LIG Nex1
LIG Nex1 · Defense/Missiles
01Wall Street Consensus
02Earnings Results
Key Takeaways
- 1Q26 revenue ₩546.8B (+28% YoY)
- Operating profit ₩68.2B (+35.1% YoY)
- Net income ₩59.7B (+43.1% YoY)
- Cheongung-II Poland follow-on contract + Norway Chunmoo order momentum
- Defense export expansion cycle in full swing
Key Checkpoints
- 01Guided missile and precision munitions order backlog — domestic + export combined
- 02K-defense missile export wins — Cheongung II (M-SAM), Haegung (CIWS) international orders
- 03Drone and counter-drone system development progress
- 04Operating margin trend — defense missile premium pricing power
- 05R&D investment — next-gen hypersonic and long-range precision strike development
Upside Catalysts
- Iran war: missile and air defense demand surging globally — every nation reassessing defense posture
- Cheongung II (M-SAM): Korean medium-range SAM system competing with Patriot and IRIS-T at lower cost
- Counter-drone systems: Iran conflict highlighting drone warfare — LIG Nex1 developing anti-drone solutions
- K-defense missile package: bundled with K9/Chunmoo exports — integrated air defense offering
- Hypersonic development: Korea's indigenous hypersonic missile program with LIG Nex1 as prime contractor
Risk Factors
- Export approval delays: Korean government missile export policy can create order timing uncertainty
- Technology transfer demands: foreign buyers often require ToT — IP leakage risk
- Production capacity: scaling from domestic-scale to export-volume production takes time
- Iran war escalation risk: if conflict spirals, supply chain disruption could impact component sourcing
- Valuation: defense sector re-rating has pushed multiples above historical averages
1Final Verdict
LIG Nex1 is Korea's premier guided missile and precision munitions manufacturer, directly benefiting from the global defense spending surge triggered by the Iran war. Consensus EPS ₩2,200, Revenue ₩600B.
The company's Cheongung II (M-SAM) medium-range surface-to-air missile system is emerging as a cost-effective alternative to Patriot for nations seeking air defense capability. The Iran conflict has made air and missile defense the #1 priority for NATO and Middle East allies.
Counter-drone systems are another growth vector — the Iran war has demonstrated the devastating effectiveness of drone warfare, and every military is now scrambling to procure anti-drone capabilities. LIG Nex1's integrated solutions spanning missiles, counter-drones, and naval defense systems are well-positioned.
2Missile Portfolio & Export
Key Products:
- Cheongung II (M-SAM): Medium-range surface-to-air missile, Patriot competitor at 60% cost
- Haegung: Ship-based Close-In Weapon System (CIWS) for naval defense
- Biho: Short-range anti-aircraft system with guided missiles
- KTSSM: Korean Tactical Surface-to-Surface Missile for precision strike
Export Pipeline:
- Middle East: multiple nations evaluating Cheongung II as Patriot supplement
- Southeast Asia: cost-sensitive markets attracted to K-defense missile value proposition
- Europe: NATO nations diversifying air defense suppliers post-Iran conflict
- Package deals: missiles bundled with K9, Chunmoo, KF-21 platforms
Counter-Drone & Emerging:
- Anti-drone systems: laser, microwave, and kinetic intercept solutions
- Loitering munitions: Korean equivalent of Switchblade/Lancet
- Hypersonic: indigenous development program with DAPA (Defense Acquisition Program Administration)
Iran War Impact:
- Air defense urgency: nations fast-tracking SAM procurement
- Munitions stockpile replenishment: guided missile orders accelerating
- Drone defense: new market created by conflict demonstrating drone threat
SEPS 서프라이즈 히스토리
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)