Hanwha Ocean is receiving positive evaluations from the securities industry, driven by its outstanding commercial vessel profitability and growing expectations for a full-scale expansion of its special vessel business. In particular, the possibility of winning orders for the domestic nuclear-powered submarine project and the Canadian Patrol Submarine Project (CPSP) is being highlighted, heightening market interest in the company's mid- to long-term growth potential.

iM Securities Issues Buy Rating and Target Price of 167,000 Won In a report published on the 11th, iM Securities presented a Buy investment rating and a target price of 167,000 won for Hanwha Ocean under the title, "Wait for it, Special Vessels." This analysis suggests approximately a 51.5% upside potential based on the closing price at the time. According to the report, although Hanwha Ocean has a total of 34 vessels scheduled for delivery in 2028, which is somewhat fewer compared to its competitors, it has secured around 23 delivery slots for 2029, indicating a rapid increase in production capacity utilization. The company is evaluated to have solid earnings visibility based on a stable order backlog during the shipbuilding boom.

Q1 Commercial Vessel Operating Margin at 18%… Simultaneous Improvement in Profitability and Financial Strength Positive evaluations continue in terms of profitability. Hanwha Ocean is analyzed to have recorded a high operating margin of around 18% in the commercial vessel sector in the first quarter of this year, even excluding one-off factors. This is the highest level among major domestic shipbuilders, proving that both profitability and financial strength are improving simultaneously.

Expected to Play Key Role in Domestic Nuclear-Powered Submarine Project The market is paying the closest attention to the special vessel sector, particularly the submarine business. Interest in the overall domestic submarine industry surged last May when the government disclosed the basic plan for nuclear-powered submarines. The Ministry of National Defense set a goal of launching the lead ship in the mid-2030s, and the project is evaluated as one of the longest-term and largest-scale projects in the history of the domestic shipbuilding and defense industries. The industry believes that Hanwha Ocean, with its abundant submarine construction experience and technological prowess, is highly likely to play a core role in the future nuclear-powered submarine project. Specifically, the construction contract is expected to be signed in 2029–2030, with full-scale construction beginning after 2031.

Mentioned as Strong Candidate for Canadian Submarine Project (CPSP)… Enhancing Special Vessel Competitiveness Expectations for overseas orders are also strongly stimulating investor sentiment. As the announcement of the preferred bidder for the Canadian Patrol Submarine Project (CPSP), promoted by the Canadian government, is expected by the end of this month, the possibility of the Korean shipbuilding industry winning the order is being actively discussed. It is known that voices evaluating South Korea as a strategic defense partner are expanding locally. If Hanwha Ocean succeeds in winning the Canadian submarine project, it will secure stable special vessel volumes through the 2030s. Analysts suggest this will be a decisive opportunity to elevate its competitiveness in the special vessel sector, moving away from its existing business structure centered on commercial vessels. Meanwhile, as global demand for eco-friendly vessels increases alongside the expansion of the defense and special vessel markets simultaneously, market attention is focusing on Hanwha Ocean's future order-taking competitiveness and potential earnings improvement.

[This article introduces various opinions and investor sentiment raised in the market and does not constitute a recommendation to invest in any specific stock. The responsibility for investment decisions lies with the investor. Written with AI assistance.]