Buy Or Sell Opportunity • 8h
Now 24% overvalued Over the last 90 days, the stock has fallen 40% to ₩91,600. The fair value is estimated to be ₩73,584, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 172% in the next 2 years. New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 128% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.4% net profit margin). Price Target Changed • May 03
Price target increased by 9.3% to ₩93,346 Up from ₩85,423, the current price target is an average from 13 analysts. New target price is 20% below last closing price of ₩117,300. Stock is up 181% over the past year. The company is forecast to post earnings per share of ₩726 for next year compared to ₩1,245 last year. Major Estimate Revision • Apr 29
Consensus EPS estimates fall by 68% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩4.41b to ₩4.37b. EPS estimate also fell from ₩1,541 per share to ₩500 per share. Net income forecast to shrink 60% next year vs 59% growth forecast for Aerospace & Defense industry in South Korea . Consensus price target up from ₩85,423 to ₩89,458. Share price fell 12% to ₩118,100 over the past week. Price Target Changed • Apr 11
Price target increased by 18% to ₩72,962 Up from ₩61,643, the current price target is an average from 13 analysts. New target price is 45% below last closing price of ₩133,300. Stock is up 273% over the past year. The company is forecast to post earnings per share of ₩1,459 for next year compared to ₩1,245 last year. Reported Earnings • Mar 17
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₩1,245 (down from ₩2,591 in FY 2024). Revenue: ₩3.66t (up 31% from FY 2024). Net income: ₩233.8b (down 52% from FY 2024). Profit margin: 6.4% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Aerospace & Defense industry in South Korea. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 125% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩146,200, the stock trades at a forward P/E ratio of 101x. Average forward P/E is 44x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 1,083% over the past three years. Announcement • Feb 24
Hanwha Systems Co., Ltd., Annual General Meeting, Mar 23, 2026 Hanwha Systems Co., Ltd., Annual General Meeting, Mar 23, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 19, myeongdong 11-gil, jung-gu, seoul South Korea Announcement • Feb 21
Hanwha Systems Co., Ltd. announces Annual dividend Hanwha Systems Co., Ltd. announced Annual dividend of KRW 500.0000 per share, ex-date on March 26, 2026 and record date on March 27, 2026. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to ₩119,900, the stock trades at a forward P/E ratio of 83x. Average forward P/E is 40x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 808% over the past three years. Announcement • Jan 22
Hanwha Systems Co., Ltd. to Report Fiscal Year 2025 Results on Feb 06, 2026 Hanwha Systems Co., Ltd. announced that they will report fiscal year 2025 results at 12:00 PM, Korea Standard Time on Feb 06, 2026 Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₩76,500, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 36x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 581% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩47,808 per share. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩58,800, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 34x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 452% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩47,513 per share. Buy Or Sell Opportunity • Dec 23
Now 24% overvalued Over the last 90 days, the stock has fallen 2.6% to ₩58,800. The fair value is estimated to be ₩47,513, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are forecast to decline by 12% per annum over the same time period. New Risk • Dec 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 12% per year for the foreseeable future. High level of non-cash earnings (25% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩808 (vs ₩77.64 in 3Q 2024) Third quarter 2025 results: EPS: ₩808 (up from ₩77.64 in 3Q 2024). Revenue: ₩807.7b (up 26% from 3Q 2024). Net income: ₩151.8b (up ₩137.5b from 3Q 2024). Profit margin: 19% (up from 2.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Aerospace & Defense industry in South Korea. Over the last 3 years on average, earnings per share has increased by 60% per year whereas the company’s share price has increased by 65% per year. Price Target Changed • Nov 10
