Korea Defense: June defense exports solid with resumption of Poland deliveries; Hanwha Aerospace/Hyundai Rotem begin Poland K9/K2 EC2 shipments

研报英文原文证据摘录

Korea Defense: June defense exports solid with resumption of Poland deliveries; Hanwha Aerospace/Hyundai Rotem begin Poland K9/K2 EC2 shipments

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

16 July 2026

Korea Defense

June defense exports solid with resumption of Poland

deliveries; Hanwha Aerospace/Hyundai Rotem begin

Poland K9/K2 EC2 shipments

June Korea defense exports came in at $1.24B, remaining largely flat y-y from a Korea Defense

AChigh base, with a surge in main battle tank exports ($459M, up 77% y-y) being Simon Han

largely offset by a decline in aerospace & component shipments ($564M, down (82-2) 758-5711

11% y-y). Our takeaways from the June export data are: (1) Hyundai Rotem simon.x.han@jpmorgan.com

started shipments of Poland EC2 volumes (28 units of K2GF), which is notably J.P.BranchMorgan Securities (Far East) Limited, Seoul

faster than market expectations; (2) Hanwha Aerospace shipped 2 units of K9

Jeongsuk Woo

howitzers to Poland, signaling a resumption of Poland K9 EC2 deliveries after (82-2) 758 5703

a muted shipment trend over the past 6+ months; (3) Korea exported another batch jeongsuk.woo@jpmorgan.com

of aircraft-related components worth $80M to Indonesia (following $80M J.P. Morgan Securities (Far East) Limited, Seoul

Branch

shipments each in January & April), which we believe is a positive indication

regarding KAI’s Indonesia KF-21 order discussions. We expect the Korea Karen Li, CFA

(852) 2800-8589

defense export momentum to continue throughout the coming months on the back karen.yy.li@jpmorgan.com

of secured orders and maintain our positive view on all Korea defense coverage J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

names, with LIG D&A as our top pick entering the 2Q26 earnings season. Morgan Broking (Hong Kong) Limited