发帖
雷达卡
Korean companies to benefit from growth
Wind power at the center of a paradigm shift Fears of a global economic
crisis are compounding environmental concerns. Developed countries are
striving to catch the two birds with one stone by setting aside huge amounts
of money for renewable energy technology development including wind
power. According to the World Wind Energy Association (WWEA), the wind
power industry grew at a CAGR of 26.6% during 2001-2007 and will expand at
a CAGR of 21.9% in 2008-2012. Even those estimates are underestimating the
growth potential of the wind power industry emerging as one of the key
solutions to tackling the economy and environment challenges facing the
world.
Shipbuilding and heavy industries jumping on the wind power wagon
The incoming Obama administration is calling for a US$150bn investment in
clean technologies including wind power over the next ten years. The Global
Wind Energy Council (GEWC) forecasts that the U.S. will replace Germany as
a leader in wind power generation. With increasing investment and
promising growth prospects, competition is heating up among
manufacturers of wind power generators. The market share is concentrated
among the global top five manufacturers, which controlled 70.2% of the
market in 2007, but their hold on the market is weakening. In Korea,
shipbuilding companies (Hyundai Heavy Industries, Samsung Heavy
Industries and STX Engine) and heavy industry companies (Hyosung and
Doosan Heavy Industries & Construction) are making forays into wind
power. Shipbuilding and wind power have many things in common as an
industry, and that puts the Koreans with offshore plant construction
experience and forging industry support at an advantage.
Wind power equipment makers to benefit While shipbuilding and heavy
industry players are still in their early stage of penetrating the wind power
market, wind power equipment makers that supply parts to the global top
10 wind power companies are positioned to reap benefits from wind power
industry growth.
OVERWEIGHT on wind power parts venders We focus on wind power parts
venders (shipbuilding materials manufacturers) through 2010, and
shipbuilding and heavy industries companies from 2011 onwards. We
recommend OVERWEIGHT on wind power parts venders in light of growing
production capacity, strong earnings growth, and valuation merits. Our top
picks are Taewoong (fair value W120,000), PSM (W42,000), and Yonghyun BM
(W41,500).
In Karp Cho
(82-2) 3772-1562
ikcho@goodi.com
Joey Lee
(82-2) 3772-1533
Joey.lee@goodi.com
In addition to the
Goodmorning Shinhan Securities
web site, our research products are available
over third-party systems
provided or serviced by:
Bloomberg, First Call, IBES, ISI, Reuters,
FnGuide, and WiseFN
Contents
Investment strategy: Focus on 4 forging makers
3
Wind power at the center of a paradigm shift
4
The wind power generation trends by nation
7
Global wind power players; “a leaguer of their own”
9
Why should we focus on wind energy?
1) Generation costs
2) Land, Sea and Wind
11
From onshore to offshore
14
Korea – From blue ocean to green wind
17
Investment indicators for global wind power players
20
Wind power materials and components - Engine of green growth
22
Top picks: Taewoong, Pyeong San, HJ materials, YHBM/ HHI, SHI
25
288681.pdf
(3.86 MB, 需要: 500 个论坛币)
[此贴子已经被作者于2009-1-25 11:35:20编辑过]
京公网安备 11010802022788号
