1. What’s Happening with Daehan Shipbuilding?

Daehan Shipbuilding secured 405 billion won through its IPO and rights offering, significantly improving its financial structure. Its debt-to-equity ratio decreased from 197.60% at the end of 2024 to 117.5% in the first half of 2025. The company also successfully exited receivership.

2. What are the Positive Factors?

  • A robust order backlog (1.8216 trillion won) supports stable revenue streams.
  • Market leadership in Suezmax tankers and Aframax tankers demonstrates its core competitiveness.
  • Investments in eco-friendly ship technology and business diversification will contribute to future growth.

3. What are the Risks?

  • The global economic slowdown, declining newbuilding prices, and fluctuations in exchange rates and interest rates could affect profitability.
  • Uncertainties surrounding new business ventures and raw material price fluctuations should also be considered.

4. Investment Strategy

The overall investment recommendation is ‘BUY.’ A short-term strategy involves a phased purchase approach, considering the IPO momentum and recent stock volatility. Long-term investors should monitor the development of eco-friendly technologies, new business performance, and changes in the global economy.