J P M O R G A N Asia Pacific Equity Research 31 July 2026 Hanwha Aerospace 2Q26 OP strong with standout export margins; ammunition and missiles are next leg of upgrades Hanwha Aerospace's 2Q26 OP was a beat (17%/41% above JPMe/Street), but even after factoring in beats from Hanwha Ocean/Hanwha Systems, it was in line with our bullish estimates. Export land systems OPM was the key highlight at a high-30%, easing worries over potential margin erosion from an adverse Poland/ non-Poland sales mix. For 2H26, the ...

July 31, 2026 08:32 AM GMT Hanwha Aerospace | Asia Pacific 2Q26 Review: Earnings Beat, Stronger 2H Outlook AlphaSignals Earnings Reaction Unchanged Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Land Systems sales of W2.1tn came in around 10% above our estimate, driven by strong export revenue, which rose 89% Q/Q and beat our forecast by 15%. Deliveries to Po ...