Kiwoom Cuts Hanwha Ocean Target to 144,000 Won After Canada Submarine Bid Loss

According to Kiwoom Securities on July 15, the brokerage cut Hanwha Ocean's (KOSPI: 042660) target price to 144,000 Korean won from 179,000 won after the company failed to secure the Canada submarine project (CPSP). The target price-to-earnings ratio was adjusted from 25x to 23x. The brokerage maintained its 'Buy' rating, citing long-term growth expectations from potential U.S. naval vessel projects. The firm forecast Hanwha Ocean's second-quarter revenue at 4.805 trillion won, with operating profit at 547.4 billion won, up 45.9% and 47.3% year-over-year respectively.
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