HD KSOE secures 174-vessel orders as HD KSOE stock faces cycle fears

Published on 10/20/2026 at 04:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

HD KSOE booked 174 vessels worth USD 19.25 billion by October 19, 2026. A third-quarter margin test now defines the case for HD KSOE stock.

Orders meet a cycle test

HD KSOE had secured 174 vessels worth USD 19.25 billion by October 19, 2026.
Second-quarter revenue reached KRW 8.93 trillion, up 20.2 percent year over year.
HD KSOE's market capitalization stood at KRW 18.3 trillion as of October 20, 2026.
Third-quarter results are scheduled for November 16, 2026.

KSOE, KR7009540006, Illustration mit AI erstellt.

HD KSOE (KR7009540006) had secured 174 vessels worth USD 19.25 billion by October 19, 2026, reaching 82.6 percent of its annual order target, according to Pulse. The figure gives the shipbuilder a strong backlog, but investors are testing how much of that work can translate into durable margins.

Orders keep the backlog high

The latest addition was an order for four very large gas carriers worth KRW 625.8 billion, secured by HD Hyundai Heavy Industries on October 15, 2026. The subsidiary belongs to HD KSOE, and the contract was included in the 174-vessel total reported by Pulse.

For the second quarter of 2026, HD KSOE reported consolidated revenue of KRW 8.93 trillion, up 20.2 percent from the same quarter a year earlier, while operating profit rose 72.5 percent to KRW 1.65 trillion, according to New Era Korea. Shipbuilding generated KRW 7.45 trillion of revenue and KRW 1.40 trillion of operating profit in that period.

What does the order pace mean for margins?

The answer depends on vessel mix and execution rather than order volume alone. Higher-priced LNG, LPG and specialty vessels are moving into revenue recognition, while the industry is also confronting concerns that new orders could slow after the current cycle.

Chronology shows a widening debate

On September 22, 2026, HD KSOE had accumulated USD 18.71 billion of annual orders, as MK reported. On October 6, 2026, the company reported a KRW 338 billion contract alongside second-quarter operating profit of KRW 1.65 trillion, according to New Era Korea. On October 15, 2026, its subsidiary secured the KRW 625.8 billion gas-carrier order that helped lift the annual total to 174 vessels.

Analysts still watch investment

On October 15, 2026, Korea Investment Securities cut its target for HD KSOE to KRW 440,000 while maintaining a Buy rating, citing the need for new investment to support future growth, according to Newspim. LS Securities also set a KRW 440,000 target on October 14, 2026, with projected third-quarter revenue of KRW 8.39 trillion and operating profit of KRW 1.55 trillion, according to Newspim.

Next results date is set

Investing.com lists November 16, 2026 as HD KSOE's next earnings date. That report should show whether the second-quarter profit improvement is continuing while new orders remain selective.

KRX quote reflects the risk debate

HD KSOE was last at KRW 258,500 on the KRX on October 20, 2026 at 10:54 a.m. KST. Its market capitalization stood at KRW 18.3 trillion, while the 52-week range was KRW 254,000 to KRW 494,500 as of the same date.