[Edaily Reporter KIM YOON-JEONG ] On the 25th, the first day of Hanwha’s relisting following its spin-off, its stock surged by more than 20% in early trading. Hanwha Machinery & Service Holdings, the newly established company listed alongside it, immediately hit the daily price limit.

According to MP Doctor on the 25th, as of 9:34 a.m. that day, Hanwha(000880)was trading at 123,000 won, up 22,400 won (22.2%) from the previous trading day. At the same time, #HanwhaMachineryAndServiceHoldings rose by the daily price limit of 30% to 13,000 won.
Previously, on the 15th of last month, Hanwha passed a resolution at an extraordinary general meeting of shareholders to retain the defense, shipbuilding, offshore, energy, and finance divisions within the surviving entity, Hanwha, while spinning off the tech and life divisions into the newly established Hanwha Machinery & Service Holdings. The split ratio is 0.7563533 for the surviving entity and 0.2436467 for the newly established entity.
Securities analysts assessed that this spin-off could structurally reduce the holding company discount factor for Hanwha. Ryu Je-hyun, an analyst at MIRAE ASSET SECURITIES, stated, “As all unlisted subsidiaries are transferred, the discount factor itself is structurally reduced,” adding, “We assumed a trajectory where the discount rate would narrow from the observed level of 54.75% immediately prior to the trading suspension (July 29) to 50.85% 12 months later.”
MIRAE ASSET SECURITIES calculated the net asset value (NAV) of the surviving entity after the spin-off at 18.1244 trillion won. This figure reflects the attributable value of the three listed subsidiaries—Aerospace, Solutions, and Life Insurance—totaling 22.8780 trillion won, as well as the capitalized value of brand royalties amounting to 1.7050 trillion won.
The firm also gave a positive assessment of the company’s capacity for shareholder returns. Analyst Ryu explained, “Most of the funds for shareholder returns will remain with the surviving entity,” adding, “Since a minimum dividend of 1,000 won per share and the cancellation of treasury shares and preferred shares are mandated by public disclosure, we also expect further enhancement of shareholder value in the future.”
MIRAE ASSET SECURITIES raised Hanwha’s target price from 100,700 won to 185,000 won to reflect the reduction in the discount rate resulting from the spin-off.