- PUBLISHED :June 28, 2017 – 16:51
- UPDATED :June 28, 2017 – 16:51
[THE INVESTOR] Hyundai Heavy Industries is slow in receiving orders, said KB Investment and Securities on June 28, downgrading recommendation to a “hold” from a “buy” while maintaining 170,000 won (US$148.65) target price.
Its shipbuilding and marine unit won orders worth US$1.74 billion so far this year, about 47 percent of the securities firm’s estimates. The marine plant sector in particular will have a single project from next year if it fails to receive additional orders, said analyst Jeong Dong-ik.
The company’s stock price has risen 30 percent since November last year on the back of anticipation for spin-off and market recovery, and appeal for further investment has lowered significantly, said the analyst.
By Hwang You-mee (firstname.lastname@example.org)