Corporate Logo(source: hd-hyundai.com)
Korea Investment & Securities Co., Ltd. on September 11 raised its target prices for Samsung Heavy Industries (010140), HD Hyundai Heavy Industries (329180), and Hanwha Ocean (042660), citing optimism over the MASGA (Make America Shipbuilding Great Again) project. The brokerage maintained its “Buy” recommendations on all three shipbuilders.
Analysts Kang Kyung-tae and Nam Chae-min stated in their report, “The value of MASGA lies in establishing a merchant ship order cycle in the U.S. that we can help shape,” adding that the project effectively provides both supply and demand to a U.S. shipbuilding sector long isolated from global newbuilding cycles.
They projected that over the long term, the U.S. merchant ship newbuilding market could grow to around 75 vessels annually, with the majority of this demand expected to be met by shipyards directly or indirectly linked to Korean shipbuilders.
For Samsung Heavy Industries, the analysts noted that unlike competitors with naval shipbuilding opportunities, the company has lacked a direct connection to the U.S. market. The MASGA initiative, however, could allow it to narrow the valuation gap with its peers. The target price was raised by 33.3% to 32,000 won.
Regarding HD Hyundai Heavy Industries, the analysts highlighted that its partner shipyards are concentrated in the southern United States, suggesting that MASGA-related projects will be centered in that region. The target price was increased by 3.1% to 660,000 won.
For Hanwha Ocean, they praised the group’s early strategic investments, which are expected to translate into higher market share compared with competitors. The target price was raised by 17.5% to 134,000 won.
*[KOSPI] HD Hyundai Heavy Industries(329180) engages in the manufacture and sale of ships, marine structures, plants, and engines, with the shipbuilding industry accounting for over 60% of its revenue. The market capitalization is 44.742 trillion won (as of September 10, 2025, closing price ).
*[KOSPI] Hanwha Ocean(042660) is a comprehensive shipbuilding and marine specialized company that constructs various types of vessels such as LNG carriers, tankers, container ships, and LPG carriers, as well as special-purpose vessels including submarines, destroyers, rescue vessels, and patrol boats. Market capitalization is 33.92 trillion won (as of September 10, 2025, closing price ).
*[KOSPI] Samsung Heavy Industries(010140) is one of the top three domestic shipbuilding companies in South Korea, engaging in the shipbuilding and construction sectors. Market capitalization is 18.964 trillion won (as of September 10, 2025, closing price ).
Corporate Logo(source: hd-hyundai.com)
Korea Investment & Securities Co., Ltd. on September 11 raised its target prices for Samsung Heavy Industries (010140), HD Hyundai Heavy Industries (329180), and Hanwha Ocean (042660), citing optimism over the MASGA (Make America Shipbuilding Great Again) project. The brokerage maintained its “Buy” recommendations on all three shipbuilders.
Analysts Kang Kyung-tae and Nam Chae-min stated in their report, “The value of MASGA lies in establishing a merchant ship order cycle in the U.S. that we can help shape,” adding that the project effectively provides both supply and demand to a U.S. shipbuilding sector long isolated from global newbuilding cycles.
They projected that over the long term, the U.S. merchant ship newbuilding market could grow to around 75 vessels annually, with the majority of this demand expected to be met by shipyards directly or indirectly linked to Korean shipbuilders.
For Samsung Heavy Industries, the analysts noted that unlike competitors with naval shipbuilding opportunities, the company has lacked a direct connection to the U.S. market. The MASGA initiative, however, could allow it to narrow the valuation gap with its peers. The target price was raised by 33.3% to 32,000 won.
Regarding HD Hyundai Heavy Industries, the analysts highlighted that its partner shipyards are concentrated in the southern United States, suggesting that MASGA-related projects will be centered in that region. The target price was increased by 3.1% to 660,000 won.
For Hanwha Ocean, they praised the group’s early strategic investments, which are expected to translate into higher market share compared with competitors. The target price was raised by 17.5% to 134,000 won.
*[KOSPI] HD Hyundai Heavy Industries(329180) engages in the manufacture and sale of ships, marine structures, plants, and engines, with the shipbuilding industry accounting for over 60% of its revenue. The market capitalization is 44.742 trillion won (as of September 10, 2025, closing price ).
*[KOSPI] Hanwha Ocean(042660) is a comprehensive shipbuilding and marine specialized company that constructs various types of vessels such as LNG carriers, tankers, container ships, and LPG carriers, as well as special-purpose vessels including submarines, destroyers, rescue vessels, and patrol boats. Market capitalization is 33.92 trillion won (as of September 10, 2025, closing price ).
*[KOSPI] Samsung Heavy Industries(010140) is one of the top three domestic shipbuilding companies in South Korea, engaging in the shipbuilding and construction sectors. Market capitalization is 18.964 trillion won (as of September 10, 2025, closing price ).