Korea Defense April defense export data clearly shows upside risk to Hanwha Aerospace’s 2026 Poland Chunmoo delivery guidance - 36 units shipped in just 4 months

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Korea Defense April defense export data clearly shows upside risk to Hanwha Aerospace’s 2026 Poland Chunmoo delivery guidance - 36 units shipped in just 4 months

J P M O R G A N Asia Pacific Equity Research

18 May 2026

Korea Defense

April defense export data clearly shows upside risk to

Hanwha Aerospace’s 2026 Poland Chunmoo delivery

guidance - 36 units shipped in just 4 months

Korea defense exports grew 13% y-y and 14% m-m in April to $1.2B, continuing Korea Defense

ACto break record-highs, driven mainly by robust rocket launcher systems and aircraft Simon Han

& aerospace shipments. Our key takeaways from the April export data are: (1) (82-2) 758-5711

Hanwha Aerospace shipped an additional 18 units of Chunmoo MLRS to simon.x.han@jpmorgan.com

Poland, bringing YTD deliveries to 36 units (18 units in February); we see upside J.P.BranchMorgan Securities (Far East) Limited, Seoul

risk to the company’s full-year delivery guidance of 40+ units; (2) Korea exported

Jeongsuk Woo

$80M worth of aircraft & components to Indonesia in April (following $80M (82-2) 758 5703

shipments in January), which we believe is a positive signal regarding KAI’s jeongsuk.woo@jpmorgan.com

Indonesia KF-21 order discussions. We expect the Korea defense export J.P. Morgan Securities (Far East) Limited, Seoul

Branch

momentum to continue throughout the coming months on the back of secured

orders and maintain our positive view on all Korea defense coverage names, with Karen Li, CFA

(852) 2800-8589

Hanwha Aerospace as our top pick. We also highlight our positive view on LIG karen.yy.li@jpmorgan.com

D&A in the short term (next 3 months) with M-SAM II export to ME on the verge. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited