DeutscheBankResearchDistributedon:23/04/202408:03:06GMTDefence:WhathastheIran/Israelconflictchanged?MarionLaboure,Ph.D-ThematicResearchSriramKrishnan-EquityResearchmarion.laboure@db.comsriram.krishnan@db.comCassidyAinsworth-Grace-ThematicResearchMeganMakini-EquityResearchcassidy.ainsworth-grace@db.commegan-a.makini@db.comApril2024IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.MCI(P)041/10/2023.UNTIL19thMARCH2021INCOMPLETEDISCLOSUREINFORMATIONMAYHAVEBEENDISPLAYED,PLEASESEEAPPENDIX1FORFURTHERDETAILS.7T2se3r0Ot6kwoPaDEFENCE:WhathastheIran/Israelconflictchanged?BuildingonourNovemberchartbook,thisupdatedanalysisTotalreturnsforaerospace&defencecompanies(2024examinessomeoftheprofoundgeopoliticalanddefenceYTD,localcurrencyterms)shiftsthatarereshapingmoderndefencepriorities.KoreaAerospace(S.Korea)-2%TheescalationintheMiddleEasthashighlighted3trends:1.RenewedfocusonconventionaldefencecapabilitiestoElbitsystems(Israel)-2%addressstate-basedthreatsevenasmanyG7militariesBharatElectronics(India)28%lagstrategiccompetitors.29%Aselsan(Turkey)29%RestoftheHAL(India)36%WorldIHI(Japan)82%HanwhaAero(S.Korea)2.Geopoliticalrealignments,withtheUSpotentiallyKratosDefens-e14%recalibratingitsstrategicfocusamidregionaltensions.The2024USelectionwilllikelycontinuetoimpactthisL3Harris-4%trajectory.NorthropGrumman-3%3....
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