Six HD Hyundai Affiliates Hit 52-Week Intraday Highs
All Listed Group Companies See Sharp Gains This Month
Stock Rally Driven by Chairman Chung Ki-sun’s Inauguration and Merger Expectations
HD Hyundai Group stocks are showing strong performance, with many reaching new record highs. This trend is believed to reflect recent developments such as the inauguration of Chairman Chung Ki-sun and expectations of affiliate mergers. Within the HD Hyundai Group, several subsidiaries are positioned to benefit from the MASGA (Make American Shipbuilding Great Again) project in the United States and the expansion of power infrastructure investments driven by the spread of artificial intelligence (AI). As a result, the robust stock performance of the group is expected to continue.
According to the Korea Exchange on October 23, HD Korea Shipbuilding & Offshore Engineering, HD Hyundai, HD Hyundai Marine Solution, HD Hyundai Marine Engine, HD Hyundai Mipo Dockyard, and HD Hyundai Heavy Industries all recorded new 52-week intraday highs on the previous trading day. HD Korea Shipbuilding & Offshore Engineering closed up 5.36% at 462,000 won, reaching as high as 463,000 won during the session, setting a new 52-week high. HD Hyundai, which has risen for six consecutive days, also set a 52-week high by reaching 180,800 won during the session. HD Hyundai Heavy Industries also continued its six-day rally, coming close to 600,000 won, reaching 582,000 won intraday and closing up 3.20% at 581,000 won. HD Hyundai Mipo Dockyard, which surged over 10% on October 21, rose more than 4% again, reaching 234,500 won intraday and setting another 52-week high.
All 10 listed companies within the HD Hyundai Group saw significant gains this month. Specifically, HD Korea Shipbuilding & Offshore Engineering rose 12.41%, HD Hyundai 16.28%, HD Hyundai Construction Equipment 11.95%, HD Hyundai Marine Solution 17.62%, HD Hyundai Marine Engine 16.89%, HD Hyundai Mipo Dockyard 14.74%, HD Hyundai Energy Solution 9.63%, HD Hyundai Infracore 6.49%, HD Hyundai Electric 17.87%, and HD Hyundai Heavy Industries 12.82%.
This collective strength among group stocks is believed to be driven by expectations surrounding Chairman Chung Ki-sun’s inauguration and the effects of affiliate mergers. On October 17, during the 2025 executive appointments, Chung Ki-sun was promoted from Senior Vice Chairman to Chairman, marking HD Hyundai Group’s return to owner-led management after more than 30 years. Chairman Chung now serves as CEO of both the holding company HD Hyundai and the intermediate holding company HD Korea Shipbuilding & Offshore Engineering, overseeing the group’s strategy and investments. He also serves as co-CEO of HD Hyundai Site Solution, taking a direct role in normalizing the underperforming construction equipment division.
Expectations for synergies from affiliate mergers are also being reflected in the stock prices. In the shipbuilding sector, the integration of HD Hyundai Heavy Industries and HD Hyundai Mipo Dockyard is expected to be completed within the year. To this end, both companies are holding an extraordinary shareholders’ meeting on this day to approve the merger agenda. The merger date is set for December 1. Lee Jini, a researcher at Daishin Securities, commented on HD Hyundai Mipo Dockyard, stating, "Through the merger, we expect to expand the base for defense (naval vessel) orders. HD Hyundai Mipo Dockyard has set a target of 7 trillion won in defense business revenue out of its 32 trillion won sales blueprint for 2030 through the merger with HD Hyundai Heavy Industries. If two out of HD Hyundai Mipo Dockyard’s four docks are used for special-purpose and defense vessels, additional special-purpose ships can be built, leading to a significant increase in sales per production capacity and facility utilization rates."
In the construction equipment sector, the merger between HD Hyundai Construction Equipment and HD Hyundai Infracore will be completed in January next year. The merger was approved at an extraordinary shareholders’ meeting on September 16. The merged entity, HD Construction Equipment, will officially launch in January next year. HD Hyundai plans to leverage merger synergies to increase the combined sales of the two companies from the current 8 trillion won to 14.8 trillion won by 2030. Lee Hangyeol, a researcher at Kiwoom Securities, stated, "HD Hyundai Construction Equipment will absorb HD Hyundai Infracore and share the growth of the engine division. After the merger, expectations for increased sales volume in the construction equipment division and mid- to long-term growth in the engine division will help resolve the undervaluation compared to global peers."
The group is also expected to benefit from the MASGA project and AI momentum. Kim Hyuntae, a researcher at BNK Investment & Securities, commented, "HD Hyundai has subsidiaries that will directly benefit from the MASGA project in the United States and the expansion of power infrastructure investment driven by AI, so the stock rally linked to these factors is expected to continue."
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