As Samsung Heavy Industries comes closer to taking over a subsea-related company in 2013, the prospect of long-term growth remains bright
Analyst Lee Jae-Won of Tongyang Securities said "[In the past,] Samsung has taken earlier action in offshore segments, such as drillships and FLNG, compared to domestic competitors. If the builder goes the same way in subsea segment, then this will give superiority in its share prices."
Lee forecasted that Samsung's operating profit for the third quarter, on a consolidated basis, will be KRW237.8 billion (USD215.2 million), up by 2.9% year-on-year while down by 10.1% quarter-on-quarter. The chaebol is also expected to break the KRW1.0 trillion (USD908 million) barrier of operating profit in 2013.
Samsung will record USD13.6 billion of orders in 2013, Lee continued (shipbuilding – USD3.8 billion, offshore – USD9.8 billion), up by 20% from USD11.3 billion in 2012 (USD1.2 billion and USD10.1 billion respectively).
According to Lee, this recovery is largely due to the LNG carrier and boxship markets, with new orders if each vessel type prospected to grow significantly next year.
Source: Asiasis
{WISroYQ symbol='010140.KS'}
