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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Daewoo Shipbuilding & Marine Engineering Co., Ltd.    A042660   KR7042660001

DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.

(A042660)
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Qatar Petroleum's $19 billion LNG vessel order boon for South Korean shipbuilders

06/02/2020 | 05:18am EST
Giant cranes of Hyundai Heavy Industries are seen in Ulsan

South Korea's ailing shipbuilders have been thrown a lifeline in an increasingly tough market with a $19 billion order from Qatar Petroleum (QP) for liquefied natural gas (LNG) ships, analysts said on Tuesday.

Qatar's state-run LNG producer signed agreements with South Korea's "Big 3" shipyards on Monday to secure more than 100 ships through 2027, in the largest-ever single LNG vessel order.

With a steep market downturn on the horizon, the orders had come at the right time for Daewoo Shipbuilding & Marine Engineering Co Ltd, Hyundai Heavy Industries Holdings Co Ltd and Samsung Heavy Industries Co Ltd, analysts said.

"They would have been worrying about their own survival next year if they didn't win this Qatar deal," said Lee Dong-heon, an analyst at Daishin Securities, who estimated the trio would now have an order backlog stretching a year-and-a-half.

Shares in the three shipbuilders rallied over 20% on Tuesday.

"This is the largest single LNG vessel order in history. We have never seen so many LNG vessels ordered in the same year, let alone by a single buyer," said Saul Kavonic, analyst from Credit Suisse.

The industry has been suffering from a prolonged shipbuilding slump that has led to massive losses, job cuts and a bailout from the government. Lee said market forecasts had indicated a 30% fall in orders this year from a year ago.

Park Moon-hyun, an analyst at Hana Financial Investment Corp, said the deal could be a "opportunity for South Korean shipbuilders to overcome setbacks they have faced ... and focus on what they are good at."

QP did not announce breakdown orders for each company.

Samsung Heavy said it expects to sign deals starting this year through 2024 and expected a positive impact on orders by shipping companies who are considering LNG vessels. Both Hyundai Heavy and Daewoo Shipbuilding declined to comment.

($1 = 3.7535 riyals)

(Reporting by Heekyong Yang and Jane Chung in Seoul; Additional reporting by Hyunjoo Jin in Seoul and Jessica Jaganathan in Singapore; Editing by Christopher Cushing and Richard Pullin)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -0.16% 12.235 Delayed Quote.7.50%
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD. 3.88% 28100 End-of-day quote.2.55%
DAISHIN SECURITIES CO., LTD. 0.80% 12650 End-of-day quote.-2.69%
HANA FINANCIAL GROUP INC. -0.27% 37150 End-of-day quote.7.68%
HYUNDAI CORPORATION 3.19% 17800 End-of-day quote.11.60%
HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD. 1.31% 270500 End-of-day quote.-4.59%
HYUNDAI MOTOR COMPANY 2.12% 264500 End-of-day quote.37.76%
KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. 0.47% 108000 End-of-day quote.-0.46%
LETS HOLDINGS GROUP CO., LTD. -0.27% 7.43 End-of-day quote.-4.50%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LOOK HOLDINGS INCORPORATED 1.97% 931 End-of-day quote.-2.72%
SAMSUNG ELECTRONICS CO., LTD. 1.03% 88100 End-of-day quote.8.77%
SAMSUNG HEAVY INDUSTRIES CO., LTD. 0.73% 6860 End-of-day quote.-2.56%
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Financials
Sales 2020 7 230 B 6,59 B 6,59 B
Net income 2020 299 B 0,27 B 0,27 B
Net Debt 2020 1 419 B 1,29 B 1,29 B
P/E ratio 2020 9,92x
Yield 2020 -
Capitalization 3 014 B 2 740 M 2 746 M
EV / Sales 2020 417x
EV / Sales 2021 442x
Nbr of Employees -
Free-Float 44,1%
Chart DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.
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Daewoo Shipbuilding & Marine Engineering Co., Ltd. Technical Analysis Chart | A042660 | KR7042660001 | MarketScreener
Technical analysis trends DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 28 650,00 KRW
Last Close Price 28 100,00 KRW
Spread / Highest target 28,1%
Spread / Average Target 1,96%
Spread / Lowest Target -21,7%
EPS Revisions
Managers and Directors
NameTitle
Seong-Geun Lee President, Chief Executive Officer & Director
Yong-Seok Choi Director, Vice President, Head-Finance & Economy
Young-Gi Jeong Independent Director
Tae-Seok Yoon Independent Director
Jae-Ho Choi Independent Director