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KR : Daewoo Shipbuilding & Marine - MARPOL catalysts await

Clarksons newbuild price index inched up to 136 pts on 21 May 2021 (+5% yoy), surpassing average levels of FY18/FY19 (130 pts). DSME's backlog (c.US$19bn) growth should gain pace, given c.W4tr new orders from containers, WTIVs, Arctic LNGs and oil FPSOs by Jul 21. Following EEXI implementation in Nov 20, new adoption of Marine Pollution Treaty (MARPOL) from Jun 21 may propel replacement orders for shipyards. Reiterate Add. We raise our TP to W43,000, based on 0.28x EV/backlog multiple (10% discount vs. 0.31x peak during its ASP upcycle in FY04-07).


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