NH Investment & Securities, shipbuilding 3company target prices lowered en masse... up to 28%
NH Investment & Securities lowered the target prices for HD Hyundai, Samsung Heavy Industries, and Hanwha Ocean. The move reflects the negative impact of macro variables such as the failure to win a Canadian submarine project and rising interest rates.
NH Investment & Securities said it has cut the target prices for HD Hyundai, Samsung Heavy Industries, and Hanwha Ocean. It explained that the decision reflects missed orders and changes in the macro environment.
The size of the cuts varies by stock, but they were lowered by as much as 28%. The securities firm said the failure to win orders has increased uncertainty over the growth trend.
The research report judged macroeconomic variables such as rising interest rates to be an additional negative factor for the shipbuilding sector. It said this is having a negative impact on the earnings visibility of these major shipbuilders.
The companies 3were all named as targets of this round of adjustments. The report added that it carried out a valuation review along with specific revisions to profit and loss estimates.
The failed order win for the Canadian submarine project was marked as a key background to this decision. The report identified whether orders can be recovered and trends in macro indicators as key points to watch.
The report also included a note for investors to watch each company’s order announcements and the next earnings release. The securities firm said it would reconsider its target share price if there are additional disclosures in the future.
Sources: 매일경제 증권
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