Korea Defense: Investor Feedback Ahead of 2Q26 Earnings

研报英文原文证据摘录

Korea Defense: Investor Feedback Ahead of 2Q26 Earnings

confidence

Capex execution & earnings impact Validates ramp realism D&A/working capital assumptions Clear phasing; no execution slippage

Europe opportunity post RHM partnership (what Concrete next steps (JV, RFPs,

Tests Europe “penetration” realism Probability/timing for EU wins

changes?) localization)

Source: J.P. Morgan

Table 2: Hanwha Aerospace: 2Q26 Earnings Season Checklist

Topic / question Why it matters / what it resolves What answer changes (model / debate) What would be a “good” answer

Land systems export sales (2Q) & breakdown Confirms near-term earnings

2Q–4Q revenue & margin mix Clear split with 2H cadence

(Poland vs Egypt/Australia vs others) conversion + mix

Poland delivery guidance update (K9/Chunmoo) “On track / conservative” with a clean

Drives confidence in 2H earnings path Quarterly revenue timing assumptions

+ booking timing 2H cadence

Land systems export margin (2Q print) – drivers Land export OPM assumptions + risk Repeatable drivers; no hidden one-

Key investor debate

(mix vs FX vs one-offs) premium offs

Clear stage (RFP/downselect) +

Romania K9 sales and guidance Drives confidence in 2H earnings path Quarterly revenue assumptions

timing window

Potential for provision booking, or production If cost arises, indicate on the size and

Daejon plant explosion earnings impact Short-to-midterm earnings path

halts timing of cost booking

Capacity: progress on Europe plants / Specific milestones, line readiness,

Determines conversion speed + margin Ramp timing; potential margin dilution/benefit

localization staffing

Order pipeline timeline for known orders: Spain “Next decision points” with gating

Anchors next catalysts Adds/removes upside years; confidence level

K9 / US K9 / Saudi / ME L‑SAM items