In short: Cohen: Korean aerospace/defense prime focused on manufacturing in SHORTER time frames — increasingly decisive as nations rearm; production in Korea, Australia and Europe. Revenue growing rapidly; ~24x 2026E / ~17x 2027E, 2.5–3x book, 21–22% ROE (margins ~15% and a 0.6% yield trail the long-contract Western primes).
Korea's defense champion, and Cohen's way to play global rearmament. Its edge over Lockheed-style Western primes isn't margin — it's speed: Hanwha builds artillery, vehicles and aerospace systems on much shorter timelines, which matters enormously when countries are racing to restock arsenals. It manufactures in Korea, Australia and Europe, revenue is growing rapidly, and returns on equity run 21–22%. The trade-offs: thinner margins (~15%) and a token dividend versus the entrenched, long-contract Western contractors.
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