South Korean shipbuilding stocks rallied broadly in early trading on September 17 after SK Securities said the sector had entered a typical oversold zone. As of 9:29 a.m., Hanwha Engine was trading at 51,700 won, up 3,650 won, or 7.60%, while TMC rose 840 won, or 6.38%, to 14,000 won. HD Hyundai Heavy Industries gained 4.65% to 461,000 won, HD Hyundai Marine Engine increased 4.62% to 51,000 won, Samsung Heavy Industries climbed 3.96% to 21,000 won, HD Korea Shipbuilding & Offshore Engineering rose 3.31% to 343,500 won, and Hanwha Ocean advanced 2.09% to 83,000 won. Analyst Han Seung-han said the sector's 12-month forward P/E ratio had fallen to its lowest level since April 2023, when the upcycle began. SK Securities projected combined operating profit of 13.7 trillion won based on 2028 estimates, roughly double the previous peak, and maintained an Overweight rating. The report cited selective orders focused on high-margin vessels, business diversification and growth beyond commercial ships as potential support for a re-rating. The rally extended across equipment makers and engine suppliers, with smaller companies including Hanwha Engine and TMC attracting bargain-hunting inflows after steep declines.