The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. Even with aggressive government support measures, the real estate market remains in a difficult situation. We maintain a Neutral rating on the construction sector for January, believing that cons
The Ministry of Trade, Industry and Energy announced on Jan. 5 that global new shipbuilding orders totaled 42.04 million CGT last year, including 37 percent that went to South Korean shipbuilders.Last year's new orders fell 22 percent from the previous year's 53.62 million CGT. The South Kor
Daewoong Pharmaceutical announced on Jan. 5 that it signed a contract with Oncorus of the United States on Jan. 4 for joint R&D and commercialization of lipid nanoparticle (LNP) mRNA drugs.Oncorus is a U.S. a biopharmaceutical company focused on developing next-generation RNA-based immunotherapies.T
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. Reflecting both a lack of slot capacity and global economic concerns, KSOE has restrained its 2023 new order target to US$18.2bn. While somewhat conservative, we view this target as being realistic a
The International Contractors Association of Korea announced on Jan. 4 that South Korean construction companies’ new overseas contracts totaled US$30.98 billion last year to top US$30 billion for the third consecutive year.Specifically, 319 companies signed 580 contracts in 97 countries. The total w
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Daewoong’s 4Q22 OP is projected at W28.6bn, below consensus. In 4Q22, OPM likely narrowed on higher R&D and Pexuclu marketing expenses. Despite won depreciation, 4Q22 Nabota sales are projected at W4
In his New Year message to employees, Hanwha Group chairman Kim Seung-yeon called for efforts to grow Daewoo Shipbuilding & Marine Engineering (DSME) into a major global player.The group has acquired the ailing shipbuilder, expanding its business portfolio into shipbuilding.“Corporate activities and
Daewoo Shipbuilding & Marine Engineering (DSME) will develop an unmanned combat submersible by partnering with the Republic of Korea (ROK) Navy, the company announced on Dec. 28.On Dec. 27, the company held the first meeting with the Republic of Korea Navy to launch a project to develop design conce
Hanwha Group is reportedly seeking to acquire STX Heavy Industries, a ship engine manufacturer.The group has recently signed the main contract to acquire Daewoo Shipbuilding & Marine Engineering (DSME). It is pursuing additional M&A deals to increase synergies in its shipbuilding business.Hanwha is
SsangYong Motor will be renamed KG Mobility and its new models will be launched under the KG brand, Kwak Jae-sun, chairman of KG Group, which has acquired the ailing automobile company, said.“We have decided to go for a new name to fully utilize the strength of SsangYong Motor,” said Kwak, who doubl
The authors are analysts of Shinhan Securities. They can be reached at shawn1225@shinhan.com and jhwon@shinhan.com, respectively. – Ed. 4Q22 preview: Slight QoQ decline due to product switchingWe now expect consolidated sales to come in at KRW51.4bn (+31.2% YoY) and operating profit at KRW12.3bn (+2
Hanwha Group will acquire two trillion won worth of new shares to be issued by Daewoo Shipbuilding & Marine Engineering (DSME) to acquire the ailing shipbuilder, the group announced on Dec. 16.The group's affiliates that will participate in DSME's capital increase are Hanwha Aerospace (1 tri
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. In November, apartment pre-sales in the Seoul metropolitan area reached 36,000 units. The number of subscribers rose 1.8x m-m, but there is risk of unsold units in some sites that failed to recru
Daewoong Pharmaceutical announced on Nov. 14 that it has recently submitted a new drug application (NDA) for Fexuclue (substance name: Fexuprazan), a new gastroesophageal reflux disease treatment, to Colombia and Vietnam.The company has already submitted NDAs for Fexuclue to Brazil, the Philippines,
Unionists of Daewoo Shipbuilding & Marine Engineering (DSME) have approved a provisional agreement on this year’s wage and collective bargaining.According to DSME officials, 4,501 out of the union's 4,809 members participated in the vote, with 2,659 (59.08 percent) of them endorsing the agreemen
Mozambique is resuming its LNG development project and contracts of Hyundai Samho Heavy Industries and Samsung Heavy Industries are expected to be signed soon there.The contracts are for the two South Korean shipbuilders to deliver nine and eight LNG carriers by 2027 and 2028, respectively. The aver
The Korean Confederation of Trade Unions stages nationwide general strikes on Dec. 6 in order to support cargo transport workers’ strike. Some major members of the confederation, however, do not join the strikes.For example, only some union heads join the strikes from Daewoo Shipbuilding & Marine En
Daewoo Engineering and Construction (E&C) is promoting the construction of a phosphate fertilizer plant and a urea/ammonia fertilizer plant in Turkmenistan, a Central Asian country lying between Uzbekistan and Iran. The company announced on Nov. 29 that it has signed a memorandum of understanding (M
Unionized workers at the three shipbuilders of Hyundai Heavy Industries Group (Hyundai Heavy Industries, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard) declared a strike on Nov. 30. According to them, four- and seven-hour strikes at the three companies are scheduled for Dec. 6 and 7 befor
Daewoo Shipbuilding & Marine Engineering (DSME) is working to remove potential risk factors ahead of the main acquisition contract with Hanwha Group. The shipbuilder has recently notified Sovcomflot, a Russian shipping company, of the final termination of a supply contract for one liquefied natural