Price target increased by 7.3% to ₩61,643 Up from ₩57,464, the current price target is an average from 14 analysts. New target price is 16% above last closing price of ₩53,300. Stock is up 103% over the past year. The company is forecast to post earnings per share of ₩1,091 for next year compared to ₩2,592 last year. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩52,700, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 32x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 384% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩58,249 per share. Buy Or Sell Opportunity • Oct 27
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ₩56,500. The fair value is estimated to be ₩46,824, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 65%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are forecast to decline by 0.1% per annum over the same time period. Buy Or Sell Opportunity • Oct 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₩60,750. The fair value is estimated to be ₩49,598, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 65%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are forecast to decline by 0.5% per annum over the same time period. Buy Or Sell Opportunity • Sep 16
Now 21% overvalued Over the last 90 days, the stock has fallen 13% to ₩59,650. The fair value is estimated to be ₩49,306, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 65%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are forecast to decline by 0.5% per annum over the same time period. Price Target Changed • Aug 01
Price target increased by 9.6% to ₩51,731 Up from ₩47,192, the current price target is an average from 13 analysts. New target price is 14% below last closing price of ₩60,200. Stock is up 219% over the past year. The company is forecast to post earnings per share of ₩910 for next year compared to ₩2,592 last year. Major Estimate Revision • Jul 31
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩3.68b to ₩3.61b. EPS estimate also fell from ₩1,075 per share to ₩866 per share. Net income forecast to shrink 57% next year vs 33% growth forecast for Aerospace & Defense industry in South Korea . Consensus price target broadly unchanged at ₩47,269. Share price rose 6.9% to ₩59,100 over the past week. Price Target Changed • Jul 29
Price target increased by 7.7% to ₩47,192 Up from ₩43,808, the current price target is an average from 13 analysts. New target price is 16% below last closing price of ₩56,500. Stock is up 176% over the past year. The company is forecast to post earnings per share of ₩1,075 for next year compared to ₩2,592 last year. Price Target Changed • Jun 26
Price target increased by 7.4% to ₩42,808 Up from ₩39,857, the current price target is an average from 13 analysts. New target price is 27% below last closing price of ₩58,700. Stock is up 220% over the past year. The company is forecast to post earnings per share of ₩1,068 for next year compared to ₩2,592 last year. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩51,400, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 30x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 249% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩30,456 per share. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩45,000, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 30x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 222% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩33,667 per share. Price Target Changed • May 03
Price target increased by 14% to ₩38,357 Up from ₩33,714, the current price target is an average from 14 analysts. New target price is 8.0% below last closing price of ₩41,700. Stock is up 118% over the past year. The company is forecast to post earnings per share of ₩1,120 for next year compared to ₩2,592 last year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩38,350, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 23x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 150% over the past three years. Price Target Changed • Apr 12
Price target increased by 7.5% to ₩31,714 Up from ₩29,500, the current price target is an average from 14 analysts. New target price is 11% below last closing price of ₩35,700. Stock is up 109% over the past year. The company is forecast to post earnings per share of ₩1,160 for next year compared to ₩2,592 last year. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩34,200, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 25x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 121% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩2,591 (up from ₩2,095 in FY 2023). Revenue: ₩2.80t (up 14% from FY 2023). Net income: ₩486.1b (up 24% from FY 2023). Profit margin: 17% (up from 16% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Aerospace & Defense industry in South Korea. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩37,900, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 29x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 143% over the past three years. Announcement • Feb 22
