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Hanwha Ocean Co.

042660.KS
59
Aerospace & Defense · Industrials
Price
₩55300.00
-1900.00 (-3.32%)
Market Cap
₩16.94T
Exchange
Korea Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Exceptional
19/20
Cash Flow
Mixed
4/10
Stability
Good
6/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Weak
1/5

59 of 100 counted points = Winston Score 59.

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Share count rising — dilution

+148.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 123.4M (2021) → 306.4M (2025)

§Winston Score History

The full picture

Hanwha Ocean is a South Korean shipbuilder that designs and constructs large vessels including LNG carriers, container ships, offshore platforms, and naval warships. Formerly known as Daewoo Shipbuilding & Marine Engineering (DSME), it was acquired by Hanwha Group in 2023. It is one of the largest shipbuilders in the world, competing alongside HD Hyundai and Samsung Heavy Industries.

The company earns revenue primarily through long-term construction contracts for commercial and military vessels, with customers including global shipping lines, energy companies, and the South Korean Navy. It operates major shipyards in Geoje, South Korea, and serves clients worldwide. Hanwha Ocean benefits from high barriers to entry in large-scale shipbuilding and strong demand for LNG carriers driven by the global energy transition. Key growth drivers include rising orders for eco-friendly vessels and naval defense ships, though the business faces risks from steel price volatility, labor shortages, and the cyclical nature of the shipbuilding industry.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+68.2% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+382.2% YoY

Quarterly reporting periods ended:

30 Jun 2025: ₩465.00

30 Jun 2026: ₩2,242.00

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

₩63.4B/ year

→ Flat (+0% vs prior year)

0.5% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

59.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₩3.2T cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Hanwha Ocean Co. grew revenue 68% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
18.7%
Thin — 18.7% gross margin
Profit after running costs
Operating Margin
15.0%
Healthy — 15.0% operating margin
Return on the money invested
ROCE
13.5%
Good — 13.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+22.0%
Fast-growing sales (+22.0% YoY)
Profit growth
EPS YoY
+163.0%
Earnings growing fast (+163.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
75%
Modest — 75% of profit becomes cash
Spare cash per sale
FCF Margin
4.7%
Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.64
Elevated debt (1.64)
Covers its interest
Interest Cover
8.99x
Comfortably covers interest (9.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.2x
Attractive valuation — P/E 8.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-4.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
0.16%
Small dividend — 0.16% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-37.7%
Dividend cut (-37.7% YoY) — warning sign

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