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

Korea Aerospace Industries / Equity Bottom-Up

<ul><li>For 3Q25, Korea Aerospace Industries (KAI) posted revenue of W702.1bn (-22.6% YoY; 33% below the consensus), operating profit of W60.2bn (-21.1% YoY; 30% below the consensus), and an OP margin of 8.6%.</li><li>The results fell significantly short of expectations due to: 1) delayed recognition of light armed helicopter (LAH) revenue (from 3Q25 to 4Q25); and 2) slower revenue recognition for the FA-50PL (Poland) due to a delayed development schedule.</li><li>There were no one-off expenses. On a positive note, OP margin was 0.4%p higher than expected despite increased in-house R&amp;D spending. </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>

For 3Q25, Korea Aerospace Industries (KAI) posted revenue of W702.1bn (-22.6% YoY; 33% below the consensus), operating profit of W60.2bn (-21.1% YoY; 30% below the consensus), and an OP margin of 8.6%.The results fell significantly short of expectations due to: 1) delayed recognition of light armed helicopter (LAH) revenue (from 3Q25 to 4Q25); and 2) slower revenue recognition for the FA-50PL (Poland) due to a delayed development schedule.There were no one-off expenses. On a positive note, OP margin was 0.4%p higher than expected despite increased in-house R&amp;D spending. 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.

Korea Aerospace Industries (047810 KS/Hold)Look Ahead to 2026 and Beyond