_JPM-Korea Shipbuilding Sector-2010.8.26.pdfVIP

Asia Pacific Equity Research 26 August 2010 Korea Shipbuilding Demand recovery trade under way; still more upside • We upgrade Samsung Heavy (SHI), Daewoo Shipbuilding (DSME) to South Korea OW and Hyundai Heavy (HHI) to N: The sector has priced in an early Ship Building Repairs recovery cycle of shipbuilding as speculative demand on low-end vessels