[Edaily Reporter Park Jung-Soo ] On the 18th, Daol Investment & Securities projected that HANWHA SYSTEMS(272210)’s U.S. shipbuilding business would become a new growth engine, building on the stable growth of its defense business. The firm resumed coverage with a “Buy” rating and a target price of 118,000 won. The closing price on the 14th was 80,300 won, leaving upside potential of 46.9%.
Choi Gwang-sik, an analyst at Daol Investment & Securities, stated, “The defense business serves as a cash cow, while the U.S. shipbuilding business drives growth, momentum, and valuation multiples,” adding, “Although the defense business will grow alongside the ‘K-defense’ sector as a supporting pillar, HANWHA SYSTEMS’ stock price will depend on its U.S. shipbuilding business for the time being.”
He also highlighted Hanwha Philly Shipbuilding’s order backlog and mid- to long-term pipeline. The order backlog, which currently includes the National Security Multi-Purpose Vessel (NSMV) and Subsea Rock Installation Vessel (SRIV) under construction, three 3,600 TEU-class container ships, and four 50,000 DWT-class tankers ordered by Hanwha Shipping, totals approximately $2.3 billion.
Analysts suggest that opportunities for future participation in U.S. naval projects—such as additional orders for NSMVs, next-generation logistics support ships (NGLS), global fast strategic transport ships (GFS), and medium landing ships (LSM)—remain open.
The U.S. shipbuilding industry revitalization policy was also viewed as favorable to Hanwha Philippines Shipbuilding’s growth. According to Daol Investment & Securities, the U.S. recently introduced a policy allowing overseas shipbuilders to construct up to two vessels, but requiring any subsequent vessels to be built in the U.S. Since this requires the construction of new shipyards in the U.S. or the acquisition of ownership or a majority stake in existing shipyards, analysts predict that Hanwha Philly Shipbuilding will serve as a lever for Hanwha Group’s entry into the U.S. combat ship market.
Hanwha Philly Shipbuilding is also moving to expand its production capacity. Analyst Choi noted, “Even with an annual production of just 10 vessels, the company can achieve sales of nearly 4 trillion won,” adding, “For now, we need to monitor not only the stabilization of sales at 2 trillion won in 2029–2030 but also improvements in profitability and operational stability.”
The acquisition of Osthal USA was also cited as a factor that could further boost the company’s enterprise value. Analyst Choi projected, “If the acquisition of Osthal USA is finalized, we may need to further revise the fair value upward depending on the business outlook.”