Daehan Shipbuilding대한조선

Daehan Shipbuilding is very profitable on trailing figures, but its shares have fallen sharply over the past year.

On trailing twelve-month figures to H1 2026, the company reported revenue of ₩1.29T, operating income of ₩340B and net income of ₩301B, with a 26.4% operating margin and cash of ₩326B. The share price closed at ₩36,300 on 2026-10-26, down 53.5% over one year and near its 52-week low of ₩36,000. The data does not explain the drop.

What stands out

• Trailing operating margin is 26.4% and net margin is 23.4%, up from a 23.9% operating margin in 2025.
• Annual 2025 revenue was ₩1.23T with net income of ₩249B; the data does not include a revenue growth rate for 2025.
• Valuation looks low on the data shown: P/E of 4.6 and P/B of 1.2, versus peers ranging from 6.4 to 25.4 on P/E.
• A DCF fair value model gives a base of ₩140,879 per share, a bear case of ₩102,660 and a bull case of ₩203,047, at a 7.3% discount rate. These are model outputs, not forecasts.
• Foreign ownership fell slightly to 2.3% from 2.5% over 60 days, and 20-day flows show retail buying of about ₩1.68B against net institutional and foreign selling.

What to watch

• Next filings and the shareholder register closure date, which were filed on 2026-09-29, and any further major contract disclosures.
• Whether the share price stays near its 52-week low, given the 27.7% fall over three months.
• Customer concentration and shipbuilding order flow, which the profile identifies as competitive against Chinese and Japanese yards; the data does not give order backlog.