0346 GMT - Hanwha Ocean's stock may be overvalued, Nomura analyst Eon Hwang writes in a note. Shares in the South Korean shipbuilder face a potential dilution, as state lender Korea Development Bank has decided to sell a part of its stake that was secured through a debt-to-equity swap, Hwang notes. Market expectations of the U.S. curbs on Chinese shipyards and a potential U.S. naval business opportunity for Hanwha have already been factored in, he says. The stock has more than doubled this year, FactSet data show. Nomura cuts its target price for the stock by 11% to KRW55,000 and keeps a reduce rating. Shares are 12% lower at KRW78,800.(kwanwoo.jun@wsj.com)
(END) Dow Jones Newswires
April 28, 2025 23:46 ET (03:46 GMT)
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