[Special Stock] Hanwha Systems Hits Record High on Strong Q1 Earnings

Hanwha Systems recorded a 52-week intraday high following strong first-quarter earnings this year.

As of 9:32 a.m. on the 29th, Hanwha Systems was trading at 20,400 won, up 460 won (2.31%) from the previous close. During the session, the price rose to 20,500 won, setting a new 52-week intraday high.

The strong earnings appear to have driven the stock price rally. Hanwha Systems posted consolidated sales of 544.4 billion won and operating profit of 39.3 billion won in the first quarter. These figures represent increases of 23.9% and 218.1%, respectively, compared to the same period last year. Jiho Lee, a researcher at Meritz Securities, analyzed, "Hanwha Systems' first-quarter results significantly exceeded consensus estimates (the average of securities firms' forecasts), and it is meaningful that this surprise was achieved without one-off factors. The main reason for the strong performance is the expansion of export proportions, due to the full-scale supply of K2 and K9 units to Poland and a substantial increase in sales of multifunction radar (MFR) included in the Cheongung-II system for the United Arab Emirates (UAE)."