SEOUL, KOREA - Shinyoung Securities said on June 11 that it gave a "buy B" rating to Samsung Heavy Industries with a target share price of 46,000 won, based on the news that the shipbuilder won a mega deal to build a drill ship for a British firm.
Eom Kyung-ah, analyst with Shinyoung Securities, said, "Yesterday Samsung Heavy Industries revealed it landed a deal to build a drill ship for a European ship owner. Even though the third quarter is traditionally a weak season for shipbuilding shares due to a long summer vacation, it is worth rethinking investment strategy by buying now in anticipation of a recovery in the fourth quarter."
"As the European maritime industries bottomed up at around the same time as the energy market, their year-on-year second-quarter growth rate would be in the positive range," she added.
On June 10 Samsung Heavy Industries said it clinched a 576.4-billion-won deal to build a drill ship for Ensco Plc., the world's second-largest offshore oil and gas well drilling company.
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