HHI Set for Massive Market Recovery?


Shipbuilder Hyundai Heavy Industries has posted the biggest quarterly profit since 2013, as well as gaining the most shares in more than a year, according to Bloomberg.

The company saw the biggest advance since November, 2014 when its shares rose by 9.6%.

Chung Sung Yop, Analyst at Daiwa Securities in Seoul, said: “Hyundai Heavy’s earnings surprised on the upside in the second quarter. We are now turning more bullish on the stock on heightened earnings visibility from its Hyundai Oilbank, shipbuilding and engine divisions.”

In a previous article, PTI reported that HHI was involved in a project with the likes of Microsoft and Intel for creating an ecosystem for smart ships.

The company signed a Memorandum of Understanding to kickstart the project, which will see HHI and its partners to help ICT companies to develop ’17 Ship Service Software’.

This news comes amid suggestions made by the former Strategy and Finance Minister of South Korea that the nation’s three biggest shipbuilders merge its operations.

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