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[Alpha Biz=(Chicago) Reporter Paul Lee] Shinhan Investment & Securities lowered SK Ocean Plant's target stock price to KRW 21,000. Analysts say uncertainties in the offshore wind industry have affected the situation. However, the investment opinion maintained the purchase.
"SK Ocean Plant's fourth-quarter sales rose 26.8 percent year-on-year to 211.2 billion won and operating profit fell 16.1 percent to 10.5 billion won, below market expectations," said Shinhan Investment & Securities Co. "An additional 3.5 billion won in indirect costs affected poor performance.
Shinhan Investment & Securities estimated that the mix worsened somewhat as sales in the lucrative offshore wind power sector fell 13.6% from the third quarter to KRW 120.5 billion.
This year's sales are expected to rise 11.4% year-on-year to 1.3 trillion won and operating profit to 77.3 billion won, up 2.3%.
"The target price will be lowered to 21,000 won from the previous 25,000 won," Shinhan Investment & Securities said. "Suspicions about the industry and the company's growth will be resolved only when large-scale orders are achieved."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
