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Daehan Shipbuilding · 439260 · Shipbuilding

Daehan Shipbuilding trades at 52-week low while TTM profits and margins stay high

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Daehan Shipbuilding closed at ₩41,950 on 2026-10-12, equal to its 52-week low and down 46.6% over one year, while trailing twelve-month operating margin was 26.4% and ROE 25.1%. The model estimate of ₩173,281 per share sits well above the price, but it depends on assumptions and the data has gaps.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

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

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Thesis

The data shows a sharp gap between share price and reported earnings. The price fell 11.3% in one month, 9.7% in three months and 46.6% in one year, against a 52-week high of ₩109,700. Over the same period, filed numbers show TTM revenue of ₩1.29T, net income of ₩300.6B and free cash flow of ₩259.9B. The current P/E of 5.4 and P/B of 1.3 are below the listed peers shown. The data does not explain the price decline. Investor flows, foreign ownership, short balance, dividend yield and EV/EBITDA are not available, so we cannot see who is selling or whether positioning has changed. Only one full year of annual history exists because the company listed on 2025-08-01, so it is hard to judge how durable the margins are.

Business overview

Daehan Shipbuilding is a shipbuilding company listed on KOSPI since 2025-08-01 and founded on 1987-09-30. The CEOs listed are 왕삼동 and 이석문. It has 38,526,312 listed shares and a market capitalization of ₩1.62T. Enterprise value is ₩1.29T. In the data, the company is much smaller than the large listed peers: HD Hyundai Heavy Industries is ₩32.4T, Hanwha Ocean ₩20.6T and Samsung Heavy Industries ₩15.8T. Order backlog and product mix are not in the data. The only contract signal is a 'Major sales or supply contract' filing on 2026-07-27, with no figures provided.

Financial analysis

These figures come from filed financial statements (DART). For 2025, revenue was ₩1.23T, operating income ₩294.1B, net income ₩248.8B, operating margin 23.9% and ROE 22.8%. For the twelve months to H1 2026, revenue was ₩1.29T, operating income ₩339.8B, net income ₩300.6B, operating margin 26.4%, net margin 23.4% and ROE 25.1%. Margins and returns therefore rose from 2025 to the TTM period. Liabilities to equity were 47.0%, and cash was ₩325.9B. Free cash flow was ₩259.9B. Borrowings are not available in the data, and revenue growth for 2025 cannot be computed because there is no prior year.

Valuation

At the current price, P/E is 5.4, P/B 1.3 and P/S 1.3. At the end of 2025, P/E was 10.4 and P/B 2.4, so both multiples are lower now than then. Among peers, P/E is 12.9 for HD Hyundai Heavy Industries, 9.9 for Hanwha Ocean and 28.0 for Samsung Heavy Industries; P/B is 3.1, 2.7 and 3.3. No multiples are available for Sejin Heavy Industries and Hyundai Hyms. The valuation model uses a 5-year DCF at a 6.2% rate with TTM to H1 2026 inputs. It gives a model estimate based on the assumptions shown of ₩173,281 per share in the base case, ₩116,440 in the bear case and ₩273,823 in the bull case. All three are above the ₩41,950 share price. This is not a target or a reason to buy or sell, and the wide range shows how sensitive the result is to the assumptions.

Catalysts

  • The half-year report filed on 2026-08-14 and preliminary earnings on 2026-07-30 give the latest reported figures behind the TTM numbers.
  • A major sales or supply contract was disclosed on 2026-07-27, though the data does not give its size.
  • IR events were held on 2026-07-21 and 2026-07-29, which suggests active communication with investors.
  • A filing on 2026-09-29 set a shareholder register closure period or record date, and details are not in the data.
  • A news item dated 2026-10-13 reports an advance payment refund guarantee issued by Gwangju Bank, which is related to shipbuilding contract financing, but the headline names Daewoo Shipbuilding and its link to this company is not confirmed.

Risks

  • The share price is down 46.6% over one year and at its 52-week low, and the data does not show the cause.
  • Investor flow, foreign ownership and short balance data are not available, so selling pressure cannot be assessed.
  • Only one full year of annual results exists since the 2025 listing, so the durability of the 26.4% operating margin is unclear.
  • The model estimate is sensitive to assumptions, with a bear-to-bull range of ₩116,440 to ₩273,823.
  • A July 2026 correction filing on debt guarantees for others and multiple insider shareholding reports appear in the filings, but the data gives no detail on their size or meaning.

Closing view

The filed numbers show high margins, a 25.1% ROE, solid free cash flow and low multiples relative to both the company's end-2025 levels and listed peers, while the share price has fallen to its 52-week low. The data does not explain the disconnect, and it lacks flows, borrowings, backlog and dividend information. The model estimates sit above the market price, but they rest on assumptions that may not hold. Readers should weigh the strong reported earnings against the unexplained price weakness and the short listing history.

Model estimate of fair value

Bear
₩116,440
+216%
Base
₩173,281
+370%
Bull
₩273,823
+643%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 6.2%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Daehan Shipbuilding trades at 52-week low while TTM profits and margins stay high

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