[Click e-Stock] "Hanwha Aerospace's Future Hinges on Next-Generation Launch Vehicle Development"

On January 12, Hana Securities analyzed that the value of Hanwha Aerospace's space business will gradually become more visible in stages, depending on the progress and final results of next-generation launch vehicle development.

Chae Woonsam, a researcher at Hana Securities, stated, "South Korea has secured the technology to manufacture medium- and small-sized space launch vehicles through the development of Naro and Nuri," adding, "Going forward, the success of developing the next-generation launch vehicle (KSLV-III), which will feature improved payload capacity and orbital insertion performance, will serve as a critical turning point."

He further explained, "In December of last year, the next-generation launch vehicle development project was redirected from a conventional expendable launch vehicle to a methane engine-based reusable next-generation launch vehicle."

He introduced, "The total project budget was increased from around 2 trillion won to approximately 2.3 trillion won," and added, "Hanwha Aerospace, as the main contractor overseeing production, has secured orders worth 1 trillion won."

Chae noted, "According to the Aerospace Administration's work report, the revised plan for next-generation launch vehicle development will be established within the first quarter of this year," and analyzed, "Full-scale development will begin."

He also explained, "In the past, SpaceX's corporate value grew as a result of a combination of factors, including accumulated launch experience, enhanced reliability of reusable launch vehicle technology, and expectations for Starlink's growth."

He predicted, "The value of Hanwha Aerospace's space business is also likely to become more visible in stages, depending on the progress and final results of next-generation launch vehicle development." He emphasized, "At a time when competition and narratives in the space industry are intensifying, there is little reason to preemptively undervalue Hanwha Aerospace's space business."