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

Hyundai Engineering & Construction / Equity Bottom-Up

Hyundai Engineering & Construction (000720 KS)

<ul><li>For 3Q25, we expect Hyundai E&amp;C to report consolidated revenue of W7.61tr (-7.8% YoY) and operating profit of W76.3bn (-33% YoY), with the latter being broadly in line with the recently lowered consensus (W70.1bn). Earnings were likely soft due to: 1) extended construction timelines and higher costs at the Marjan and Jafurah gas fields in Saudi Arabia and the Lusail Plaza Towers project in Qatar;</li><li>and 2) W170bn in costs stemming from a performance bond claim on Hyundai Engineering’s Poland petrochemical project. I</li><li>n the domestic housing segment, construction halts and higher safety costs arising from on-site accidents likely limited improvements in cost ratios. </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, we expect Hyundai E&amp;C to report consolidated revenue of W7.61tr (-7.8% YoY) and operating profit of W76.3bn (-33% YoY), with the latter being broadly in line with the recently lowered consensus (W70.1bn). Earnings were likely soft due to: 1) extended construction timelines and higher costs at the Marjan and Jafurah gas fields in Saudi Arabia and the Lusail Plaza Towers project in Qatar;and 2) W170bn in costs stemming from a performance bond claim on Hyundai Engineering’s Poland petrochemical project. In the domestic housing segment, construction halts and higher safety costs arising from on-site accidents likely limited improvements in cost ratios. 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.

Hyundai E&C (000720 KS): Lingering Earnings Uncertainty Vs. Growing Nuclear Value Chain Presence