NH Investment & Securities analyzed that Hanwha Aerospace is expected to benefit from the expansion of the government budget related to space development and aviation weapons systems.
NH Investment & Securities said on the 24th that Hanwha Aerospace's aerospace premium has not been reflected, maintaining its "buy" opinion and raising its target price to 57,000 won.
NH Investment & Securities analyzed, "Compared to the issuance of the previous report, the change in NAV (net asset value) is less than 1%, but investors' interest in the aerospace industry is increasing and the discount rate is continuously decreasing.".
NH Investment & Securities said. "In particular, Hanwha Techwin and Hanwha Precision Machinery recorded an operating profit ratio of 13.4% and 17.1%, respectively, in the first quarter alone.".
As Hanwha System accounts for 29% of the total corporate value, the future direction of space development and aviation mobility business is expected to determine the stock price trend.
Hanwha System is a core subsidiary of Hanwha Aerospace, which accounts for 33% of this year's sales and 30% of its operating profit, and recently received 505.8 billion won through paid-in capital increase.
"Hanwha Group has launched a space development TFT (Task Force Team) and is expanding cooperation among its affiliates," NH Investment & Securities said. "For example, it is seeking to create various synergies in the process of promoting new businesses, including the development of an UAM power unit to be used by Hanwha System.".
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
