HD Hyundai Heavy Industries

HD Hyundai Heavy Industries · Shipbuilding / Marine / Engine

Fri, May 8, 2026·Before Market Open

HD Hyundai Heavy IndustriesShipbuildingShip enginesData-center powerEarningsEarnings surprise

01Wall Street Consensus

EPS—

RevenueKRW 5.72T (Meritz) / KRW 5.84T (NH)

02Earnings Results

EPS—

RevenueKRW 5,916.3B+3.4%

Operating profitKRW 905.4BYoY +108.8%

Operating margin15.3%

Revenue YoY+54.8%

After-Hours Reaction+

※ EPS pending official disclosure — revenue and OP based on preliminary release

Key Takeaways

Q1 revenue KRW 5,916.3B (+54.8% YoY)
Operating profit KRW 905.4B (+108.8% YoY)
Beat consensus by 13.6% — clear earnings surprise
Samsung Securities raised target to KRW 1.03M from KRW 890K
HD Hyundai Mipo merger contribution plus joint margin lift across all segments
Ship-engine to data-center-power narrative passed phase one of earnings validation

Key Checkpoints

01Earnings validation of the ship-engine to data-center-power narrative
02Simultaneous operating-margin lift across commercial vessels, offshore, and engine
03Integrated revenue recognition post HD Hyundai Mipo merger
04New order backlog — potential annual guidance revision

Upside Catalysts

AI data-center power demand — simultaneous beneficiaries across ship engines and generators
Commercial-vessel margin improvement — eco-vessel ASP uplift
Full ramp of HD Hyundai Mipo merger synergies

Risk Factors

Steel-price volatility — cost pressure
KRW weakness deceleration — FX translation gain shrinkage
Order intake slowdown — revenue visibility weakening

1Bottom line

HD Hyundai Heavy Industries is the first quarter where the ship-engine to data-center-power narrative gets earnings validation. Consensus revenue clusters around KRW 5.7~5.8T (+51% YoY).

Joint margin lift across commercial vessels, offshore, and engine, plus integrated revenue recognition from the HD Hyundai Mipo merger, is the single variable.

Detail

SEPS 서프라이즈 히스토리

Beat0Miss1Beat률 0%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Comments

Earnings

02Earnings Results

EPS—

RevenueKRW 5,916.3B+3.4%

Operating profitKRW 905.4BYoY +108.8%

Operating margin15.3%

Revenue YoY+54.8%

After-Hours Reaction+

※ EPS pending official disclosure — revenue and OP based on preliminary release

Key Takeaways

Q1 revenue KRW 5,916.3B (+54.8% YoY)
Operating profit KRW 905.4B (+108.8% YoY)
Beat consensus by 13.6% — clear earnings surprise
Samsung Securities raised target to KRW 1.03M from KRW 890K
HD Hyundai Mipo merger contribution plus joint margin lift across all segments
Ship-engine to data-center-power narrative passed phase one of earnings validation

1Bottom line

HD Hyundai Heavy Industries is the first quarter where the ship-engine to data-center-power narrative gets earnings validation. Consensus revenue clusters around KRW 5.7~5.8T (+51% YoY).

Joint margin lift across commercial vessels, offshore, and engine, plus integrated revenue recognition from the HD Hyundai Mipo merger, is the single variable.