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 Korea Shipbuilding & Offshore Engineering / Equity Bottom-Up

HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

<ul><li>For 3Q25, HD Korea Shipbuilding &amp; Offshore Engineering (HD KSOE) reported revenue of W7.58tr (+21.4% YoY; 7.2% above the consensus) and operating profit of W1.05tr (+164.5% YoY; 13.8% above the consensus).</li><li>The consensus beat was driven by: 1) a QoQ increase in revenue despite fewer working days; and 2) strong consolidated earnings from subsidiaries HD Hyundai Heavy Industries (HD HHI) and HD Hyundai Mipo.</li><li>At HD Hyundai Samho, revenue and operating profit came in at W1.97tr (+19.7% YoY) and W306.4bn (+72.5% YoY; OP margin of 15.6%), respectively, with the shipbuilder incurring one-off expenses of W8.5bn related to substation repairs (following a fire).</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 Korea Shipbuilding &amp; Offshore Engineering (HD KSOE) reported revenue of W7.58tr (+21.4% YoY; 7.2% above the consensus) and operating profit of W1.05tr (+164.5% YoY; 13.8% above the consensus).The consensus beat was driven by: 1) a QoQ increase in revenue despite fewer working days; and 2) strong consolidated earnings from subsidiaries HD Hyundai Heavy Industries (HD HHI) and HD Hyundai Mipo.At HD Hyundai Samho, revenue and operating profit came in at W1.97tr (+19.7% YoY) and W306.4bn (+72.5% YoY; OP margin of 15.6%), respectively, with the shipbuilder incurring one-off expenses of W8.5bn related to substation repairs (following a fire).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 Korea Shipbuilding & Offshore Engineering - Subsidiary Growth and Attractive Dividends...