K-defense takes a third-quarter breather as strong won and Polish delivery carry-over weigh on earnings

Korea's four major defense contractors are expected to post combined third-quarter 2026 operating profit of about 1.68 trillion won, down 4.1 percent from the previous quarter, Global Economic reported on October 18, 2026, as Polish export shipments slipped into October and delayed revenue recognition while a stronger won squeezed export margins. Brokers cut target prices across the board for Hanwha Aerospace, LIG Defense & Aerospace and Hyundai Rotem in mid-October, with Asia Business Daily noting that major year-end events such as Saudi, Romanian and Iraqi decisions remain the catalysts. Korea Investment & Securities forecast Hanwha Systems third-quarter revenue of 1.15 trillion won and KAI revenue of 1.20 trillion won. Hyundai Rotem's preliminary results on October 19 came in below the 268.6 billion won operating profit consensus. Hanwha Aerospace reports on October 30.