[Click eStock] "HanmiGlobal Transforming into a Nuclear Power Stock... Target Price Raised"

Target Price Raised from 31,000 Won to 46,000 Won

On March 30, Hanwha Investment & Securities reported that HanmiGlobal is transforming into a nuclear power stock, and accordingly raised its target price from 31,000 won to 46,000 won. The investment opinion was maintained at 'Buy'.

Yurim Song, a researcher at Hanwha Investment & Securities, explained, "As the company is expected to enter new large-scale nuclear power projects, it is now time for a valuation that befits a nuclear power stock."

HanmiGlobal established a dedicated nuclear power task force (TF) in 2022, upgraded it to a group in 2023, and reorganized it as the 'Nuclear Power Business Division' at the end of last year. In mid-2025, through Team Korea's entry into the Romania facility improvement project, the company secured its first overseas nuclear power order. On March 24, at the regular general shareholders' meeting, Hwang Jooho, former president of Korea Hydro & Nuclear Power, was appointed as an outside director. Song pointed out, "Key points to watch going forward include the entry into new nuclear power projects, expansion of overseas pipelines through participation in Team Korea, and the outcomes of collaboration with partners such as KEPCO E&C and construction companies." She added, "Given that many developments are expected to materialize in the near future, we believe this period of dramatic transformation into a nuclear power stock should not be missed."

Hanwha Investment & Securities estimates HanmiGlobal's first-quarter performance this year at 114.5 billion won in sales and 6.5 billion won in operating profit. These figures represent decreases of 6.5% and 33.2%, respectively, compared to the same period last year. Song analyzed, "Sales remain at a similar level to the previous quarter, but costs related to the disposal of treasury shares appear to have increased compared to the previous quarter."

Performance is expected to improve gradually. Song forecast, "For the full year, a resumption of high-tech investments and benefits from North American investments are likely to drive sales growth of around 10%. In addition, the separate order backlog has increased by about 20% for two consecutive years, supporting expectations for improved results." She added, "While disruptions in sales from the Middle East are anticipated due to the impact of war, the reduction in workforce deployment following site relocations since the second half of last year has limited the impact, and the recovery in high-tech and U.S. sales is expected to more than offset this."

This content was produced with the assistance of AI translation services.