Korea Shipbuilding: Investor Feedback Ahead of 2Q26 Earnings

研报英文原文证据摘录

Korea Shipbuilding: Investor Feedback Ahead of 2Q26 Earnings

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

22 July 2026

Korea Shipbuilding

Investor Feedback Ahead of 2Q26 Earnings

Korea shipbuilding sentiment remains cautious following a sharp share price Korea Shipbuilding

ACcorrection after the Canada submarine contract loss, leaving investors focused less Simon Han

on near-term upside and more on downside protection and “what can re-rate the (82-2) 758-5711

group”. Into results, we expect the debate to center on (1) whether core commercial simon.x.han@jpmorgan.com

margins can hold up as input costs and wage negotiations evolve, (2) whether J.P.BranchMorgan Securities (Far East) Limited, Seoul

engine capacity/backlog constraints are easing (especially at HHI) and what that

Jeongsuk Woo

implies for delivery cadence and order timing, and (3) whether any “option values” (82-2) 758 5703

(navy, AI data-center engine exposure, FDC) can become tangible enough to be jeongsuk.woo@jpmorgan.com

reflected in valuation rather than remaining only as a narrative. J.P. Morgan Securities (Far East) Limited, Seoul

Branch

• Share performance and net buying: Over the past month, shares corrected Karen Li, CFA

heavily after the Canada submarine order loss (Hanwha Ocean -34%; HHI - (852) 2800-8589

31%; KSOE -15%, Samsung Heavy -21% vs. KOSPI -25%). Foreigners net karen.yy.li@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

bought HHI while net selling all other names, with a more constructive tone on Morgan Broking (Hong Kong) Limited

potential AIDC engine value-unlocking. Retail investors net bought Hanwha

Ocean and Samsung Heavy, while local institutions net bought KSOE.

• Earnings estimate changes: Hanwha Ocean witnessed the biggest estimate

change for 2Q26 OP, up 9% vs.