Hanwha Ocean: 2Q26 earnings to be a beat; all eyes on Canada CPSP

研报英文原文证据摘录

Hanwha Ocean: 2Q26 earnings to be a beat; all eyes on Canada CPSP

J P M O R G A N Asia Pacific Equity Research

01 July 2026

Hanwha Ocean Overweight

042660.KS, 042660 KS

2Q26 earnings to be a beat; all eyes on Canada CPSP Price (01 Jul 26):W102,300

Price Target (Dec-26):W180,000

We expect Hanwha Ocean’s 2Q26 OP to come in at W532B or OPM 15%, likely Korea Shipbuilding

ACabove Street estimates by 12%, with continued strength from the commercial Simon Han

shipbuilding unit, while upside could come from higher operating leverage and (82-2) 758-5711

favourable FX. Input cost issues are likely to be tamed into 2Q, while labor simon.x.han@jpmorgan.com

negotiations have kick-started recently and are going smoothly, per the company, J.P.BranchMorgan Securities (Far East) Limited, Seoul

although they should be a key watch point in 3Q. Apart from earnings, Canada

Jeongsuk Woo

CPSP is the biggest swing factor, on which we expect to hear a final announcement (82-2) 758 5703

within days before the NATO Summit on 7 July. We highlight that recent share jeongsuk.woo@jpmorgan.com

price moves (-18% 1M vs KOSPI -6%) pencil in a loss scenario, however, we J.P. Morgan Securities (Far East) Limited, Seoul

Branch

believe more concrete navy-related order catalysts ahead should be presented via

either management or customer budgeting actions for the market to look past the Karen Li, CFA

(852) 2800-8589

Canada catalyst. Beyond Canada CPSP, we highlight US navy (frigate, karen.yy.li@jpmorgan.com

surveillance ship, and destroyer), Thailand frigate (W0.8T for 1 unit - option to J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

purchase up to 4 units), Estonia patrol vessel, and Saudi submarine orders as key Morgan Broking (Hong Kong) Limited

pipelines.