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Sangsangin Investment & Securities has upgraded Poongsan's stock rating to 'Buy' from 'Hold', maintaining a target price of 150,000 won, following a significant increase in copper prices and strength in its defense business. Poongsan's estimated operating profit for Q4 of the previous year is projected to rise 167% year-on-year to 90.5 billion won, though this is below the consensus estimate of 98.1 billion won.

The rolled products division is expected to contribute 29.4 billion won in operating profit, aided by higher product prices due to surging LME copper prices. However, profitability expectations for the defense sector are lower than in Q3, with revenue forecasted at 439.1 billion won, below guidance, due to deferred domestic deliveries. Analysts anticipate continued copper price strength in 2025, influenced by geopolitical tensions and tariff discussions, which could impact global pricing dynamics.