Wednesday, December 12, 2012

[Ship Building] HMD to meet target

HMD to meet target

Hyundai Mipo Dockyard of Korea seems possible to win additional $1bn of orders by the end of 2012.

Analyst Lee Sang-Won of KB Investment & Securities said "Hyundai Mipo has already reached 68.8% of its yearly new order target, $3.2bn, by having contracted overall around $2.2bn."

He added "Besides recent rumors that Hyundai Mipo will ink massive 10+10 product carriers, the shipyard is expected to win LPG carriers, PCTCs, etc.," and prospected "The company would post a total of $3-3.1bn of orders by the end of December."

Lee said "Hyudai Mipo's Q4 operating margin will post 2.9%, comparable with that from the previous quarter, 2.7%, due to poor earnings by subsidiaries and strong won."

Menwhile, Jung Woo-Chang, analyst from Mirae Asset Securities said "Although proportion of low-marginal bulkers in turnover is to be reduced to low 30% in the fourth quarter from mid 30% in Q3, expanded margin will be offset by strong won and low newbuilding prices."

However, Jung said "With steady orders contracted in the fourth quarter, Hyundai Mipo is possibly to reach the new order target. It has a firm new order momentum."

Published : December 11, 2012

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