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
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Although boosting our 2023 OP estimate, we lower our TP on Daewoong to W230,000 in reflection of a drop in peer group valuation multiple. We expect the firm to post 3Q22 sales of W303.5bn and OP of W
Daewoong Pharmaceutical announced on Sept. 28 that its botulinum toxin ABP-450 (Korean product name: Nabota) has proved effective for treating cervical dystonia in U.S. phase 2 clinical trials.The company unveiled the topline results of the clinical trials, which have been carried out by AEON Biopha
Since 2015, 4.1 trillion won in Korean taxpayers’ money has been put into Daewoo Shipbuilding and Marine Engineering (DSME) to keep the ailing company afloat, but it will be sold off to Hanwha Group for no more than two trillion won, which is less than half of the public money spent on it.In particu
Daewoo Shipbuilding & Marine Engineering (DSME) will be sold to Hanwha Group.The Korea Development Bank (KDB) announced on Sept. 26 that it will sell part of its stake in DSME to Hanwha Group for about 2 trillion won. After the sale, KDB's stake will be lowered from 55.7 percent to 28.2 percentT
The authors are analysts of Shinhan Investment Corp. They can be reached at wonyong.sim@shinhan.com and bh.lee@shinhan.com, respectively. -- Ed. A small giant with proven competitivenessKencoa Aerospace is a small giant in the aerospace industry whose clients include Lockheed Martin, Boeing, and Air
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 KRW74,000We initiate coverage of Korea Aerospace Industries with BUY for a target price of KRW74,000. Our targ
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. In August, the domestic apartment pre-sales market hit its lowest point YTD, showing nationwide pre-sales volume of 17,000 units and a subscription ratio of 2.5:1. Across the country, 16 sites we
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 KRW40,000We initiate coverage of Hyundai Rotem with BUY for a target price of KRW40,000. Our target price is b
QatarEnergy has recently selected three shipowners to order eight LNG carriers in its LNG development project. The shipowners and Daewoo Shipbuilding & Marine Engineering are supposed to sign their contracts for the carriers this month.In the first stage of the project, the three major Korean shipbu
Daewoong Pharmaceutical announced on Sept. 6 that it has launched the 4th class of the Daewoong Global Drug Delivery System (DDS) Training Program for talented students from Indonesia. A scholarship awarding ceremony was held at the Daewoong Pharmaceutical R&D Center on Sept. 5 with the attendance o
Daewoo Shipbuilding & Marine Engineering (DSME) announced on Sept. 6 that it has won an order for seven liquefied natural gas (LNG) carriers worth about 2.04 trillion won from a client in Africa. These ships are expected to be delivered to the client by February 2026.Although DSME did not disclose t
The authors are analysts of Shinhan Investment Corp. They can be reached at shawn1225@shinhan.com. -- Ed. Three investment strategies and top picksOur healthcare sector top picks for September were selected from a total of 45 companies under our coverage for the following three investment strategies
South Korean shipbuilders are accelerating the development of hydrogen fuel cell ships, which are driven by fuel cell-based electricity instead of internal combustion engines.A marine fuel cell developed by Samsung Heavy Industries and Bloom Energy is in the process of American Bureau of Shipping (A
Daewoo Engineering and Construction (Daewoo E&C) broke ground for a new research reactor and ancillary facilities in Gijang-gun, Busan on Aug. 31.The new research reactor was developed by the Korea Atomic Energy Research Institute for the purpose of exporting. The 15MW reactor will feature such tech
Daewoo Shipbuilding & Marine Engineering (DSME) will file a suit for damages of about 50 billion won against the subcontractor branch of the Korean Federation of Trade Unions (KCTU), which illegally occupied Okpo Shipyard in Geoje of South Gyeongsang Province for 51 days.The company reported the dam
The three major South Korean shipbuilders’ R&D investment topped 100 billion won in the first half of this year. They increased the investment while being in the red. This is because they tried to stay ahead of Chinese competitors by further developing their technologies.The three companies’ R&D spe
Daewoo Shipbuilding & Marine Engineering (DSME) is facing a loss of about 80 billion won in its submarine construction deal with the government of Indonesia.The company purchased parts for the submarine without receiving any down payment from the Indonesian government. For more than three years, the
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. In July, nationwide pre-sales volume totaled 26,000 units, with a subscription ratio of 4:1. The number of unsold projects nationwide jumped sharply to 21 sites. Pre-sale volume for Korea’s top-1