In today’s briefing:
- Introducing Trading Opportunities from Newly Listed Top 3 Korea Sector ETF Futures
- Hanwha Aerospace – Growth Is Structural, Governance Is the Cap
Introducing Trading Opportunities from Newly Listed Top 3 Korea Sector ETF Futures
- New futures launched on KRX Semis, PLUS K-Defense, and SOL Shipbuilding ETFs — the first sector-focused ETFs over 1T KRW to get futures.
- All three sectors dominate Korea’s market, already absorbing liquidity, and ETF futures could trigger delta-hedge arb flows, pushing liquidity even higher.
- All three indices are top-heavy, so flows in big-weight names can create spot-futures dislocations and alpha on individual spreads—especially during early MM liquidity and aggressive basis plays.
Hanwha Aerospace – Growth Is Structural, Governance Is the Cap
- Hanwha Aerospace has scaled into Asia’s top defense prime, with Land Systems (K9, Chunmoo, Redback) driving >30% OP margins and consolidated revenues compounding ~30% annually.
- A ₩31.7 tn orderbook (~4x sales) anchored in Poland, Australia, and Romania underpins multi-year growth visibility, with Ocean adding LNG/naval scale and Systems providing electronics integration.
- Hanwha trades in line with peers (~19× P/E, ~16× EV/EBITDA); upside hinges on backlog execution, while governance and ESG risks cap multiples.
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