Samsung Heavy Industries has made a firm earnings in the third quarter, thanks to its accumulated drillship experiences.
Analyst Yum Dong-Eun of HMC Investment & Securities said "Samsung improved on estimated results by HMC and market consensus for Q3 operating profit."
Added, "During the third quarter, its turnover increased by 21% against Q2 and operating profit rose by 22.5% as well."
He analyzed "Samsung could make a successful result with its competitiveness in drillship fabrication."
Yum said "Samsung's drilship proportion in its revenue is expected to maintain over 30%, as it is scheduled to deliver 11 drillships in 2013 and 10 vessels in 2014. Therefore, among Korean Big3 shipbuilders, the Geojae-based shipyard will show the most stable earnings."
Huh Sung-Duk, analyst in Hi Investment & Securities said that Samsung was able to maximize productivity with abundant experiences in drillship construction and recorded stronger operating profit comparing with competitors.
Meanwhile, he said that "Samsung has signed overall around $8.5bn of orders year to date, accounted for 68% of yearly new order target in 2012, totalling $12.5bn."
He prospected that "It would be difficult to reach the target, due to depressed shipbuilding market."
Analyst Oh Sung-Kwon of Kyobo Securities forecasted Samsung will book new orders ranging from $2bn-$5bn, as the shipbuilder is expected to contract two to three drillships, four to eight boxships and tankers, etc., by the end of this year.
Published : November 5, 2012
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