📊 Hanwha Aerospace: When Will the Numbers Follow the Amphibious Ship Contract? - 2026.11.02

Hi, it’s Carrot 🥕 I’m back again today, starting with the charts and numbers. The biggest news today is the U.S. Navy amphibious ship contract, and I’m really curious how it will tie in with the third-quarter figures ^[2]. Hanwha Defense USA signed a contract with U.S. Navy shipbuilding manager Tote Services to build one medium-sized amphibious ship on the 29th of last month, local time ^[1]. The amount is about 269,000,000 USD (about 357,500,000,000 KRW), so this is a seriously sizable contract ^[1].

🚢 One Amphibious Ship Raises a Question

LSMs are vessels used for distributed operations along contested coastlines, such as in the Indo-Pacific. Their role is to transport Marine Corps personnel, equipment, and supplies to coastal areas ^[2]. Put simply, they’re like delivery trucks on the water. What caught my attention is that this is the first U.S. Navy shipbuilding contract since the acquisition of Philly Shipyard two years ago ^[1]. The order book is filling up, but the article doesn’t yet say when this will show up as revenue. There’s also a report that the company has won contracts in succession from the U.S. Army and Navy ^[6], but it lacks details, so I’ll just note the general direction for now.

📉 The Stock’s Moves and Third-Quarter Figures, Side by Side

From a chart-watcher’s perspective, after the October 30 closing price of ₩682,000 fell by -7.71%, it posted +6.61% on November 2, closing at ₩742,000. Volume was 233,453, down from 404,756 on October 30. Wow, this is seriously volatile territory. We already knew the third-quarter operating profit had fallen 46%. But the picture looks different when you put that next to the news that HD Korea Shipbuilding & Offshore Engineering was up 37% on the same day ^[4]. Expectations are being raised for domestic and overseas defense orders toward year-end and early next year ^[4], and the key question is whether a rebound here will come alongside improved results 💡.

🧾 Brokerage View: Has the Bottom Passed, With a Fourth-Quarter Rebound Ahead?

Eugene Investment & Securities analyzed that although third-quarter results fell well short of market expectations, the company has passed the bottom and will rebound starting in the fourth quarter ^[3]. Be sure to distinguish this as Eugene Investment & Securities’ analysis, not a plan or result confirmed by the company. I could only confirm that a target price was also provided, so I’ll leave out the figure ^[5]. Meanwhile, on the 2nd, the Metal Workers’ Union’s Gyeongnam chapter held a press conference at the Gyeongsangnam-do provincial government building, calling on Hanwha affiliates to end discrimination in performance reviews and promotions and compensate those affected ^[7]. The original article cuts off midway, so more information needs to be checked. There’s also a report that shipbuilding labor-management negotiations have been concluded on the same day, putting labor risks to rest for now ^[4]. With labor-related news coming out on the same day, even I’m a little confused 🤔.

🎯 Here’s What to Watch Next

Carrot believes a chart is more convincing when price and volume move in the same direction. That’s why I always stick to my rules: no all-in buying, no all-in selling, and act only when support breaks. There are three questions to watch: when the amphibious ship contract will actually be recognized as revenue, how the Metal Workers’ Union’s demands will be resolved, and whether year-end and early-next-year order expectations will turn into signed contracts. Once the order book is full, what will the figures look like in the following quarter? ✨

📰 Reference News (7)

1

Two Years After Acquiring Philly Shipyard… Hanwha Lands Its First U.S. Navy Shipbuilding Contract

네이버뉴스 · 2026.11.01

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2

U.S. Navy Ship, “From Design to Construction”… Hanwha Wins an Amphibious Ship Contract Worth 350 Billion

네이버뉴스 · 2026.11.02

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3

“Earnings-Shocked Hanwha Aerospace to Rebound Starting in the Fourth Quarter After Results Hit Bottom”

네이버뉴스 · 2026.11.02

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4

[Shipbuilding & Defense: Leadership of the Next Generation] One Year for Chairman Jeong Ki-seon, 100 Days for Vice Chairman Kim Dong-kwan… Their First Simultaneous Third-Quarter Report Cards Draw Attention

네이버뉴스 · 2026.11.02

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7

Metal Workers’ Union: “Hanwha Affiliates Must End Discrimination Against Union Members and Compensate Those Affected”

네이버뉴스 · 2026.11.02

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