External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain our Buy rating on Hanwha Solutions but lower our target price to W35,000 (from W38,000), reflecting: 1) a weak 4Q25 earnings outlook due to stricter US customs inspections; and 2) delays in the ramp-up of US cell production.</li><li>Amid import bottlenecks for cells (intermediate goods), the key question now is how quickly the company can normalize utilization at its US module operations.</li><li>However, we expect this issue to be resolved before prohibited foreign entity (PFE) rules go into effect in 2026.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We maintain our Buy rating on Hanwha Solutions but lower our target price to W35,000 (from W38,000), reflecting: 1) a weak 4Q25 earnings outlook due to stricter US customs inspections; and 2) delays in the ramp-up of US cell production.Amid import bottlenecks for cells (intermediate goods), the key question now is how quickly the company can normalize utilization at its US module operations.However, we expect this issue to be resolved before prohibited foreign entity (PFE) rules go into effect in 2026.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanwha Solutions (009830 KS/Buy)Guidance Lowered Amid a Wave of Setbacks