Jang Nam-hyeon, a Korea Investment & Securities researcher, said on the 4th that Hanwha Aerospace is expected to post results in the fourth quarter (Oct.–Dec.) that meet market expectations, following the third quarter (July–Sept.).
Jang kept a "buy" investment rating on Hanwha Aerospace and a target price of 1.45 million won. That is 39.2% higher than the previous day's close of 1,042,000 won.
Hanwha Aerospace posted 6.4763 trillion won in revenue and 856.4 billion won in operating profit on a consolidation basis in the third quarter. By operating profit, it was similar to the market consensus of 862.5 billion won. Jang said that although operating profit at subsidiaries Hanwha Ocean and Hanwha Systems fell short of market expectations, Hanwha Aerospace was able to deliver solid results thanks to the ground defense institutional sector.
In particular, profitability on export volumes to Poland stood out. Jang estimated the operating margin (operating profit ÷ revenue) of Hanwha Aerospace's ground defense exports business at above 38%.
Jang said, "Hanwha Aerospace will continue to improve profitability in the ground defense institutional sector in 2026, with profit growth at subsidiaries Hanwha Ocean and Hanwha Systems adding to the gains," adding, "Accordingly, operating profit in 2026 will exceed 4.6 trillion won."
Jang added, "Hanwha Aerospace is expected to expand its order backlog to other countries by leveraging the export pipeline it has in the Middle East, Europe and the United States."