HD Hyundai Marine Solution: 2Q OP in-line; solid growth from AM

研报英文原文证据摘录

HD Hyundai Marine Solution: 2Q OP in-line; solid growth from AM

Global Markets Research

HD Hyundai Marine Solution 443060.KS 443060 KS 27 July 2026

EQUITY: CAPITAL GOODS

2Q OP in-line; solid growth from AM Rating Remains Buy

Target priceMaintain Buy; lower TP to KRW270,000, implying 31.1% Reduced from KRW 270,000upside; preferred pick in the shipbuilding sector KRW 300,000

Maintain Buy; TP down 10.0% to KRW270,000, implying 31.1% upside Closing27 July 2026price KRW 206,000

We maintain our Buy rating and lower TP to KRW270,000 (from KRW300,000) for HD

Hyundai Marine Solution (HMS). We derive our TP by applying a target P/E of 31.5x Implied upside +31.1%

(global peer consensus average 2026E P/E; Fig. 9 ; previously 36.2x) to KRW8,661

(2028F EPS of KRW10,745 discounted for two years at a two-year CoE of 19.4%; Market Cap (USD mn) 6,287.2

previously: KRW8,373). The stock currently trades at a 2026F P/E of 25.3x (EPS: ADT (USD mn) 37.3

KRW8,147).

Relative performance chartWe reaffirm Buy as HMS’ fundamentals remain solid, with sustained growth and

favorable shareholder returns. It remains our preferred stock in the Korea shipbuilding

sector, as we believe its current valuation is reasonable compared with shipbuilding

peers and its earnings growth is likely to remain solid despite headwinds in the

newbuilding market. We believe the AI theme is also adding momentum to the stock

price, following HHI’s engine capacity expansion announcement which we have not yet

factored into our earnings.

2Q26 OP in-line despite one-off cost

2Q26 revenue was KRW580bn (+1.0% q-q) with operating profit (OP) of KRW98bn

(+4.5% q-q). OP was in line with the Quantiwise consensus estimate of KRW103bn.

Despite KRW6bn of one-off cost, HMS met consensus expectations led by solid