DAOL Investment & Securities noted on the 12th that Finland's intention to purchase additional K9 self-propelled howitzers from Hanwha could stimulate purchasing desires in nearby Northern and Eastern Europe.
According to Choi Kwang-sik of DAOL Investment & Securities, the Ministry of National Defense of Finland recently approved the decision to purchase 38 used K9 self-propelled howitzers from our military. The contract scale, including equipment and spare parts, is €134 million (approximately 220 billion won).
Finland purchased 48 K9 self-propelled howitzers in 2017, and subsequently exercised options to buy an additional five in both 2021 and 2023. This year, it will have a total of 96 units operational, including the 38 new ones.
Researcher Choi said, "It may be disappointing that Finland is not acquiring new K9 self-propelled howitzers, but the mere increase in operational countries and overseas operational scale is significant."
He added, "If the number of self-propelled howitzers in the Korean military decreases, it needs to be compensated for accordingly," and noted, "Although domestic sales may not meet the expectations compared to export profits, subsequent logistics support or maintenance, repair, and overhaul (MRO) projects can create high profit margins."
Researcher Choi also pointed out that if the sales of K9 self-propelled howitzers lead to an increase in weapons systems that require 155mm ammunition, this will boost the demand for propellants from Hanwha Aerospace.
The K9 self-propelled howitzer is a representative domestic weapons system, boasting a maximum range of 40 km, a top speed of 67 km/h, and a deployment time of within 30 seconds. It currently has a dominant share of the global self-propelled howitzer market.