Eugene cuts target to KRW 1.66 million for Hanwha Aerospace stock

Hanwha Aerospace (ISIN KR7012450003) faces a target cut from KRW 1.86 million to KRW 1.66 million after analysts lowered their third-quarter expectations. Asiae reported the change on October 18, 2026, while retaining a Buy rating from Eugene Investment and Securities.

Target cut reflects earnings pressure

Eugene estimates third-quarter revenue at KRW 7.03 trillion and operating profit at KRW 974.3 billion. Revenue would rise 8.00 percent from the same period a year earlier, while operating profit would increase 16.00 percent but fall below the KRW 1.21 trillion market estimate, according to Asiae.

The pressure comes from delayed recognition of deliveries to Poland and heavier development spending in the second half. The analysis shifts attention from near-term earnings to the order cycle expected from the end of 2026 through 2027.

What supports the longer view?

Hanwha Aerospace reported KRW 9.29 trillion revenue and KRW 1.37 trillion operating profit in the second quarter of 2026. Revenue increased 47.20 percent year over year, while the operating margin reached 14.70 percent, figures compiled from DART filings by ATS View.

Chronology puts the latest assessment in context. On September 14, 2026, Hanwha Aerospace secured a KRW 641 billion contract for 18 Chunmoo launchers for Croatia, as reported by MarketScreener. On October 12, 2026, the company was selected as the sole bidder for a 10,000-pound-class aircraft engine prototype project. The project carries KRW 239.7 billion of total investment, according to ChosunBiz. On October 18, 2026, Eugene cut its target to KRW 1.66 million.

Two dates set the next test

Hanwha Aerospace is scheduled to release third-quarter results on October 28, 2026. The company also scheduled an investor webcast for October 29, 2026, followed by investor meetings from October 30, 2026, through November 3, 2026, according to FinancialFilings.

Stock valuation meets execution risk

Hanwha Aerospace was last at KRW 905,000 on the Korea Exchange on October 19, 2026 at 3:30 p.m. KST. Its market capitalization was KRW 46.6 trillion, while the 52-week range stood at KRW 783,000 to KRW 1.66 million. The next results will test whether export timing and development costs outweigh the company's order pipeline.

Market context: Market report KOSPI.

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