From tanks to drones: South Korea’s defense firms face a new battlefield test

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South Korean defense stocks rode a wave of global rearmament over the past two years. Russia’s invasion of Ukraine accelerated military spending across Europe. South Korean companies drew buyers with weapons that were competitively priced and could be delivered relatively quickly, including tanks, artillery and missile systems. But that rally has given way to a sharp sell-off, with shares of several major South Korean defense companies plunging this year. The combined market value of the top four Korean defense companies — Hanwha Aerospace, LIG D&A, Hyundai Rotem, and Korea Aerospace — had plunged to about 62 trillion won ($46.18 billion) as of end-October from their 52-week peak of 170 trillion won, according to South Korean broadcaster SBS.