Ask Warren

JONBUR Research · Update note

Hanwha Ocean · 042660 · Shipbuilding

Hanwha Aerospace's Stake in Hanwha Ocean Falls 6.1 Points to 54.3%

Why this report

Written after:

A 5%+ holding report filed on 2026-10-19 shows Hanwha Aerospace's stake in Hanwha Ocean fell by 6.1 points to 54.3%. It does not change the earnings picture in our initiation report, but it adds a supply-side factor to the share price weakness that report could not explain.

Written Oct 20, 2026 · Data as of Oct 19, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

XfWATGr/in@

What happened

The filing shows that Hanwha Aerospace, a 5%+ holder, now owns 54.3% of Hanwha Ocean, down 6.1 points from the previous report. It is not a new holder and is not flagged as an activist. The filing excerpts were not provided, so we cannot see the reason for the change, the number of shares involved or the transaction price.

News headlines from 2026-10-16 to 2026-10-18 say Hanwha Systems is selling its entire Hanwha Ocean stake, a 7.2% holding, to raise about ₩1.4T. They also say Kiwoom Securities raised its stake to 2.7%. We cannot confirm from the filing whether these reports explain the drop in Hanwha Aerospace's stake. Other headlines mention union sit-in protests at Hanwha Ocean and HD Hyundai Heavy, and a broker cutting its target price on concerns about a slowing commercial shipping cycle.

What it changes for the thesis

The previous report from 2026-10-13 described an operating turnaround: TTM revenue of ₩15.0T, operating income of ₩1.7T and an operating margin of 11.4%. It also noted that the share price had fallen sharply and that the data could not explain why. Nothing in this filing changes the reported financials.

The stake change gives a possible partial context for the weak price, but the data does not establish a link. The share price closed at ₩64,200 on 2026-10-19, down 22.6% in one month and 40.1% over one year. The 52-week low is now ₩61,200, so the price is close to it. Over the last 20 days, foreign investors were net sellers of about ₩86.3B, while institutions bought about ₩416.5B and retail investors about ₩140.4B. Foreign ownership is 10.1%, up from 9.1% 60 days ago. The short balance is 1.0%.

What it changes for the valuation

The model has no fair value estimate for this company, and the previous report had none, so there is nothing to compare. At the current price, the P/E is 9.5, the P/B is 2.6 and the P/S is 1.3, compared with 9.9, 2.7 and 1.4 in the previous report. Among peers, HD Hyundai Heavy Industries trades at a P/E of 14.4 and a P/B of 3.4, and Samsung Heavy Industries at 28.5 and 3.4. Daehan Shipbuilding trades lower, at 5.4 and 1.3. Dividend yield is 0, and EV/EBITDA is not available. A change in ownership does not alter the earnings used in these multiples.

Closing view

The filing shows a lower stake for the largest holder, but at 54.3% control is unchanged. The earnings recovery in the initiation report is intact, while the share price has moved lower again. The available data cannot confirm why the stake changed, who bought the shares or whether this affects the price. Missing items include the filing details, the order backlog and any model estimate. Next, watch the earnings release, the detail behind the ownership change and the labor situation.”

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 20, 2026Update note5%+ holder changeHanwha Aerospace's Stake in Hanwha Ocean Falls 6.1 Points to 54.3%
  2. Oct 13, 2026InitiationHanwha Ocean: Earnings Recovery Meets a Sharp Share Price Decline

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information