[Click e-Stock] "Daehan Shipbuilding: Time to Buy Amid Fear"

On November 12, IBK Investment & Securities assessed that the additional overhang risk from the subscription allocation shares of Daehan Shipbuilding is limited. The company maintained its target price of 100,000 won and a "Buy" investment rating.

Jihoon Oh, a researcher at IBK Investment & Securities, explained, "The six-month lock-up volume is only about one-third of the three-month lock-up volume and accounts for just 2.8% of the listed shares. Therefore, we believe the additional overhang risk from the subscription allocation shares is limited."

Previously, among the shares allocated in Daehan Shipbuilding's initial public offering (IPO), the six-month lock-up volume amounted to 1,083,527 shares, which is 2.8% of the total listed shares. Most institutional and foreign investors received allocations under lock-up conditions of three months or less, and 3,313,817 shares under these conditions were released from lock-up after three days.

Researcher Oh stated, "The recent excessive decline in the stock price is mainly due to concerns over the lock-up expiration on February 1, 2026, for Anda H Asset's 24.89% stake." However, he analyzed that these market concerns are excessive.

He continued, "We estimate that Anda H Asset is unlikely to immediately sell all of its holdings on February 1, 2026. Anda H Asset completed the repayment of principal to existing investors after fully recovering its original investment through a recapitalization in October this year."

He added, "The maturity of the pledge agreement on Daehan Shipbuilding shares has been extended from July 21, 2026, to October 1, 2027, giving Anda H Asset sufficient time before selling its stake in Daehan Shipbuilding."

He further stated, "As the second-largest shareholder of Daehan Shipbuilding, Anda H Asset is more likely to sell its stake through a block deal rather than disposing of it on the open market. Therefore, contrary to market concerns, the likelihood of a large-scale stake sale causing an overhang risk in the near future is low."

Researcher Oh concluded, "Among global shipbuilders, Daehan Shipbuilding has the highest profitability but is trading at the lowest valuation. With the tanker market, its main business area, performing very well, we expect strong order intake next year. We also believe there is a high possibility that an attractive shareholder return policy will be proposed going forward."