[Korea Highlight Stock] Hanwha Aerospace bulls on K9 self-propelled artillery contract with Romania...hits 52-week high

[Korea Financial Times, Jeon HanSin] Hanwha Aerospace is rallying on news that it has signed a 1.4 trillion won ($1.5 billion) contract with Romania to supply self-propelled artillery.

According to the Korea Exchange on Tuesday, Hanwha Aerospace was trading at 256,500 won, up 1.79 percent, or 4,500 won, from its previous close of 252,000 won, as of 4 p.m. KST. Earlier in the day, Hanwha Aerospace surged 8.53% to KRW 273,500 shortly after the opening bell, hitting a new 52-week high. Trading volume and value are at 1.22 million shares and 322 billion won, respectively.

On the same day, Hanwha Aerospace announced that it signed a contract with the Romanian Ministry of Defense to supply K9 self-propelled howitzers worth KRW 1.38 trillion. This is equivalent to 14.77% of last year's sales.

The contract period is from July 9, 2024 to July 9, 2029, and Hanwha Aerospace will supply 54 K9 self-propelled howitzers, 36 K10 ammunition-carrying armored vehicles, and ammunition.

"Hanwha Aerospace is expected to grow steadily as it is still open to a number of orders, including the Redback·Tianmu for Romania and the K-21 for Latvia," said Lee Jiho, a researcher at Merits Securities.

Jeon HanSin (pocha@fntimes.com)