현대건설 사업 동향 및 보증 리스크 모니터링 — 2026-09-18

Hyundai E&C is strengthening its energy portfolio by launching the development of a design package for next-generation water electrolysis hydrogen production technology. Meanwhile, as risks related to unleased properties and delayed construction payments emerge across the construction industry, major builders including Hyundai E&C are implementing win-win cooperation measures such as raising subcontracting unit prices under the leadership of the Fair Trade Commission.

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Hyundai E&C Starts Hydrogen Plant Design; Joins 107.7B Won Subcontract Price Hike

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주요 사업 변화 및 리스크 신호

• Water Electrolysis Plant Design Package Development: Hyundai E&C has started developing a large-scale water electrolysis plant design package to secure next-generation water electrolysis hydrogen production technology. This is interpreted as part of efforts to expand its new energy business proportion.
• Brokerage Target Price Upgrades: iM Securities raised Hyundai E&C's target price from 150,000 won to 175,000 won while maintaining a 'Buy' rating.
• Seoul Maintenance Project Order Share: Among redevelopment and reconstruction projects managed for commencement by Seoul this year, Hyundai E&C accounted for the largest share at 33%, representing about 10,000 households.
• Spread of Unleased Property Risks: Construction industry risks are shifting from financing and construction costs to collecting construction payments. While PF contingent liabilities are decreasing and profitability is recovering, delayed collection of construction payments due to unsold and unleased properties is emerging as a new risk.

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보증 리스크 및 협력사 관련 이슈

• Implementation of Subcontract Price Hikes: According to the Fair Trade Commission's public-private consultative body meeting, 19 major builders including Samsung C&T and Hyundai E&C participated in measures to raise subcontract prices by a total of 107.7 billion won. This is a follow-up measure to the "Construction Industry Win-Win Cooperation and Fair Trade Agreement" signed in May.
• Expansion of Escalation Contracts: The system of adjusting supply unit prices during sudden raw material price fluctuations through subcontract price escalation contracts is becoming more active. Over the past 100 days, builders raised supply unit prices by 73.7 billion won to ease the burden on subcontracted businesses.
• Persistent PF Guarantee Risks: PF guarantees act as contingent liabilities that burden financial soundness. In particular, long-standing unresolved PF guarantees indicate delayed projects or deteriorated business feasibility, carrying the potential to transition into latent insolvency, which is reflected in credit ratings.

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시장 분석 및 실무 인사이트

• Cost-to-Sales Ratio Peak-Out Signals: Builders' cost-to-sales ratios are showing "peak-out" signals. For Hyundai E&C, the cost-to-sales ratio recorded 97.91%, which is evaluated as an improvement compared to the past.
• Practical Insights: The news on subcontract price hikes and escalation contracts announced the previous day (September 16) serves as a critical turning point for partner risk management. Practitioners must continuously monitor the resolution trends of PF guarantees to ensure that cash flow pressures from unleased property risks do not lead to delayed subcontract payments, beyond just simple unit price increases.