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KREDKRED
009540KOSPI

HD Korea Shipbuilding & Offshore Engineering

291,500
-10,000 (-3.32%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

HD Korea Shipbuilding & Offshore Engineering was established in 1973. It is a holding company listed on the KOSPI market.

The company and its subsidiaries operate in shipbuilding, offshore plants, engine machinery, and green energy. Main products include commercial vessels, gas carriers, oil production and storage facilities, marine engines, and solar modules.

Business overview as filed

가. 지주회사 현황

지주회사(持株會社, Holding Company)란 다른 회사의 주식을 소유한 회사이며 단순히 주식을 소유하는 것만이 아니라, 해당회사의 주식(의결권)을 법적기준 이상 보유함으로써 그 회사에 대하여 실질적인 지배권을 취득하는 것을 사업의 목적으로 하는 회사입니다. 당사는 '19년 6월 3일(분할등기일 기준) 독점규제 및 공정거래에 관한 법률에 따른 지주회사 요건을 충족함에 따라 공정거래위원회에 지주회사로의 전환을신고하였으며, '19년 8월 13일 공정거래위원회는 지주회사 전환에 대한 심사결과 통지를 통해 당사의 지주회사 전환 (지주회사 전환일 : '19년 6월 3일)을 승인하였습니다.

나. 사업부문별 현황

지배기업인 당사와 종속회사의 사업부문별 현황은 다음과 같습니다.

조선사업은 막대한 설비투자가 필요한 장치 산업이자 자본집약적 산업으로서, 전방산업인 해운산업 및 후방산업인 철강ㆍ기계산업 등과 밀접한 상관 관계를 가지고 있습니다. 해양플랜트사업은 장치산업이자 고부가가치산업으로서 일반적으로 요구되는 설비의 사양이 설치 지역 및 원유 또는 가스의 생산 조건에 따라 복잡하고 방대하여 상대적으로 제작공기가 길고 공사금액이 큰 특성을 갖고 있으며, 상대적으로 유가의 영향을 많이 받습니다. 엔진기계사업은 선박의 항해와 전기 공급을 핵심으로 하는기술집약적 산업으로서, 해양 환경규제 대응을 위한 친환경 기자재를 주요 품목으로 생산하고 있으며 사업 특성상 조선산업과 밀접한 관련이 있습니다. 그린에너지 사업은 제품 제조를 위한 설비 구축이 요구되는 장치산업이며 동시에 지속적인 연구개발과 투자가 요구되는 기술집약적인 산업입니다.

다. 주요 종속회사 현황

지배기업인 당사와 주요 종속회사의 사업부문별 현황은 다음과 같습니다.

주요종속회사 판단기준 : 최근사업연도말 자산 총액 750억원 이상

Company overview

가. 연결대상 종속회사 개황

주요종속회사 판단기준 : 최근사업연도말 자산 총액 750억원 이상

- 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

ㆍ당사의 명칭은 '에이치디한국조선해양주식회사'라고 표기하며, 영문으로는 'HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. (약호 HDKSOE)'라 표기합니다.

다. 설립일자

ㆍ회사의 설립일 : 1973년 12월 28일

라. 본사의 주소, 전화번호 및 홈페이지 주소

마. 중소기업 해당 여부

당사는 『중소기업기본법 제2조ㆍ벤처기업육성에 관한 특별조치법 제 2조의 2ㆍ중견기업 성장 촉진 및 경쟁력 강화에 관한 특별법 제 2조』에 의한, 중소기업ㆍ벤처기업ㆍ중견기업에 해당되지 않습니다.

중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 독점규제 및 공정거래에 관한 법률에 따라 설립된 지주회사로서, 지배기업인 당사와 종속기업(26개사)이 영위하는 주요 사업은 다음과 같습니다. 조선사업은 일반상선, 고부가가치 가스선, 해양관련 선박, 최신예 함정 등의 건조와 수소ㆍ암모니아 추진운반선을 개발하고 있으며, 해양플랜트사업은 원유 생산ㆍ저장설비 공사를 수행하고 있습니다. 엔진기계사업은 대형엔진, 중형엔진, 육상용 엔진발전 설비 등을 공급하고 있으며, 친환경 제품도 자체 개발하고 있습니다. 그린에너지사업은 태양광 모듈, 제어시스템 등을 공급하고 있습니다. 당사의 매출액(당기말 기준)은 조선사업 84%, 해양플랜트사업 4%, 엔진기계사업 10% 등으로 구성되어 있습니다.

