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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 EDT
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 -0.04% 9.504 Delayed Quote.-16.63%
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD. -1.87% 28800 End-of-day quote.5.11%
DAISHIN SECURITIES CO., LTD. -0.92% 21600 End-of-day quote.66.15%
HANA FINANCIAL GROUP INC. -0.78% 44400 End-of-day quote.28.70%
HYUNDAI CORPORATION -2.72% 17850 End-of-day quote.11.91%
HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD. -6.45% 65300 End-of-day quote.15.17%
HYUNDAI MOTOR COMPANY 0.48% 209000 End-of-day quote.8.85%
KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. -10.97% 105500 End-of-day quote.-2.76%
LETS HOLDINGS GROUP CO., LTD. -2.84% 6.5 End-of-day quote.-16.45%
LOOK HOLDINGS INCORPORATED 1.79% 1425 End-of-day quote.48.90%
SAMSUNG ELECTRONICS CO., LTD. 1.45% 77200 End-of-day quote.-4.69%
SAMSUNG HEAVY INDUSTRIES CO., LTD. -1.44% 6150 End-of-day quote.-12.64%
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Analyst Recommendations on DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.
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Financials
Sales 2021 4 740 B 4,01 B 4,01 B
Net income 2021 -1 309 B -1,11 B -1,11 B
Net Debt 2021 1 851 B 1,57 B 1,57 B
P/E ratio 2021 -2,36x
Yield 2021 -
Capitalization 3 090 B 2 619 M 2 614 M
EV / Sales 2021 1,04x
EV / Sales 2022 0,75x
Nbr of Employees -
Free-Float 44,1%
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 28 800,00 KRW
Average target price 31 400,00 KRW
Spread / Average Target 9,03%
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Managers and Directors
Seong-Geun Lee President, Chief Executive Officer & Director
Yong-Seok Choi Director, Vice President, Head-Finance & Economy
Jae-Hyeok Woo Managing Director & Head-Technology
Young-Kyoo Kim Head-Legal Support & Compliance Support
Young-Gi Jeong Independent Director