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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Daewoo Shipbuilding & Marine Engineering Co., Ltd.    A042660   KR7042660001

DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.

(A042660)
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Qatar Petroleum's $19 billion LNG vessel order boon for South Korean shipbuilders

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06/02/2020 | 10:34am EDT

South Korea's ailing shipbuilders have been thrown a lifeline in an increasingly tough market with a $19 billion order from Qatar Petroleum (QP)[QATPE.UL] 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.

(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)


Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -2.56% 9.452 Delayed Quote.-25.98%
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD. -1.77% 22250 End-of-day quote.-20.11%
DAISHIN SECURITIES CO., LTD. 0.36% 13900 End-of-day quote.16.32%
HANA FINANCIAL GROUP INC. -4.75% 31100 End-of-day quote.-15.72%
HYUNDAI CORPORATION -1.74% 14100 End-of-day quote.-21.23%
HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD. -1.11% 222500 End-of-day quote.-34.17%
HYUNDAI MOTOR COMPANY 0.58% 172500 End-of-day quote.43.15%
KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. -2.77% 80800 End-of-day quote.-36.13%
LETS HOLDINGS GROUP CO., LTD. -0.23% 8.8 End-of-day quote.45.70%
LINE CORPORATION 0.00% 5360 End-of-day quote.0.19%
LOOK HOLDINGS INCORPORATED -1.63% 968 End-of-day quote.-22.68%
SAMSUNG ELECTRONICS CO., LTD. -0.99% 59800 End-of-day quote.7.17%
SAMSUNG HEAVY INDUSTRIES CO., LTD. -0.97% 5100 End-of-day quote.-29.85%
THE NEW HOME COMPANY INC. 0.49% 5.115 Delayed Quote.9.23%
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Financials
Sales 2020 7 566 B 6,72 B 6,72 B
Net income 2020 317 B 0,28 B 0,28 B
Net Debt 2020 1 098 B 0,98 B 0,98 B
P/E ratio 2020 8,51x
Yield 2020 -
Capitalization 2 428 B 2 143 M 2 156 M
EV / Sales 2020 321x
EV / Sales 2021 338x
Nbr of Employees -
Free-Float 44,0%
Chart DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.
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Daewoo Shipbuilding & Marine Engineering Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 25 066,67 KRW
Last Close Price 22 650,00 KRW
Spread / Highest target 41,3%
Spread / Average Target 10,7%
Spread / Lowest Target -42,6%
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Managers
NameTitle
Seong-Geun Lee President, Chief Executive Officer & Director
Yong-Seok Choi Director, Vice President, Head-Finance & Economy
Young-Gi Jeong Independent Director
Tae-Seok Yoon Independent Director
Jae-Ho Choi Independent Director