South Korean Ship Engine Stocks Plunge 50% Despite Record Order Surge

According to Daol Investment Securities on July 21, ship engine manufacturers Hanwha Engine and HD Hyundai Marine Engine posted record order volumes in the first half of 2026, yet their stock prices have fallen sharply. Hanwha Engine received 1.435 trillion Korean won in orders—nearly matching its full-year 2025 total of 1.771 trillion won—while HD Hyundai Marine Engine booked 619.9 billion won, exceeding last year's 615.9 billion won. Despite the strong order pipeline, both stocks have declined over 50% from April peaks. Daol raised 2028 revenue forecasts to 1.145 trillion won for HD Hyundai Marine Engine and 2.223 trillion won for Hanwha Engine, with target prices of 144,000 and 91,000 Korean won respectively—double current levels.
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