Daewoo Shipbuilding & Marine Engineering (DSME) has notified the cancellation of the contracts on all three LNG carriers awarded by a Russian client two years ago. The Russian client failed to make payments for the ships on time, amid sanctions by the international community against Russia for the p
Daewoo Engineering & Construction (E&C) announced on Nov. 24 that Chung Won-joo, vice chairman of Jungheung Group, the builder's parent company, paid a courtesy visit to Kenyan President William Ruto and exchanged opinions on nuclear power generation, renewable energy and infrastructure developm
Many large Korean construction companies are moving to get a piece of the action as Saudi Arabia wants to partner with Korean builders in promoting the Neom City project. Yet, DL E&C, the No. 3 player in the Korean construction market, appears to have failed to jump on the bandwagon. DL E&C reduced
South Korea and Saudi Arabia signed 25 investment contracts and business cooperation MOUs on Nov. 17 in line with the visit to Seoul of Crown Prince Mohammed bin Salman, the real power holder of Saudi Arabia.The crown prince arrived in Seoul on Nov. 16, one day ahead of the original schedule. The pu
Korea Hydro & Nuclear Power (KHNP) announced on Nov. 11 that it has begun a site assessment for a new nuclear power plant project in Poland.KHNP formed a site survey team with related companies, including KEPCO Engineering & Construction. The team visited Pątnów Nuclear Power Plant, the site of a ne
Daewoong Pharmaceutical will launch a phase 1 clinical trial of a new drug for autoimmune diseases in the United States. It is a first-in-class medication in the autoimmune disease family that simultaneously inhibits two enzymes involved in immune cell activation. The clinical trial on 72 patients i
An increasing number of orphan drugs developed by South Korean companies are entering the U.S. market, where more incentives are given to such drugs than in South Korea.Examples of such drugs recently approved by the U.S. FDA include MedPacto’s Vactosertib, HLB Therapeutics’ RGN-259, Hanmi Pharmaceu
Saudi Arabian Crown Prince Mohammed Bin Salman Al Saud is scheduled to visit South Korea on Nov. 17 and 18. The purpose of his visit is to seek investors and companies to join the Neom City project.The project is to build a low-carbon smart city in desert and mountain areas near the Red Sea. The tot
Daewoong Pharmaceutical’s “SAY PAIN!” campaign nabbed the top prize in the international PR sector at KPRA Awards 2022 hosted by the Korea PR Association (KPRA) on Nov. 9.The “SAY PAIN!” campaign is a social contribution campaign spearheaded by Daewoong Pharmaceutical in Indonesia. It aims to contri
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW87,500 We lower our 12m TP by 5.4% from KRW92,500 to KRW87,500 (12m fwd BVPS x target P/B 1.29x) to reflect earnings estimate revisions, changes in 1y MSB yield (RFR)/30y
Daewoo Shipbuilding & Marine Engineering (DSME) announced on Oct. 31 that it has succeeded in loading a high manganese steel LNG fuel tank into a dual fuel-powered container carrier for the first time in the world.The company mounted a square-shaped high manganese steel LNG tank inside a 24,000-TEU
Daewoo Engineering and Construction (Daewoo E&C) has been chosen for a quick fix of Kaduna Oil Refinery in Nigeria. Jungheung Group vice chairman Jung Won-joo and Daewoo E&C CEO Baek Jung-wan met with Nigerian President Muhammadu Buhari at Lotte Hotel Seoul on Oct. 27 and signed a letter of intent (
DL E&C (formerly known as Daelim Industrial) is ranked third in the Korean construction company capability rankings, but it has been stigmatized as the construction company with the highest number of fatalities.The builder had four fatal accidents for four consecutive quarters -- in October 2021 and
Union risk is looming large again in the Korean shipbuilding industry, as the unionists at the three affiliates of Hyundai Heavy Industries Group are each holding a strike vote. The three affiliates are Hyundai Heavy Industries, Hyundai Mipo Shipbuilding and Samho Heavy Industries.At Daewoo Shipbuil
Daewoo Shipbuilding & Marine Engineering (DSME) has recently won an order for two 200,000-cubic-meter LNG carriers at a price of US$250 million (about 360.5 billion won) for each. This is the most expensive LNG carrier order awarded to Korean shipbuilders this year. It is the highest price since the
Hanwha Defense signed a two trillion won contract with Egypt in February this year to supply K9 howitzers and K10 ammunition resupply vehicles. The contract was scheduled to become effective in September, but the export approval is being delayed and the company is yet to receive its first payment.In
Thick plate supply to shipbuilders is becoming unstable due to the recent typhoon damage of POSCO and the ongoing strike at Hyundai Steel. Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are considering increasing procurement from Japa
Daewoo E&C is seeking to enter the Uzbekistan construction market with strong support from its parent, Jungheung Group.The group's vice chairman Jung Won-ju visited Uzbekistan with Daewoo E&C officials to explore new business opportunities and exchange opinions with key Uzbek government official
Daewoo Shipbuilding & Marine Engineering (DSME), which is to be sold off to Hanwha Group, has won orders for four liquefied natural gas (LNG) carriers, which were worth 1.85 trillion won altogether.The company received orders for two LNG carriers each from clients in Asia and Europe. The carriers we
The authors are analysts of Shinhan Investment Corp. They can be reached at sehunjang@shinhan.com and shawn1225@shinhan.com, respectively. -- Ed. 3Q22 preview: OP to miss market consensus due to cost hikesFor 3Q22, we now expect Daewoong Pharmaceutical to post standalone sales in line with market co