Hana Securities on the 18th said upward pressure on KMW's share price will gradually build and assessed that it is time to overweight. It maintained a Buy rating and a target price of 25,000 won.
As reasons for recommending KMW, Hana Securities explained that the most important factor in long-term earnings estimates—the U.S. spectrum auction—is expected soon, and that, along with Samsung, the possibility of expanding sales to Ericsson and Nokia is rising.
It also noted that as the U.S. market opens up, new system equipment, antennas, and filters—strong in product lightening, increased output, and reduced heat generation—are in a state to be supplied immediately. In addition, considering the scope of earnings improvement in 2026–2027, it projected that a strong share price rise is still expected.
Kim Hong-sik, a researcher at Hana Securities, said, "Although weak short-term earnings are still a burden, after the third-quarter results this year, the burden related to earnings announcements will be greatly reduced," adding, "Now only a share price rise remains."
KMW's fourth-quarter results for this year are scheduled to be announced at the end of March 2026, and by then it is highly likely that the U.S. export outlook will already have turned positive, it explained.
At the same time, it emphasized that this is the time to look at 2026–2027 results rather than quarterly figures. KMW posted consolidation revenue of 20.5 billion won and an operating loss of 7 billion won in the third quarter of this year.
Kim said, "Just as the past domestic 5G spectrum auction spurred 5G investment and triggered a surge in KMW's share price, the enactment and announcement of the U.S. FCC 4.0 GHz band spectrum auction notice to be released in Nov. this year will be a trigger for a share price rise."
He also saw a higher likelihood that products will be supplied to Ericsson and Nokia along with Samsung in the U.S. market. Kim analyzed, "Considering recent business conditions and prototype supply conditions, that is the case," adding, "Even if Samsung fails to enter AT&T and T-Mobile beyond Verizon Communications Inc., global system integrator (SI) corporations Ericsson and Nokia are in place, and sufficient results can be expected in the Open RAN market."