Investor Presentation: S.Korea Defense: Inside the Mind of an Analyst

Research evidence excerpt

Investor Presentation: S.Korea Defense: Inside the Mind of an Analyst

ted to include 36 units valued at US$1bn

Peru Expected Highly interested in acquiring light combat jet (FA-50) to modernize its air force, RFP submitted

T-50 / FA-50 UAE Expected Expected

Uzbekistan Expected Expected

Mexico Possible 2027E Plan to replace F-5E/F light fighters, acquired in 1989s - candidate under consideration include F-16 (leading, (-) expensive), Gripen, FA-50, M-356FA

Romania Potential 2027-28E

Indonesia Highly Expected 2026E KAI UAE Highly Expected 2027-28E Under review for comprehensive negotiation package valued at US$ 15 billion

Philippines Expected 2027E Plan to acquire 12+ MRF (multi-role fighters) as a part of its military modernization program (Re-Horizon 3, US$35bn)

KF-21 Iraq Expected 2027-28E Expressed interest in KF-21 acquisition

Saudi Arabia Possible 2027-28E Proposal submitted for 6th-gen combat jet development project

Malaysia Potential 2027-28E

Poland Potential 2027-28E Polish defense agency indicated interest in KF-21 in early 2024

Iraq Highly Expected 2026E Rotary-wing UAE Highly Expected 2026E Surion; Awaiting final contract; decision delayed

Saudi, UAE, Highly Expected Additional procurements are anticipated Qatar

M-SAM II Asia Expected Candidate for Malaysia's MERAD program (W700bn)

MENA (Kuwait) Expected

LIG Nex1 Saudi, UAE, L-SAM I Expected 2029-30E Iraq

Interested in L-SAM due to delivery delay in Patriot; Competitors include Eurosam’s SAMP/T NG, Germany’s Diehl Defence’s IRIS-T SL (scheduled for launch L-SAM I Switzerland Potential 2029-30E in 2029), the Israeli-US jointly developed David’s Sling, and Israel’s Arrow 2

Bi-gung US Potential

Source: Morgan Stanley Research.

Morgan Stanley Research 11