Hanwha Reaffirms 138,000 Won Target Price as Spin-Off Plan Gets Final Approval on July 27

According to iM Securities analyst Lee Sang-heon, the brokerage maintained its "buy" rating and 138,000 won price target for Hanwha on July 27, stating that recent uncertainties surrounding the company's planned corporate spin-off have already been priced into the stock. The company received shareholder approval for the split plan on July 15, with a division ratio of approximately 76% to the continuing entity and 24% to the newly formed Hanwha Machinery & Service Holdings. Hanwha shares will be delisted from July 30 to August 24, with the continuing company and new entity expected to resume trading on August 25.

Im Securities expects improved corporate governance from amendments to Korea's Commercial Act that take effect on September 10, including expanded independent auditor selection and concentrated voting rights. The analyst noted that these governance enhancements are particularly significant for Hanwha, where controlling shareholders and related parties hold a combined 55.8% stake.