[Featured Stock] Hanwha Solutions Rises 5% on Expectations of Solar Panel Installation Demand Increase

[Asia Economy Reporter Kwon Jae-hee] Hanwha Solutions is showing strong performance in early trading on the 6th amid rising demand for solar panel installations and expectations of profit improvement.

As of 10:14 AM on the same day in the KOSPI market, Hanwha Solutions was trading at 53,900 KRW, up 5.89% compared to the previous trading day. During the session, Hanwha Solutions rose as much as 6.48%, reaching a high of 54,200 KRW.

The preferred stock Hanwha Solutions Preferred was also trading at 49,800 KRW, up 5.51% at the same time.

Yoon Jae-sung, a researcher at Hana Securities, explained, "The global shortage of gas and electricity supply is expected to continue at least until the first half of next year," adding, "Demand for solar panel installations in Europe aimed at resolving the power shortage is also surging."

He continued, "It is understood that Hanwha Solutions plans to expand its vertically integrated production capacity?from polysilicon to cells and modules?through an investment of 2.4 trillion KRW in the United States, as well as to increase module production capacity."

He added, "Strong demand for solar panel installations, expansion of production capacity centered in the U.S., vertical integration, and cost reduction in polysilicon and wafers are additional factors for improving solar business performance."