0332 GMT - HD Korea Shipbuilding & Offshore Engineering seems undervalued given the higher valuation of its unlisted subsidiary, HD Hyundai Samho Heavy Industries, Nomura analyst Eon Hwang writes in a note. Hwang values the subsidiary at KRW10 trillion, up from KRW9 trillion previously, which accounts for 48% of the parent's overall value. He expects operating profit of the subsidiary to increase 21% to KRW1 trillion for 2025 thanks to higher shipbuilding prices, despite a possible drop in new contract wins this year due to last year's high comparison base and limited capacity. Nomura raises its stock target for the parent by 17% to KRW280,000 and keeps a buy rating. Shares are 1.1% lower at KRW223,000. (kwanwoo.jun@wsj.com)
(END) Dow Jones Newswires
February 09, 2025 22:32 ET (03:32 GMT)
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