Hanwha Ocean: Earnings Recovery Meets a Sharp Share Price Decline

Thesis

The data supports a clear operating turnaround. Revenue rose from ₩4.5T in 2021 to ₩12.8T in 2025, and operating income went from a loss of ₩1.8T to a profit of ₩1.2T. TTM figures to H1 2026 show revenue of ₩15.0T and operating income of ₩1.7T, so the improvement has continued.

The share price tells a different story. It closed at ₩67,300 on 2026-10-12, down 21.4% in one month, 14.6% in three months and 38.4% over one year. It is 56.5% below its 52-week high of ₩154,800 and just above the low of ₩67,000. The data does not explain the drop. Investor flows, foreign ownership and short balance are not available, so we cannot say who has been selling. Multiples have compressed because the price fell while earnings rose, but the data cannot show whether the market expects earnings to peak.

Business overview

Hanwha Ocean is a KOSPI-listed shipbuilder, founded in 2000 and listed in 2001, with 306,413,394 listed shares. Market capitalization is about ₩20.6T and enterprise value about ₩21.8T. Among the peers in the data, HD Hyundai Heavy Industries is larger at ₩32.4T and Samsung Heavy Industries is somewhat smaller at ₩15.8T. Daehan Shipbuilding, Sejin Heavy Industries and Hyundai Hyms are much smaller. The data shows revenue growth in each year from 2022 to 2025: 8.3%, 52.4%, 45.5% and 18.6%. Growth is slowing from the 2023-2024 pace. The CEO is listed as 김희철. The data has no detail on products or order backlog.

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).

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