Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-solutions" target="_blank" data-smartkarma-citation="entities:8656:1" rel="noopener">Hanwha Solutions (009830 KS)</a> has been downtrending since April 2026 (after peaking in Feb 2026). In the last 2 weeks the stock staged a strong rally, potentially a directional change.</li>
<li>The rally has been triggered by a combination of strong Q2 earnings and leadership confidence affirmed via Vice Chairman Kim Dong-kwan acquisition of 23,153 additional shares.</li>
<li>After the 17th August holiday, the stock pulled back slightly on August 18th, it may be worth considering entering LONG position on this pullback (speculative trade).</li>
</ul>



Hanwha Solutions (009830 KS) has been downtrending since April 2026 (after peaking in Feb 2026). In the last 2 weeks the stock staged a strong rally, potentially a directional change.
The rally has been triggered by a combination of strong Q2 earnings and leadership confidence affirmed via Vice Chairman Kim Dong-kwan acquisition of 23,153 additional shares.
After the 17th August holiday, the stock pulled back slightly on August 18th, it may be worth considering entering LONG position on this pullback (speculative trade).


Hanwha Solutions (009830 KS) Tactical Outlook: Consider Buying the Dip

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li><em><strong>It would be better for Hanwha Solutions to sell its stake in Korea Zinc than to complete a large rights offering (now estimated to be 1.5 trillion won).</strong></em></li>
<li>At this point, Hanwha Solutions is highly UNLIKELY to sell its stake in Korea Zinc any time soon but rather is proceeding ahead with its rights offering. </li>
<li>Hanwha Solutions' indirect stakes (through subsidiaries) in Korea Zinc is worth 1.7 trillion won. </li>
</ul>


It would be better for Hanwha Solutions to sell its stake in Korea Zinc than to complete a large rights offering (now estimated to be 1.5 trillion won).
At this point, Hanwha Solutions is highly UNLIKELY to sell its stake in Korea Zinc any time soon but rather is proceeding ahead with its rights offering. 
Hanwha Solutions' indirect stakes (through subsidiaries) in Korea Zinc is worth 1.7 trillion won. 


Hanwha Solutions: Better to Sell Its Stake in Korea Zinc Than Conduct a Large Capital Raise

Equity Capital Markets

Hanwha Solutions / Equity Capital Markets

<ul>
<li>On 14 May, Hanwha Solutions (009830 KS) submitted a third amended filings for its 1.8 trillion won rights offering capital raise which the company plans to complete in 3Q 2026.</li>
<li>As the fundraising schedule has been postponed to the third quarter, the company faces a near-term risk of a credit rating downgrade.</li>
<li>Sustainability of the company's earnings rebound remains questionable. So I continue to have a Negative View of Hanwha Solutions. The company also does not have compelling, attractive valuations. </li>
</ul>


On 14 May, Hanwha Solutions (009830 KS) submitted a third amended filings for its 1.8 trillion won rights offering capital raise which the company plans to complete in 3Q 2026.
As the fundraising schedule has been postponed to the third quarter, the company faces a near-term risk of a credit rating downgrade.
Sustainability of the company's earnings rebound remains questionable. So I continue to have a Negative View of Hanwha Solutions. The company also does not have compelling, attractive valuations. 


Hanwha Solutions: 1.8 Trillion Won Rights Offering in 3Q 2026 - Third Time Is the Charm?

<ul>
<li>On 17 April, Hanwha Solutions (009830 KS) announced that it will reduce the rights offering capital raise amount to 1.8 trillion won, down from 2.4 trillion won previously.</li>
<li>This includes newly issued shares of 56 million (down from 72 million previously) and expected offering price of 32,400 won per share (down from 33,300 won per share previously).</li>
<li>I continue to have a Negative View of this capital raise/Hanwha Solutions mainly due to excessive dilution concerns of existing shareholders. The company has poor balance sheet and high valuations.</li>
</ul>


On 17 April, Hanwha Solutions (009830 KS) announced that it will reduce the rights offering capital raise amount to 1.8 trillion won, down from 2.4 trillion won previously.
This includes newly issued shares of 56 million (down from 72 million previously) and expected offering price of 32,400 won per share (down from 33,300 won per share previously).
I continue to have a Negative View of this capital raise/Hanwha Solutions mainly due to excessive dilution concerns of existing shareholders. The company has poor balance sheet and high valuations.


Hanwha Solutions: Reduces Rights Offering Capital Raise to 1.8 Trillion Won

<ul>
<li>On 25 March, Hanwha Solutions (market cap of 6.3 trillion won) announced that it plans to conduct a rights offering capital raise of nearly 2.4 trillion won (US$1.6 billion).</li>
<li>I have a Negative View of this rights offering capital raise mainly due to excessive dilution concerns of existing shareholders. In addition, the company has poor balance sheet. </li>
<li>The company's core solar and chemical businesses are experiencing tough competition and its profitability (operating margin) worsened in 2025. Valuations are also not cheap (EV/EBITDA of 20.1x). </li>
</ul>


On 25 March, Hanwha Solutions (market cap of 6.3 trillion won) announced that it plans to conduct a rights offering capital raise of nearly 2.4 trillion won (US$1.6 billion).
I have a Negative View of this rights offering capital raise mainly due to excessive dilution concerns of existing shareholders. In addition, the company has poor balance sheet. 
The company's core solar and chemical businesses are experiencing tough competition and its profitability (operating margin) worsened in 2025. Valuations are also not cheap (EV/EBITDA of 20.1x). 


Hanwha Solutions: Rights Offering Capital Raise of 2.4 Trillion Won

South Korea

Hanwha Solution Corporation is a chemical manufacturer.  The Company's products include a line of chlorine alkali chemicals, such as caustic soda, chlorine, and hydrochloric acid.  Hanwha also produces resins including low density polyethylene (LDPE) and polyvinyl chloride (PVC).

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Hanwha Solutions (009830 KS)