External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul><li>For 3Q25, HD Hyundai Heavy Industries (HD HHI) posted revenue of W4.4tr (+22.4% YoY; 10.1% above the consensus), operating profit of W557.3bn (+170.3% YoY; 15.5% above the consensus), and an OP margin of 12.6%. The consensus beat was mainly driven by: 1) a 2.1% QoQ increase in revenue despite fewer working days;</li><li>2) higher shipbuilding prices and productivity gains; and</li><li>3) strong engine/machinery earnings (OP margin of 20.8%). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

For 3Q25, HD Hyundai Heavy Industries (HD HHI) posted revenue of W4.4tr (+22.4% YoY; 10.1% above the consensus), operating profit of W557.3bn (+170.3% YoY; 15.5% above the consensus), and an OP margin of 12.6%. The consensus beat was mainly driven by: 1) a 2.1% QoQ increase in revenue despite fewer working days;2) higher shipbuilding prices and productivity gains; and3) strong engine/machinery earnings (OP margin of 20.8%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HD Hyundai Heavy Industries (329180 KS/Buy)Solid Commercial Ship and Engine Margins