HD Hyundai Marine Solution: 2Q26 OP slight miss on one-offs but core operations solid; maintain OW

研报英文原文证据摘录

HD Hyundai Marine Solution: 2Q26 OP slight miss on one-offs but core operations solid; maintain OW

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

27 July 2026

HD Hyundai Marine Solution Overweight

443060.KS, 443060 KS

2Q26 OP slight miss on one-offs but core operations Price (27 Jul 26):W207,000

solid; maintain OW ▼Price Target (Dec-27):W280,000 Prior (Dec-26):W310,000

HMS’s 2Q26 sales were in-line while OP came in 6% below consensus, with

headline OPM at 16.8% (vs. consensus 17.8%). The slight OP miss came from the Korea Shipbuilding

company booking a one-off warranty provision from the software segment, on top Simon Han AC

of higher SG&A costs (temporary consulting fees). Despite a 15%q-q decline in (82-2) 758-5711

margin-dilutive bunkering sales, core OPM fell to 27.1% (vs. 30% in 1Q26), simon.x.han@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

largely due to the one-offs, whereas the company remains confident in meeting its Branch

annual full-year sales target of W2.3T (+18% y-y) on the back of robust AM & Jeongsuk Woo

Digital business growth in 2H26. On AIDC-related comments, the company (82-2) 758 5703

expects meaningful earnings contribution to start from late 2028E onwards while jeongsuk.woo@jpmorgan.com

guiding for a higher-margin profile compared to conventional 4-stroke MRO J.P.BranchMorgan Securities (Far East) Limited, Seoul

services, which we view as structurally constructive for core margin growth over

Karen Li, CFA

the mid-to long term. Leaving our estimates largely unchanged, we lower our target (852) 2800-8589

2027E P/E multiple to 30x (from a previous 33x) and lower our Dec-27 PT to karen.yy.li@jpmorgan.com

W280K on dampened investor sentiment in the sector, but remain OW. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.