KOSPI · Shipbuilding · HD Hyundai shipbuilding holding (world's largest)
HD Korea Shipbuilding & Offshore Engineering
HD Hyundai's shipbuilding intermediate holding, overseeing three yards - HD Hyundai Heavy, HD Hyundai Mipo and HD Hyundai Samho. Consolidated revenue is 84% shipbuilding, 10% engines, 4% offshore; as the world's largest shipbuilding group it leads LNG and container-ship supercycle orders.
009540.KS Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, HD Korea Shipbuilding & Offshore Engineering is directly linked to 2 companies (1 supply, 0 revenue, 1 investment relationships) and reaches 2 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Consolidated: Shipbuilding 84%, Engines 10%, Offshore 4%
- Segments · Shipbuilding (3 yards: Heavy, Mipo, Samho) · Engine & Machinery (large, medium engines) · Offshore, green energy
Revenue from
- 글로벌 선주 (연결 조선 — LNG선·컨테이너선) High confidence· Market share 84% · 연결 매출 중 조선 · annual report
Consolidated shipbuilding is 84% of revenue - three yards (Heavy, Mipo, Samho) build LNG carriers, high-value gas ships, boxships and warships; the QatarEnergy LNG program and supercycle anchor demand. - 조선소·발전사 (연결 엔진기계 — 대형·중형엔진) High confidence· Market share 10% · 연결 매출 중 엔진기계
Consolidated engines are 10% of revenue - large and medium marine engines, HiMSEN and land gensets sold worldwide, with HD Hyundai Heavy as the engine-making core. - 글로벌 선주 (LNG·컨테이너·상선) High confidence
HD Hyundai's shipbuilding intermediate holding (Heavy, Mipo, Samho): supercycle LNG and container ship orders as the world's largest shipbuilding group; expanding US Navy MRO.Mentions KO Finance Scope Published Feb 21, 2025: Samsung Heavy: LNG/FLNG drive, $9.8B 2025 order target
Pays to
- POSCO·현대제철 (연결 선박용 후판·강재) High confidence
Across the three yards, sources ship steel plate from POSCO, Hyundai Steel and others; plate is a large share of consolidated material cost. - 선박 기자재·의장품 (연결) Medium confidence
Across the yards, assembles from blocks, fit-out, electrical and navigation equipment from partners.
Investments
- HD현대중공업 (조선 자회사) High confidence
As the shipbuilding holding, the largest shareholder of HD Hyundai Heavy (the world's largest yard). - HD현대미포 (중형선 자회사) High confidence
Key subsidiary HD Hyundai Mipo, specialized in medium ships (product/MR tankers, mid-size boxships). - HD현대삼호 (대형선 자회사) High confidence
Key subsidiary HD Hyundai Samho, specialized in large ships (VLCCs, mega boxships, LNG carriers).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| HD Korea Shipbuilding & Offshore Engineering | node | -15.2 | -0.1 | +42.6 | +104.4 | +84 | -16 |
| HD Hyundai Heavy Industries | benef1 | · | +11.4 | +3.2 | +172.6 | +86.9 | -11.8 |
| POSCO Holdings | benef2 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is backlog visibility as the intermediate holding of the world's largest shipbuilding group in an LNG/container-ship supercycle. Overseeing three yards — HD Hyundai Heavy, Mipo, Samho — consolidated revenue is 84% shipbuilding, 10% engines and 4% offshore, and high-value gas-ship orders like the QatarEnergy LNG program pre-lock multi-year revenue, with yards divided by ship type (Samho: VLCCs, mega boxships, LNG carriers; Mipo: mid-size PC/MR tankers) to split supercycle volume. US Navy MRO expansion adds a new revenue axis, and the engine business (HiMSEN, land gensets) complements the shipbuilding cycle. On cost, it depends on POSCO and Hyundai Steel for plate, making steel prices the key margin variable; the risk is that orders are locked but rising labor/steel costs and FX pressure realized margins.
Analysis generated from returns as of 2026-07-10