Market Cap of 13 Hanwha Listed Companies Reaches KRW 120 Trillion
Up 177% This Year
Hanwha Ocean Rises to 13th in Market Capitalization
This year, Hanwha Group has recorded the largest increase in corporate value among Korea's top 10 conglomerates. The Korea-US shipbuilding cooperation project 'MASGA' has become a driving force behind the group's stock price surge, and tariff negotiations are visibly impacting the landscape of the domestic stock market.
According to the financial investment industry and Hanwha Group on August 5, the combined market capitalization of Hanwha Group's 13 listed affiliates, which stood at KRW 43.5 trillion at the end of last year (closing price as of December 30, 2024), increased by KRW 77.2 trillion to KRW 120.7 trillion as of early this month (closing price as of August 1, 2025), in just seven months.
During the same period, the KOSPI rose by 30.6%, and the average increase for the top 10 conglomerates excluding Hanwha was 30.3%, making Hanwha's growth more than five times higher. At the end of last year, Hanwha Group's listed affiliates accounted for only 2.3% of the total KOSPI market capitalization (KRW 2,662.7 trillion), but this year, they contributed 12.9% of the KOSPI's total increase (KRW 600.2 trillion).
The main drivers behind Hanwha Group's rise in corporate value are its affiliates in the defense and shipbuilding sectors. As of July 31, the combined market capitalization of its three defense and shipbuilding companies?Hanwha Aerospace, Hanwha Ocean, and Hanwha Systems?was close to KRW 97 trillion.
First, Hanwha Aerospace, the leading defense stock, saw its share price soar to KRW 996,000 at the end of last month, a 245.1% jump compared to the end of last year (KRW 326,000). This surge followed record-breaking results in the first half of the year, with sales of KRW 11.8577 trillion and operating profit of KRW 1.4251 trillion. Recently, Hanwha Aerospace also completed a paid-in capital increase, raising KRW 4.2 trillion. On the day Hanwha Aerospace announced its capital increase (March 20), the share price was KRW 722,000, but by the end of last month, it hit an all-time high of KRW 1,035,000 during intraday trading.
Hanwha Ocean's share price soared by 200.1% during the same period, from KRW 37,350 to KRW 112,300, driven by the company's successful early normalization and the impact of Korea-US tariff negotiations. In particular, Hanwha Ocean surpassed KRW 110,000 on July 31, buoyed by expectations of benefiting from the Korea-US tariff agreement, and its market capitalization exceeded KRW 35 trillion, ranking 13th on the KOSPI. Hanwha Ocean's corporate value, which was only KRW 3 trillion at the time of acquisition, has increased more than tenfold in just two years and two months.
Lee Jinee, a researcher at Daishin Securities, stated, "Although there are differences among shipping companies, China's low-price order offensive is no longer a major threat to domestic shipbuilders. If orders increase in response to the LNG project scheduled for 2029, ship prices are expected to rebound, leading to high profitability." She raised Hanwha Ocean's target price from KRW 100,000 to KRW 130,000.
Hanwha Ocean is the only domestic shipbuilder with a shipyard in the United States, and through the acquisition of Philly Shipyard at the end of last year, it is pursuing facility investment, job creation, and technology transfer. Hanwha Ocean's US operations are seen as having served as leverage in concluding the Korea-US tariff negotiations. Byun Woongjin, a researcher at iM Securities, commented, "Currently, Korea is helping to rebuild the US shipbuilding industry, but in the mid- to long-term, Korean companies are expected to be rewarded by winning orders for commercial and naval vessels in the US. This will open up new growth opportunities for Hanwha Ocean."
Meanwhile, the net asset value of the 'PLUS Hanwha Group Stocks ETF,' launched by Hanwha Asset Management at the end of last year, recently surpassed KRW 180 billion. Its return since the beginning of the year is 151.57%, the highest among domestic large-cap group stock ETFs.
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