SK证券称韩华分拆与子公司配股不确定性下降，但同时下调目标价至13万韩元

Hanwha has entered a phase of reduced uncertainty as it wraps up major events including a spin-off and a rights issue for a subsidiary, according to a securities industry analysis. While the target price was lowered, the outlook calls for a strong chance of a share rebound, given expectations of a narrowing holding company discount and a re-rating of corporate value after the split relisting.
SK Securities on the 21st maintained its "buy" rating on Hanwha and lowered its target price to 130,000 won from the previous 170,000 won. The adjustment reflects a decline in net asset value (NAV) due to falling subsidiary share prices, but the firm assessed that the upside from the current share price reaches 49.1%.
Hanwha is set for a spin-off on the 1st of next month. The construction and global business units, along with Hanwha Aerospace, Hanwha Solutions and Hanwha Life Insurance, will remain in the surviving entity, while Vision & Momentum, Robotics, Galleria and Hotels & Resorts (Ourhome) will be incorporated into the newly established entity. The split ratio is 0.756 for the surviving entity and 0.244 for the new entity. Trading will be suspended from the 30th of this month until the 24th of next month, with relisting scheduled for the 25th.
Much of the uncertainty surrounding the Hanwha Solutions rights issue has also been cleared, according to the assessment. With the issue price set at 22,100 won and the new share issuance volume confirmed at 53 million shares, Hanwha plans to participate in a rights issue of about 410 billion won.
Second-quarter earnings were also projected to be solid. According to SK Securities, Hanwha's second-quarter consolidated revenue is estimated at 21.0836 trillion won and operating profit at 1.5048 trillion won. The firm expected earnings to be driven by top-line growth at Hanwha Aerospace and Hanwha Solutions, along with improved profitability in the construction and global divisions. For the second half, a turnaround at Hanwha Solutions and the resumption of construction on Iraq's Bismayah New City in 2027 were cited as additional factors for earnings improvement.
"As governance-related events such as the spin-off and participation in the Hanwha Solutions rights issue are wrapping up, the related uncertainties are being resolved," said Choi Kwan-soon, an analyst at SK Securities. "After the split relisting, the combined market capitalization will expand, and there is a strong chance the share price will rebound."