[Featured Stock] Hanwha Ocean Drops 3% Despite Securities Firms Raising Target Price

Hanwha Ocean's stock price is falling more than 3% despite news of an upward revision in the target price by securities firms.

As of 9:40 a.m. on the 29th, Hanwha Ocean is trading at 34,900 won, down 3.06% (1,100 won) from the previous trading day.

Researcher Kang Kyung-tae of Korea Investment & Securities raised Hanwha Ocean's target price from 41,000 won to 44,000 won on the same day. Researcher Kang explained that the special ship division is expected to see sales growth as submarine construction begins, stating, "This is because the launch of the first Batch-II submarine of the Jangbogo III class, scheduled for 2025, as well as the construction of the second and fifth submarines, scheduled to be launched the year after next, will be in full swing."

Although the conflict between Hanwha Ocean and HD Hyundai Heavy Industries was resolved after Hanwha Ocean withdrew its police complaint against HD Hyundai Heavy Industries regarding the Korean next-generation destroyer KDDX bid, Hanwha Ocean subcontracted workers are currently staging a sit-in protest, claiming labor oppression.