Hanwha Aerospace (012450 KS/Buy)Big Picture Remains Intact Despite Near-Term Headwinds
For 4Q25, Hanwha Aerospace reported revenue of W8.3tr (+72.6% YoY; 3% below the consensus), operating profit of W752.8bn (-16.3% YoY; 36% below the...
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Equity Strategy[February] Positioning for the Market’s Next Phase
Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.
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[2026 Outlook] Defense/ShipbuildingAnother inflection point
New naval vessel and LNG carrier orders could lead to a prolonged earnings up-cycle, and profit growth in the commercial vessel segment should...
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