to achieving this year’s order-taking target based on stable orders. Korean shipbuilders are concentrating on boosting profitability by selectively winning orders for liquefied natural gas (LNG)-powered carriers, which are regarded as high-value ship
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com -- Ed.We maintain our Neutral rating on the construction sector for April. We continue to recommend Samsung Engineering and Hyundai E&C as top picks, given that overseas order conditions and government a
SK Plasma announced on March 24 that SK Plasma CEO Kim Seung-joo signed a joint declaration to build and operate a blood products plant in Indonesia at an event attended by Korean Minister of Health and Welfare Cho Kyu-hong and Indonesian Health Minister Budi Gunadi Sadikin in honor of the 50th anni
Daewoo E&C announced on March 20 that Minister of Maritime Affairs and Fisheries Cho Seung-hwan and Daewoo E&C CEO Baek Jeong-wan visited the construction site of Al Faw Port in Iraq on March 14. During the visit, they discussed ways to expand Korean companies’ participation in the Al Faw Port Proje
Hanwha Group and Poland are expected to expand their cooperation beyond military-related matters to the naval ship and space sectors.Hanwha officials explained the current status and a plan for defense cooperation between the two countries such as the K9 Self-propelled Howitzer and the Cheonmu Multi
Daewoo Shipbuilding & Marine Engineering (DSME) announced on March 14 that it has won an order for two LNG carriers from Maran Gas Maritime, a subsidiary of the Angelicoussis Group, which is Greece’s largest shipping company. The order is worth US$512.5 million (approximately 679.4 billion won).The
Daewoong Pharmaceutical announced on March 14 that its product Fexuclue (ingredient name: fexuprazan HCl), a treatment for gastroesophageal reflux disease, obtained a drug license from the Agencia Nacional de Medicamentos, or ANAMED, under the Chilean Public Health Institute on Feb. 20.This marked t