사. 신용평가에 관한 사항

1) 신용평가

2) NICE신용평가㈜의 신용등급체계와 부여 의미

(1) 기업신용등급 정의

AA부터 CCC등급까지는 그 상대적 우열 정도에 따라 +, -기호를 첨부할 수 있습니다.

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

'19.06.03(분할 등기일) 물적분할로 인해 상호명이 한국조선해양㈜로 변경되었습니다. ※ '23.03.28 제 49기 정기주주총회에서 상호명이 HD한국조선해양㈜로 변경되었습니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

4.25%
[3.07%, 6.01%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 39.2% (2026-10-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.42
Beta [0.29, 0.56] · KOSPI200 · As of 2026-10-08
Intercept
-0.237%[-0.604%, +0.131%]
R squared
0.21
Observations
252
Trading-time corrected beta
0.53[0.30, 0.76]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M463,176393,204154,688131,199151,826149,037154,934173,020212,962255,386299,332328,010
Revenue growth%—-15.11-60.66-15.1915.72-1.843.9611.6723.0919.9217.21—
Operating incomeKRW 100M-15,84915,496146-5,2252,902744-13,848-3,5562,82314,34139,04550,928
Operating income growth%——-99.05-3,667.75—-74.37-1,962.13——408.07172.26—
Net incomeKRW 100M-13,7586,27026,931-4,5362,131-8,352-11,412-2,9521,44914,54629,28446,053
Net income growth%——329.53-116.84—-491.95———903.64101.32—
Attributable to ownersKRW 100M-13,4995,45224,578-4,8911,641-8,338-9,293-2,1692,21711,72321,68434,483
Attributable to minoritiesKRW 100M-2598182,354354490-14-2,119-782-7682,8227,60011,569
Operating margin%-3.423.940.09-3.981.910.50-8.94-2.061.335.6213.0415.53
Net margin%-2.971.5917.41-3.461.40-5.60-7.37-1.710.685.709.7814.04
ROE%-9.833.4222.10-4.121.42-7.65-9.43-2.232.2410.5616.3223.25
ROA%-2.781.288.86-1.830.85-3.31-4.18-0.990.453.967.419.86
Debt ratio%220.68175.20145.7988.6293.83103.23119.86142.72160.65159.39133.86146.91
Current ratio%117.48111.31113.12130.89140.30136.69129.02104.94101.36105.72117.06121.25
Quick ratio%98.1194.61107.71120.16125.56123.52115.2590.2889.8994.17103.24108.51
Reserve ratio%3,669.503,831.276,101.365,235.635,274.305,035.694,766.694,738.494,757.224,997.285,562.655,986.79
Free cash flowKRW 100M-19,09915,1382,200-992-18,688-4,6844,529-2,04612,59633,97734,752—
FCF margin%-4.123.851.42-0.76-12.31-3.142.92-1.185.9113.3011.61—
OCF conversion%—422.5322.03—-687.12———1,436.27294.84151.01—
Capex to revenue%2.752.892.411.722.672.542.473.853.863.493.16—
Receivable daysdays—48.884.247.635.130.524.922.121.322.221.0—
Inventory daysdays—43.759.726.529.933.132.040.537.933.737.1—
Payable daysdays—60.3109.076.863.867.966.965.755.156.460.8—
Cash conversion cycledays—32.334.9-2.71.2-4.3-10.0-3.14.1-0.5-2.7—
EPSKRW—7,17343,373-6,9102,318-11,781-13,142-3,0683,13516,57830,66448,724
PERx—20.282.32—54.56———38.5613.7513.277.18
BPSKRW—209,697196,265167,892163,436154,102139,270137,268139,936156,831187,728209,542
PBRx—0.690.510.770.770.700.680.520.861.452.171.67
Dividend per shareKRW——————————8,300—
Payout ratio%——————————27.07—

Consolidated basis

Profit flowKRW 100M

Revenue
299,332
Cost of sales
246,048
Gross profit
53,284
Operating income
39,045
SG&A expenses
14,239
Profit before tax
35,663
Non-operating expenses
3,382
Net income
29,284
Income tax expense
6,379

