[Click eStock] "Hanwha Emerges as Key Group in Green New Deal... Target Price Raised"
[Asia Economy Reporter Oh Ju-yeon] Daishin Securities stated that Hanwha Group is conducting Green New Deal projects through its own business divisions and affiliates, and is expected to emerge as a key group in the 'Green New Deal'. Accordingly, the investment opinion is maintained as 'Buy', and the target stock price has been raised from 34,000 KRW to 40,000 KRW.
According to Daishin Securities on the 4th, Hanwha's stake value in Hanwha Solutions increased by 36.5% over the past month, reaching 2.667 trillion KRW.
This is because Hanwha Solutions, highlighted as a core beneficiary of the Green New Deal, saw its stock price rise by 93.5% during this period. Hanwha Solutions is developing solar power and green hydrogen production using solar energy, water electrolysis production technology, and high-pressure containers for hydrogen storage and transportation.
Additionally, Hanwha General Chemical plans to operate hydrogen charging stations by securing operating rights from Nikola. Although Hanwha General Chemical has not announced a specific listing schedule yet, it is known to be considering an IPO.
Furthermore, Hanwha Energy supplies by-product hydrogen power generation and solar power for hydrogen charging stations, while Hanwha Power Systems is developing compressors for hydrogen storage, transportation, and charging. Also, the machinery division of Hanwha Co., Ltd. is conducting Green New Deal projects not only through its own business divisions but also through affiliates, manufacturing smart factories, solar power, and secondary battery production facilities.
The defense, machinery, and trade business divisions, which underperformed from 2019 to the first half of 2020, are expected to enter an improvement phase in the second half of this year due to factory normalization and restructuring.
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Yang Ji-hwan, a researcher at Daishin Securities, said, "Investor interest will gradually increase due to financial structure improvement through restructuring of marginal businesses such as steel and food resources, sale of Golden Bay GC, listing of Hanwha General Chemical, and promotion of Green New Deal projects," estimating that "the profit and loss improvement effect from restructuring is about 20 billion KRW based on 2021."
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