000720 KR · Hyundai Engineering & ConstructionMW GOBLIN RESEARCH

Hyundai Engineering & Construction: Cash Collection After Earnings Recovery

Analysis date

Published

Key Summaries

As of 2026-09-30, the recovery in profitability is positive. However, to argue that the stock is undervalued at KRW 118,100, a reduction in cash outflows and confirmation of the profitability of the nuclear power plant main contract are needed. The already disclosed partial work stoppage also needs to be monitored.

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What this report covers

  • Improved building and housing margins supported earnings
  • Collecting construction payments matters more than raising debt
  • Partial work stoppage is an already disclosed risk