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
494,691489,493304,088247,299250,554252,442272,931298,835322,426367,191395,422
340,430311,627180,368116,189121,291128,230148,793175,713198,725225,633226,339
154,261177,866123,720131,110129,263124,212124,138123,121123,701141,558169,084

Income statement

20152016201720182019202020212022202320242025
463,176393,204*154,688131,199*151,826149,037154,934173,020212,962255,386299,332
-15,84915,496*146-5,225*2,902744-13,848-3,5562,82314,34139,045
-18,60010,428*-269-8,540899-5,690-16,322-4,311-8018,22735,663
-13,7586,27026,931-4,5362,131-8,352-11,412-2,9521,44914,54629,284
Basic earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable-13,142-3,0683,13516,57830,664
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
-19,12624,60426,070-5,5181,797-5,533-10,469-2,602-11112,74831,962

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-13,7586,27026,931-4,5362,131-8,352-11,412-2,9521,44914,54629,284
Total adjustments to operating cash flowcomputed7,38320,222-20,9985,801-16,7727,45219,7707,57419,36728,34114,937
-6,37426,4925,9331,265-14,641-9008,3584,62220,81642,88744,221
-1,386-5,2485,963-57-3,2964,5711,815-13,395-12,669-12,328-36,038
6,127-8,759-21,225-3,2949,73212,268-1,890-9,773-4,852-23,590-7,923
Cash at beginning of periodKRW 100M32,29230,68143,26532,39730,41822,25137,03445,67526,97230,18437,173
30,68143,26532,39730,41822,25137,03445,67526,97230,18437,17337,420
Net change in cash and cash equivalentsKRW 100M-1,61112,584-10,868-1,979-8,16614,783Not applicableNot applicable3,2126,989247

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2026적정의견Term 52삼정회계법인2025-12-31
2025적정의견Term 51삼정회계법인2025-12-31
2024적정의견Term 50삼정회계법인2025-12-31
2022적정Term 49한영회계법인2022-12-31
2021적정Term 48한영회계법인2022-12-31
2020적정Term 47한영회계법인2022-12-31
2019적 정Term 46삼정회계법인2019-12-31
2018적 정Term 45삼정회계법인2019-12-31
2017적 정Term 44삼정회계법인2019-12-31
2016적 정Term 43삼정회계법인2016-12-31
2015적 정Term 42삼정회계법인2016-12-31
2014적 정Term 41삼정회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.57
%
%
Cost of equity7.24%
Weighted average cost of capital—
Initial growth11.9%
Effective tax rate17.9%
Base fiscal year2025
Current priceKRW291,500

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model161,705-44.5%
Dividend discount model DDM202,220-30.6%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE1,196,354+310.4%
Residual income model RIM641,936+120.2%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.57 × 5.00% = 7.24%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(16.32% × (1 − 27.07%), 0) = 11.90%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 8,300 × (1 + 2.00%) / (7.24% − 2.00%) = 8,466 / 0.0524 = 161,705 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 8,300, g_1 = 11.90%, g_T = 2.00%, r = 7.24%

YearGrowthDividend KRWDiscount factorPresent value KRW
111.90%9,2880.93258,661
29.43%10,1640.86968,838
36.95%10,8700.81098,815
44.48%11,3570.75628,588
52.00%11,5840.70528,169
Terminal value2.00%225,6810.7052159,149
Total202,220

P_0 = 202,220 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 187,728 KRW, ROE = 16.32%, payout ratio = 27.07%, r = 7.24%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1187,72830,63913,58317,0560.932515,905
2210,07334,28615,20019,0860.869616,597
3235,07938,36717,00921,3580.810917,320
4263,06142,93419,03423,9000.756218,074
5294,37448,04521,29926,7450.705218,861
Terminal value521,0650.7052367,451

P_0 = 187,728 + 86,757 + 367,451 = 641,936 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 44,220.5 − 9,468.3 + 0.0 (net borrowing) = 34,752.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
111.90%38,888.80.932536,264.9
29.43%42,555.00.869637,006.1
36.95%45,513.30.810936,908.2
44.48%47,550.40.756235,958.4
52.00%48,501.40.705234,202.8
Terminal value2.00%944,928.80.7052666,356.9
Total846,697.3

P_0 = 846,697.3 KRW hundred million ÷ 70,773,116 (shares) = 1,196,354 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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