LIGNEX1 office building (photo = LIGNEX1)

 

[Alpha Biz= Reporter Kim Minyoung] On the 20th, BNK Securities expressed expectations for future exports of Shingung to the United States by LIG Nex1.

BNK Securities stated, "Following the contract with the UAE, the contract for Cheongung-II with Saudi Arabia has significantly increased the order backlog. We also expect orders for guided weapons related to Romania's air defense system and Shingung to the United States in the future."

LIG Nex1 secured large-scale orders for Cheongung-II, following the UAE contract (2.6 trillion won in January 2022) and the Saudi contract (4.3 trillion won in February 2024). Although the announcement for the Saudi contract was delayed, it was reflected in the fourth quarter of 2023.

BNK Securities explained, "As a result, the order backlog at the end of 2023 significantly increased to 19.6 trillion won compared to 12.3 trillion won in 2022. The increased order backlog corresponds to approximately 8.5 years of work based on 2023 sales, and this is expected to enable double-digit growth for several years. As of the end of the first quarter of 2024, the order backlog remains at around 19.3 trillion won."

On December 8, 2023, LIG Nex1 announced that it would acquire a 60% stake in Ghost Robotics Corporation (GRC), a robot development and manufacturing company based in Philadelphia, established in 2015, for $240 million (approximately 315 billion won). The scheduled acquisition date is June 30, pending approval procedures. After approval, the remaining acquisition procedures will be completed.

 

 

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