[Click eStock] "BHI's Solid Orders... Record-High Performance Expected This Year"

Kiwoom Securities analyzed on January 7 that BHI is expected to achieve record-high performance this year, following its all-time high order intake last year. The company did not provide an investment opinion or target price.

Kiwoom Securities estimated that BHI achieved its largest-ever order intake last year. Jo Jaewon, a researcher at Kiwoom Securities, stated, "We estimate that last year's order volume reached approximately 1.8 trillion won, a 27% increase compared to the previous year. Of this, HRSG orders accounted for about 1.2 trillion won, marking the second consecutive year that HRSG orders exceeded 1 trillion won, which is encouraging."

He added, "In 2025, the diversification of clients to include multiple Japanese and Chinese companies, in addition to domestic EPC firms, is a notable feature. We also expect that follow-up orders from existing clients will continue this year."

Thanks to last year's record-high orders, the outlook for this year's performance is also positive. Kiwoom Securities projected that BHI's sales and operating profit this year will reach 952.3 billion won and 109.5 billion won, respectively, representing increases of 31% and 51% compared to the previous year. The main driver of this improvement is the record order intake achieved last year.

Researcher Jo commented, "Since most of the sales growth is based on the order backlog, we believe the visibility of earnings estimates is high. The trend of increasing orders among global gas turbine companies and positive industry outlooks continue to strengthen." He further added, "We also expect robust HRSG demand to persist in the Middle East, Asia, and domestically."

He also expressed expectations for increased orders this year. He emphasized, "We anticipate new orders exceeding 1 trillion won again this year. If it is confirmed that the unit prices or margins of upcoming projects are on the rise, we can also expect additional earnings growth and a valuation premium."