Hanwha Systems Co., Ltd., Annual General Meeting, Mar 24, 2025 Hanwha Systems Co., Ltd., Annual General Meeting, Mar 24, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 19, myeongdong 11-gil, jung-gu, seoul South Korea Major Estimate Revision • Feb 13
Consensus revenue estimates increase by 11%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₩3.15b to ₩3.48b. EPS estimate fell from ₩1,211 to ₩1,139. Net income forecast to grow 42% next year vs 5.1% growth forecast for Aerospace & Defense industry in South Korea. Consensus price target up from ₩26,857 to ₩29,000. Share price rose 35% to ₩34,900 over the past week. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩32,850, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 24x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 132% over the past three years. Price Target Changed • Feb 11
Price target increased by 7.4% to ₩28,857 Up from ₩26,857, the current price target is an average from 14 analysts. New target price is 14% above last closing price of ₩25,300. Stock is up 60% over the past year. The company is forecast to post earnings per share of ₩753 for next year compared to ₩1,933 last year. Major Estimate Revision • Feb 11
Consensus revenue estimates increase by 17%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₩3.15b to ₩3.69b. EPS estimate fell from ₩1,211 to ₩1,110. Net income forecast to grow 44% next year vs 3.3% growth forecast for Aerospace & Defense industry in South Korea. Consensus price target up from ₩27,266 to ₩28,571. Share price fell 2.3% to ₩25,350 over the past week. Price Target Changed • Feb 10
Price target increased by 8.6% to ₩27,643 Up from ₩25,464, the current price target is an average from 14 analysts. New target price is 11% above last closing price of ₩24,800. Stock is up 60% over the past year. The company is forecast to post earnings per share of ₩753 for next year compared to ₩1,933 last year. Price Target Changed • Jan 23
Price target increased by 7.6% to ₩26,857 Up from ₩24,964, the current price target is an average from 14 analysts. New target price is 5.5% above last closing price of ₩25,450. Stock is up 55% over the past year. The company is forecast to post earnings per share of ₩753 for next year compared to ₩1,933 last year. Announcement • Jan 23
Hanwha Systems Co., Ltd. (KOSE:A272210) agreed to acquire Laser Business of Hanwha Aerospace Co., Ltd. from Hanwha Aerospace Co., Ltd. (KOSE:A012450) for KRW 0.01 million. Hanwha Systems Co., Ltd. (KOSE:A272210) agreed to acquire Laser Business of Hanwha Aerospace Co., Ltd. from Hanwha Aerospace Co., Ltd. (KOSE:A012450) for KRW 0.01 million on January 22, 2025. A cash consideration of KRW 0.01 million will be paid by Hanwha Systems Co., Ltd. As part of consideration, KRW 0.01 million is paid towards assets of Laser Business of Hanwha Aerospace Co., Ltd. Announcement • Jan 14
Hanwha Systems Co., Ltd. to Report Fiscal Year 2024 Results on Feb 07, 2025 Hanwha Systems Co., Ltd. announced that they will report fiscal year 2024 results at 12:00 PM, Korea Standard Time on Feb 07, 2025 Announcement • Dec 21
Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) completed the acquisition of Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY). Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) entered into a share purchase agreement to acquire Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) for $100 million on June 20, 2024. A cash consideration of $100 million will be paid by Hanwha Systems Co., Ltd. and Hanwha Ocean Co., Ltd. The Purchase Price is not subject to any other adjustments. Under the terms of the transaction, David Kim will step in to the role of Chief Executive Officer of Philly Shipyard, Inc. The Transaction is subject to the satisfaction of certain customary conditions, including approval by CFIUS and other regulatory approvals The expected completion of the transaction will be during Q4 2024. The transaction has been approved by Philly Shipyard ASA's Board of director's. Hanwha received Committee on Foreign Investment in the United States approval in September 2024.
Advokatfirmaet BAHR AS acted as legal advisor for Philly Shipyard ASA. Faegre Drinker Biddle & Reath LLP acted as legal advisor for Philly Shipyard ASA. Arctic Securities AS acted as fairness opinion provider from Philly Shipyard ASA.
Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) completed the acquisition of Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) December 19, 2024. Upcoming Dividend • Dec 20
Upcoming dividend of ₩280 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 07 April 2025. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩23,700, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 24x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 77% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩40,602 per share. New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.6% net profit margin). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩21,250, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩37,737 per share. Major Estimate Revision • Nov 03
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩850 to ₩690 per share. Revenue forecast steady at ₩2.78b. Net income forecast to shrink 3.8% next year vs 3.0% decline forecast for Aerospace & Defense industry in South Korea. Consensus price target broadly unchanged at ₩23,964. Share price fell 8.4% to ₩17,470 over the past week. New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.6% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.6% net profit margin). Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩1,078 to ₩848 per share. Revenue forecast steady at ₩2.79b. Net income forecast to shrink 26% next year vs 6.1% growth forecast for Aerospace & Defense industry in South Korea . Consensus price target of ₩23,607 unchanged from last update. Share price was steady at ₩19,250 over the past week. Major Estimate Revision • Jul 31
Consensus EPS estimates increase by 27% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₩851 to ₩1,078. Revenue forecast steady at ₩2.77b. Net income forecast to shrink 10% next year vs 8.9% growth forecast for Aerospace & Defense industry in South Korea . Consensus price target broadly unchanged at ₩23,423. Share price fell 15% to ₩18,910 over the past week. Announcement • Jun 20
Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) entered into a share purchase agreement to acquire Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) for $100 million. Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) entered into a share purchase agreement to acquire Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) for $100 million on June 20, 2024. A cash consideration of $100 million will be paid by Hanwha Systems Co., Ltd. and Hanwha Ocean Co., Ltd. The Purchase Price is not subject to any other adjustments. The Transaction is subject to the satisfaction of certain customary conditions, including approval by CFIUS and other regulatory approvals The expected completion of the transaction will be during Q4 2024.Advokatfirmaet BAHR AS acted as legal advisor for Philly Shipyard ASA. Faegre Drinker Biddle & Reath LLP acted as legal advisor for Philly Shipyard ASA. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩21,600, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 21x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩12,983 per share. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩283 (vs ₩1,015 in 1Q 2023) First quarter 2024 results: EPS: ₩283 (down from ₩1,015 in 1Q 2023). Revenue: ₩544.4b (up 24% from 1Q 2023). Net income: ₩53.2b (down 72% from 1Q 2023). Profit margin: 9.8% (down from 43% in 1Q 2023). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in South Korea. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 01
Consensus EPS estimates increase by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ₩2.73b to ₩2.76b. EPS estimate increased from ₩568 to ₩791 per share. Net income forecast to shrink 59% next year vs 9.7% decline forecast for Aerospace & Defense industry in South Korea. Consensus price target up from ₩20,617 to ₩22,458. Share price rose 8.7% to ₩19,680 over the past week. Price Target Changed • Apr 30
Price target increased by 7.3% to ₩21,625 Up from ₩20,158, the current price target is an average from 12 analysts. New target price is 10% above last closing price of ₩19,650. Stock is up 36% over the past year. The company is forecast to post earnings per share of ₩618 for next year compared to ₩1,933 last year. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩19,970, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 23x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 21% over the past three years. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩1,933 (vs ₩329 loss in FY 2022) Full year 2023 results: EPS: ₩1,933 (up from ₩329 loss in FY 2022). Revenue: ₩2.45t (up 12% from FY 2022). Net income: ₩362.2b (up ₩423.8b from FY 2022). Profit margin: 15% (up from net loss in FY 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in South Korea. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Hanwha Systems Co., Ltd., Annual General Meeting, Mar 25, 2024 Hanwha Systems Co., Ltd., Annual General Meeting, Mar 25, 2024, at 09:01 Korea Standard Time. Location: 2F Royal Ballroom, Royal Hotel Seoul, 61 Myeongdong-gil, Jung-gu, Seoul Seoul South Korea Agenda: To consider Audit report; to consider Operating report; to consider Report on transaction details with the largest shareholder; to consider Report on the operating status of the internal accounting management system; to consider Appointment of member of the audit committee (Hwang Hyung-joo); and to transact such other business matters. Announcement • Feb 13
Hanwha Systems Co., Ltd. to Report Q4, 2023 Results on Feb 23, 2024 Hanwha Systems Co., Ltd. announced that they will report Q4, 2023 results on Feb 23, 2024 Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩15,450, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 4.3% over the past three years.