HD Hyundai Electric Target Price Raised to 1.1 Million Won on Strong Orders; Hanwha Solutions’ Solar Profitability Weakens [Jutopia]

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[The Financial News] On the morning of January 9, here is a summary of key brokerage reports.
HD Hyundai Electric has seen its target price lifted to 1.1 million won as strong global demand for transformers continues to drive robust order intake despite conservative guidance. Hanwha Solutions is expected to post an operating loss of 187.3 billion won in the fourth quarter due to delays in ramping up new plants, leading to a cut in its target price to 34,000 won. Korea Aerospace Industries (KAI) is drawing growing expectations for export expansion as the likelihood of KF-21 orders from the Philippines and the UAE increases.
\r\n\r\n◆HD Hyundai Electric (267260)― Daishin Securities / Analyst Heo Min-ho
- Target price: 1.1 million won (raised from 980,000 won)
- Investment opinion: Buy
Daishin Securities raised its target price for HD Hyundai Electric from 980,000 won to 1.1 million won, saying the company’s revenue and orders this year are likely to exceed its own guidance. Analyst Heo Min-ho noted that the company’s 2025 revenue guidance of 4.35 trillion won was below the market consensus of 7.78 trillion won, which had previously weighed on the share price, and assessed the guidance as conservative. He added that a shortage of ultra-high-voltage and high-voltage transformers worldwide has triggered speculative ordering, expanding intake of high-margin products, and projected that the company will secure orders exceeding its 2025 order guidance of 4.22 billion dollars.
\r\n\r\n◆Hanwha Solutions (009830)― Samsung Securities / Analyst Cho Hyun-ryeol
- Target price: 34,000 won (cut from 36,000 won)
- Investment opinion: Buy
Samsung Securities lowered its target price for Hanwha Solutions from 36,000 won to 34,000 won to reflect deteriorating profitability in its solar segment, but kept its Buy rating on expectations that profitability in the solar business will bottom out in the fourth quarter of last year and then improve. Analyst Cho Hyun-ryeol cited several factors that undermined the profitability of Hanwha Solutions’ solar operations: delays in customs clearance for imported cells used in U.S. module production, which reduced utilization rates at module plants, and equipment issues during test runs at new wafer and cell plants that delayed the start of commercial operations. As a result, he estimated the company’s fourth-quarter operating loss at 187.3 billion won, far exceeding the consensus forecast of a 99.8 billion won loss.
\r\n\r\n◆Korea Aerospace Industries (KAI) (047810)― NH Investment & Securities / Analyst Lee Jae-gwang
- Target price: Not provided
- Investment opinion: Not provided
NH Investment & Securities assessed that the likelihood of KAI winning KF-21 orders from the Philippines and the UAE is rising. Analyst Lee Jae-gwang explained that the Philippines is evaluating the Saab JAS 39E/F Gripen and South Korea’s KF-21 as leading candidates, and projected that the KF-21 will have an edge in terms of price and performance because it can be upgraded into a stealth fighter. He also noted that President Lee Jae-myung of the Republic of Korea is scheduled to visit the UAE in November 2025, and said this trip could increase the chances that the UAE will adopt the KF-21 to replace its aging fighter jets that have been in service for more than 30 years.※ KF-21The KAI KF-21 Boramae is a 4.5-generation fighter aircraft independently developed by South Korea and nicknamed “Boramae.” With the option to add stealth capabilities, it has the potential to evolve into a fifth-generation fighter. The Philippines previously purchased 12 FA-50 light attack aircraft from KAI in 2014 and another 12 in 2025.
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sms@fnnews.com Seong Min-seo Reporter