![[Research] LIG D&A (079550) – iM Securities | Premier Air Defense Scarcity · Target Price Upgrade · Global Inquiries / 2026-05-08](https://koreaequitylens.com/wp-content/uploads/2026/08/포맷변환-LIG-DA-1.jpg)
Brokerage : iM Securities Analyst : Yongjin Byun Investment Rating : Buy (Upgrade) Target Price : KRW 1,230,000 (Upward) Core Momentum : Substantial 1Q26 earnings beat driven by UAE Cheongung-II early deliveries, with target price raised by applying a 50x Target P/E to 2028E EPS amid PAC-3 shortages and surging Middle Eastern demand 1. [Valuation…
Brokerage : Shinhan Securities Analyst : Dong-heon Lee, Jihan Lee Investment Rating : BUY (Maintain) Target Price : KRW 980,000 (Upward) Core Momentum : 1Q26 earnings surprise driven by accelerated Middle East deliveries, underpinned by a KRW 25.3T backlog and structural global demand expansion post-Iran conflict 1. [Valuation & Key Financial Metrics] 2. [Market Opportunities…
Brokerage : SK Securities Analyst : Shane Han, RA Seoyoung Ko Investment Rating : BUY (Maintain) Target Price : KRW 1,150,000 (Maintain) Core Momentum : Substantial 1Q26 earnings beat driven by high-margin export mix, 70-80% capacity utilization headroom, and structural Q*P compounding supported by 2026-2027 CapEx investments 1. [Valuation & Key Financial Metrics] 2. [Market…
Brokerage : Eugene Investment & Securities Analyst : Seungyun Yang Investment Rating : BUY (Maintain) Target Price : KRW 1,040,000 (Maintain) Core Momentum : Massive 1Q26 earnings beat driven by high-margin non-Cheongung exports (Raybolt, Poniard, Chiron), supported by a KRW 4T non-Cheongung backlog and expanding pipelines including US Poniard and European markets 1. [Valuation &…
Brokerage : Hana Securities Analyst : Woonsam Chae Investment Rating : BUY (Maintain) Target Price : KRW 1,110,000 (Maintain) Core Momentum : Strong 1Q26 earnings beat driven by high-margin UAE Cheongung-II follow-on services and early deliveries, underpinned by a KRW 25.3T backlog ensuring 5.9 years of forward revenue 1. [Valuation & Key Financial Metrics] 2….
Brokerage : Daishin Securities Analyst : Jeonghwan Cho, CFA Investment Rating : BUY (Maintain) Target Price : KRW 1,100,000 (Maintain) Core Momentum : Strong 1Q26 operating profit surprise driven by high-margin UAE Cheongung-II maintenance and spare parts, with accelerated growth post-2027 anchored by three Middle Eastern contracts 1. [Valuation & Key Financial Metrics] 2. [Market…
Brokerage : Kiwoom Securities Analyst : Hangyeol Lee Investment Rating : BUY (Maintain) Target Price : KRW 1,250,000 (Upward) Core Momentum : Severe PAC-3 interceptor shortages and rising air defense demand, underpinned by a ~KRW 10T backlog in three Middle Eastern clients, pipeline expansion into Qatar/Kuwait, and the Malaysian Haegung contract 1. [Valuation & Key…
Brokerage : SK Securities Analyst : Shane Han, RA Seoyoung Ko Investment Rating : BUY (Initiate) Target Price : KRW 1,150,000 (Initiate) Core Momentum : Surging demand for interceptor missiles amid tight global capacity post-Iran war, with multi-year growth secured across Middle Eastern mass-production ramps and leadership across ISR, C4I, and PGM 1. [Valuation &…
Brokerage : Hana Securities Analyst : Woonsam Chae Investment Rating : BUY (Maintain) Target Price : KRW 710,000 (Upward) Core Momentum : Severe supply bottlenecks and high costs for US Patriot systems driving global demand for Cheongung-II, supported by a KRW 26.2T order backlog anchoring multi-year earnings compounding through 2028 1. [Valuation & Key Financial…
Brokerage : Hanwha Investment & Securities Analyst : Seongjo Bae Investment Rating : Buy (Maintain) Target Price : KRW 740,000 (Maintain) Core Momentum : Reducing non-operating overhang through proactive KRW 140B Ghost Robotics impairment, supported by expanding export mix (23.4% in 2026) and robotics profitability turnaround by 2027 1. [Valuation & Key Financial Metrics] 2….