10년 적자 다 털었다… HD현대중공업·삼성중공업, 조선주 게임 끝났다 / 바다 위 선박 자율주행 온다… 생각보다 훨씬 빠르다ㅣ엄경아 연구위원

Watch on YouTube ↗  |  April 25, 2026 at 03:00  |  20:10  |  815 Money Talk (815머니톡)
Speakers
Eom Kyeong-ah, Research Fellow — Research Fellow

Summary

The video discusses the bullish outlook for Korean shipbuilding stocks, with the analyst arguing that double-digit profit margins are now the new normal. Samsung Heavy Industries is highlighted as undervalued with FLNG catalysts, while Hanwha Ocean faces near-term weakness but has longer-term catalysts. Autonomous shipping is advancing but not yet an investable theme.

  • Shipbuilding sector margins structurally improved to double digits, supporting earnings through 2027.
  • Samsung Heavy Industries seen as undervalued relative to HD Hyundai Heavy, with FLNG projects as key catalyst.
  • Hanwha Ocean expected to underperform in 2024 but has Canada submarine and new dock catalysts for 2027.
  • HD Hyundai Mipo merger with HD Hyundai Heavy shows positive synergy in order intake.
  • Chinese shipbuilding competition remains a medium-term risk factor but is viewed as noise for now.
  • Autonomous shipping technology is progressing but not yet a direct investment opportunity.
  • Costs (steel, labor, FX) are stable and favorable, supporting margin sustainability.
  • Investors advised to buy cheap stocks within the sector, currently Samsung Heavy.
Trade Ideas
Eom Kyeong-ah, Research Fellow Research Fellow 5:15
Samsung Heavy cheap with FLNG catalysts
Samsung Heavy Industries is significantly undervalued relative to HD Hyundai Heavy Industries despite similar capacity. The company is the global leader in FLNG (floating LNG) construction with the Delphin project and other pending orders, providing a clear catalyst to close the valuation gap. Current market cap gap (≈30%) makes catch-up likely.
010140.KS MED
Eom Kyeong-ah, Research Fellow Research Fellow 8:16
Hanwha Ocean WATCH for Canada sub
Hanwha Ocean is relatively less attractive this year due to the smallest revenue growth among the four major shipbuilders, stemming from past facility disposals. However, the Canada submarine project and an expected new dock completion in early 2027 provide medium-term catalysts. Near-term underperformance may persist until clarity emerges in the second half of the year.
042660.KS MED
Eom Kyeong-ah, Research Fellow Research Fellow 11:26
Shipbuilders double-digit margins default
Korean shipbuilders have structurally shifted to double-digit operating margins as the new default, supported by stable labor and material costs, favorable exchange rates, and predictable production volumes. This earnings upgrade path should sustain through at least 2027, with any dips being buying opportunities.
Korean shipbuilding sector HIGH
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This 815 Money Talk (815머니톡) video, published April 25, 2026, features Eom Kyeong-ah, Research Fellow discussing 010140.KS, 042660.KS, Korean shipbuilding sector. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Eom Kyeong-ah, Research Fellow  · Tickers: 010140.KS, 042660.KS, Korean shipbuilding sector