Nomura cuts Hyundai Rotem profit forecasts on delayed new orders
Nomura analyst Eon Hwang lowered Hyundai Rotem's operating-profit forecasts for 2027 and 2028 as overseas contract wins slip.
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what happened
According to Market Talk, Nomura analyst Eon Hwang expects pressure on earnings at South Korean armored-vehicle maker Hyundai Rotem because of delays in new overseas contract wins. He cut his operating-profit forecast for 2027 by 34.6% and for 2028 by 29.4%.
Hwang said third-quarter results fell below consensus, partly because revenue from tank exports to Poland was lower. Orders from the Middle East have also been delayed, amid a view that tanks are losing relevance in modern warfare, where drones and missiles increasingly dominate. He still expects older tanks to be replaced by new models fitted with counter-drone systems. Nomura now expects new orders from Romania and Poland in the second quarter of 2027, later than it previously forecast.
why it matters
The signal for the broader market is moderate, since it concerns a single company, but the forecast cut suggests large export contracts in the defense sector may be shifting in timing. Investors following Korean and European defense stocks will be watching when contracts with Romania and Poland are signed.
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sources
- Hyundai Rotem's Earnings Could Be Hit by Delayed New Orders — Market Talk, 20 October 2026 at 07:56 UTC
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