Brokerage : Shinhan Securities Analyst : Dong-heon Lee, Jihan Lee Investment Rating : BUY (Maintain) Target Price : KRW 550,000 (Downward) Core Momentum : Temporary pause from 4Q25 one-offs and KRW 140B impairments overshadowed by robust medium-to-long-term growth anchored by KRW 10.3T in annual new orders and a KRW 26.2T backlog 1. [Valuation & Key…
Brokerage : Kiwoom Securities Analyst : Hangyeol Lee Investment Rating : BUY (Maintain) Target Price : KRW 700,000 (Upward) Core Momentum : Overcoming 4Q25 one-off provisions, supported by the acceleration of UAE Cheongung-II mass-production exports and potential profitability turnaround at Ghost Robotics 1. [Valuation & Key Financial Metrics] 2. [Market Opportunities & Business Outlook] Editor’s…
Brokerage : Yuanta Securities Analyst : Jongmin Baik Investment Rating : BUY (Maintain) Target Price : KRW 690,000 (Maintain) Core Momentum : Short-term earnings miss from one-off provisions and impairments cleared in 4Q25, with potential to beat conservative 2026 guidance supported by a KRW 26.2T backlog and expanding defense programs 1. [Valuation & Key Financial…
Brokerage : Hana Securities Analyst : Woonsam Chae Investment Rating : BUY (Maintain) Target Price : KRW 562,000 (Maintain) Core Momentum : Short-term earnings miss from R&D loss provisions and one-off impairments (KRW 140B) overshadowed by a KRW 26.2T order backlog (6.1 years of revenue) securing growth through 2028 1. [Valuation & Key Financial Metrics]…
Brokerage : Hanwha Investment & Securities Analyst : Seongjo Bae, RA Now Kim Investment Rating : Buy (Maintain) Target Price : KRW 740,000 (Maintain) Core Momentum : 3Q25 earnings beat driven by domestic production leverage, supported by a KRW 23.4T order backlog and accelerating export recognition (Iraq exports and Cheongung-II) 1. [Valuation & Key Financial…