Seoul: Just three years ago the stock price of the world's largest shipbuilder stood at 30,000 won. Now Merrill Lynch has raised its Hyundai Heavy's share price objective to 222,000 won from 165,000 won.
The investment bank also raised HHI's 2007-2009 earnings forecasts for the Ulsan-based builder. Merrill raised its 2007 net profit forecast for the world's biggest shipbuilder by 23.2 percent to 1.2 trillion won ($1.28 billion), its 2008 estimate by 19.7 percent to 1.6 trillion won, and its 2009 call by 14.1 percent to 1.96 trillion won. HHI's net profit leapt 300% last year as it sits on a record orderbook.
Shares in the shipbuilder were up 4.29 percent at 182,500 won in early morning trading in Seoul on the back of the report plus the weakening of the won to the dollar. [28/03/07]
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