Hanwha Aerospace: Gearing up in France (Thales)

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Hanwha Aerospace: Gearing up in France (Thales)

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Hanwha Aerospace

Gearing up in France (Thales)

Maintain Rating: BUY | PO: 2,100,000 KRW | Price: 1,120,000 KRW

First-ever rocket/missile supplies in Western Europe 22 June 2026

At the ‘EUROSATORY 2026’ defense exhibition held in France this week, French Thales Equity

and Hanwha Aerospace signed a MoU to integrate Hanwha’s rockets/missiles with the X-

KJ Hwang >>

Fire launcher of Thales. This is Hanwha Aerospace’s first-ever MoU settlement in Research Analyst

Western Europe associated with its CHUNMOO MLRS munitions which gained regional Merrill Lynch (Seoul) kj.hwang@bofa.com

tractions from 1) wider adoptions by NATO states after production localization in Europe

Dongho Shin >>

(Poland JV kickoff in 2H25), 2) improving long-range deep strike capabilities of Research Analyst

CHUNMOO, and 3) competitive delivery lead-time and pricing. Details related to Merrill Lynch (Seoul) dongho.shin@bofa.com

potential contract value and supply timeline etc. have not been unveiled at this stage.

Recurring growth potential with >40% OPM profile

Hanwha’s CGR-080, CTM-MR, and CRM-290 offer 239-600mm diameters and ~290km Stock Data

range. As highlighted in our ‘Hanwha Aerospace: NATO munitions commonality in focus’ Price 1,120,000 KRW

report), rising interoperability could widen recurring export pool from replenishment of Price Objective 2,100,000 KRW

rockets/missiles (on top of land system hardware deliveries). Due to growing sense of Date Established 30-Apr-2026

urgency on global inventory shortage and higher arms self-sufficiency rate in NATO, we Investment Opinion C-1-7

expect missile-related revenue to contribute with >40% OPM for Hanwha Aerospace, 52-Week Range 760,000 KRW-