【出版时间及名称】：2009年11月韩国造船行业研究报告
        【作者】：摩根大通
        【文件格式】：PDF
        【页数】：69
        【目录或简介】：
Table of Contents
Conclusions..............................................................................3
Valuation and rating analysis..................................................4
Where are we? .............................................................................................................4
What are priced in now? ..............................................................................................5
What are not priced in now? ........................................................................................6
Valuation methodology................................................................................................8
Recommendation and price target................................................................................9
Risks to our call .........................................................................................................10
Investment negatives .............................................................11
#1: Further stress on backlog ahead...........................................................................11
#2: New order rebound in Korea to lag the industry..................................................15
#3: Fair discount to continue as a market share loser ................................................18
Industry overview...................................................................19
New order outlook .....................................................................................................19
Delivery and backlog outlook....................................................................................20
New-build price outlook ............................................................................................20
Fleet outlook by vessel type.......................................................................................22
Companies
Daewoo Shipbuilding.................................................................................................28
Hyundai Heavy Industries Co., Ltd ...........................................................................40
Samsung Heavy Industries Co., Ltd...........................................................................53