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HANWHA CORPORATION

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Australia signs $717 million defence deal with South Korea's Hanwha

12/12/2021 | 10:05pm EDT

CANBERRA, Dec 13 (Reuters) - Australia signed a A$1 billion ($716.5 million) defence deal with South Korea on Monday, boosting Seoul's efforts to grow its military exports.

Under the terms of the deal, South Korean defence company Hanwha Corp will build 30 self-propelled howitzers and 15 armoured ammunition resupply vehicles for Australia.

"It's an important further chapter in the defence industry story for Australia as we continue to build our sovereign capability and (South) Korea is an important partner in that journey," Australian Prime Minister Scott Morrison told reporters in Canberra.

The deal positions Hanwha as a frontrunner for Australia's planned A$30 billion contract to build infantry fighting vehicles for its army.

Shares in Hanwha were up 3% following the announcement.

While the defence deal is the headline of South Korean President Moon Jae-in's four-day trip to Australia, both countries said they have also agreed to work closely to help ensure supplies of Australian critical minerals exports for South Korea's tech sector.

Western allies have in recent months moved to reduce their dependency on China amid heightened concern about Beijing's control over the critical minerals sector.

South Korea needs critical mineral supplies, having pledged to become a global battery manufacturing powerhouse by 2030 as part of its plan to be carbon neutral by 2050.

Australia supplies around 40% of South Korea's critical mineral imports, which are crucial for many of the components needed to drive the world's economies to net zero emissions by 2050.

($1 = 1.3957 Australian dollars)

(Reporting by Colin Packham; Editing by Michael Perry)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HANWHA CORPORATION 0.92% 27550 End-of-day quote.-12.26%
HANWHA SOLUTIONS CORPORATION 9.97% 35300 End-of-day quote.-0.56%
HANWHA SYSTEMS CO., LTD. 0.64% 15750 End-of-day quote.-1.56%
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Financials
Sales 2022 55 211 B 43,7 B 43,7 B
Net income 2022 548 B 0,43 B 0,43 B
Net Debt 2022 9 371 B 7,42 B 7,42 B
P/E ratio 2022 4,48x
Yield 2022 2,72%
Capitalization 1 903 B 1 507 M 1 507 M
EV / Sales 2022 0,20x
EV / Sales 2023 0,17x
Nbr of Employees 4 615
Free-Float 47,6%
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Number of Analysts 9
Last Close Price 27 550,00 KRW
Average target price 41 250,00 KRW
Spread / Average Target 49,7%
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Managers and Directors
Kyung-Seok Ok Co-Chief Executive Officer & Director
Chun-Su Keum Co-Chief Executive Officer & Director
Seung-Mo Kim Co-Chief Executive Officer & Director
Gwang-Myeong Seo Senior Managing Director & Head-Finance
Il-Ho Nam Independent Director
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