Hanjin (002320) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hanjin is a comprehensive logistics company that earns money by moving goods across four lines: parcel delivery for individuals and online shops, overland freight transport for businesses, global (international express and forwarding), and port stevedoring and terminals. Revenue is large at over ₩3 trillion a year, but the operating margin is thin at 3.7% given the nature of the transport business, so cost control and asset utilization drive results. In April 2026 a decision to acquire shares and equity securities in another company signaled portfolio adjustment in progress, and preliminary Q1 results and the May quarterly report confirmed a pattern of higher revenue but pressured profitability, while the March shareholder meeting approved a dividend of ₩600 per share despite a net loss, showing commitment to shareholder returns. What stands out is that annual revenue above ₩3 trillion, operating profit in the ₩100-billion range, a deep discount of 0.18x to net assets, and a 3.6% dividend support its appeal as an asset play, while a heavy balance sheet — a 308% debt ratio and interest coverage of 0.88 — is pulling operating profit down into a net loss, so the room for a re-valuation widens when lighter interest costs coincide with falling rates.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Land Transport & Logistics” (Transportation), a type typically read first through P/E.
Land transport and logistics move with volumes and freight rates, yet earnings accumulate fairly steadily alongside the broader economy. Because results don't swing wildly, profits can be set directly against the price, so trailing P/E — based on realized earnings — is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 84.9%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 1.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.8% higher than a year earlier.
- ROE is -0.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Hanjin KAL 30.2% (individual)
Controlling bloc incl. related parties 33.58%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis Reading
Hanjin is a comprehensive logistics company that earns money by moving goods. The business breaks into four lines. First, parcel delivery for individuals and online shops (delivering small freight to the door); second, overland transport carrying business freight by truck and rail; third, global (international express and forwarding), which ships goods abroad and handles customs and transport on clients' behalf; and fourth, stevedoring and terminal operations that load and unload containers at ports. Revenue is large at over ₩3 trillion a year, and given the thin margin typical of the transport business (a 3.7% operating margin), cost control and asset utilization drive results as much as scale.
The latest close is ₩15,170 and the market capitalization is ₩235.4 billion. The price sits above its 20-day moving average (₩15,060) and below its 60-day moving average (₩16,128). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.8, a neutral level. The one-month change is -8.7%, the three-month change is -20.2%, and the position relative to the 52-week high is -33.8%. Relative strength versus the KOSPI is 13 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 12% of all stocks. Over the past three months it lagged the index by 5.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/B (how many times net asset value per share) is 0.17x, so the stock trades at less than a fifth of its book net assets (about ₩90,200 per share). Such a figure is possible for an asset-heavy logistics firm, and against peers CJ Logistics (0.41x) and Sebang (0.20x) it is the lowest, a clear undervaluation signal on asset value. The P/E ratio (how many times one year of earnings the price represents) cannot be computed because net profit is negative. But when the P/E has no meaning due to a loss, that in itself is not a valuation burden. Core operating profit is positive at ₩112.2 billion, and the net loss arises not from operations but from the step below — financial costs. The heart of it is the capital structure. The debt ratio (debt against equity) is 308%, high even within transport, and the interest coverage ratio (how many times operating profit covers interest) is 0.88, below one. A year's operating profit barely covers interest, and this is the direct reason operating profit turns into a net loss. Yet the company maintains a ₩600 per-share dividend (a 3.6% dividend yield on the price) even in a loss, so it is worth noting that actual cash flow turns over enough to sustain the payout.
Revenue rose steadily at about 5% a year over five years, from ₩2.50 trillion in 2021 to ₩3.06 trillion in 2025, and operating profit recovered +12.1% year on year to ₩112.2 billion in 2025. Scale and core operating income are stable. Where it diverges is net profit: ₩158.7 billion in 2021, then ₩47.6 billion in 2022, ₩26.1 billion in 2023, -₩4.3 billion in 2024, and -₩1.6 billion in 2025 — the bottom line kept eroding under the burden of financial costs unrelated to operations. In Q1 2026, revenue rose +6.8% but operating profit fell -27.4% and a net loss of ₩2.3 billion continued. The growth picture here hinges not on revenue expansion but on where profit is leaking. With revenue and operating profit holding an upward path, the key to recovery lies not in the core business but in financial improvement and asset efficiency that lower interest costs. As that burden lightens, there is room for the operating surplus to flow all the way down to net profit.
Recent disclosures read on two threads. One is the April 2026 decision to acquire shares and equity securities in another company, showing an investment decision in progress for portfolio adjustment or stake cleanup. The other is the preliminary Q1 results disclosed on April 13 and the May quarterly report, which confirmed a pattern of higher revenue but pressured profitability. At the March shareholder meeting a dividend of ₩600 per share was approved despite the net loss, showing commitment to shareholder returns, while February brought a revision to future business and management plans (progress on the mid-to-long-term plan) and May a corporate governance report. Rather than flashy new-business disclosures, the flow centers on regular filings and capital policy, reading as a phase of internal management over external change.
The strengths are clear. With annual revenue above ₩3 trillion and operating profit in the ₩100-billion range, the core business is steady; at 0.18x net assets it is the deepest discount among peers; and cash flow turns over enough to sustain a 3.6% dividend even amid losses. On asset value alone it is among the cheapest asset plays in transport. At the same time, cautions are just as clear. A heavy balance sheet — a 308% debt ratio and 0.88 interest coverage — is pulling operating profit down into a net loss, and the Q1 profitability slowdown could aggravate this. In sum, this is a stock with ample room for a re-valuation as an asset play if lighter interest burdens, falling rates, and greater focus on asset value align, whereas the undervalued zone can persist if financial costs stay heavy or the core margin thins further. It is a stock to approach on cheap asset value while also confirming clues of financial improvement.
🔎 Valuation vs peers Inconclusive
A peer set among listed domestic comprehensive-logistics and overland-transport firms whose business mix (parcel, transport, stevedoring) overlaps.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CJ Logistics | 7.37x | 0.43x | 5.72% |
| Sebang | 3.78x | 0.20x | 4.65% |
Hanjin trades at the cheapest P/B among peers at 0.18x, but this discount should be read not as simple undervaluation but as reflecting a net loss and a heavy balance sheet. CJ Logistics (ROE 5.8%) and Sebang (ROE 5.4%) generate capital returns in their core business, whereas Hanjin's ROE is -0.1% — the same transport industry, but a different position on profitability. Last year's trailing P/E is meaningless due to the loss, and even the forward view offers weak conviction that operating profit will flow into a net profit, so it is hard to call it cheap or expensive on a multiple. Thus, attractive on asset value (P/B) but with clear discount reasons on profitability and finances — a classic asset-play dilemma — the read is inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩15,170 and the market capitalization is ₩235.4 billion. The price sits above its 20-day moving average (₩15,060) and below its 60-day moving average (₩16,128). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.8, a neutral level. The one-month change is -8.7%, the three-month change is -20.2%, and the position relative to the 52-week high is -33.8%. Relative strength versus the KOSPI is 13 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 12% of all stocks. Over the past three months it lagged the index by 5.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -4.97% / 6M -39.89% / 12M -62.21%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.17x is below the sector median (0.35x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -0.1%, below the sector average (3.0%). The operating margin is 3.4%. The debt ratio is 199.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.0B | $2.1B | $2.2B | +1.64% ↓ slower |
| Operating profit | $86.1M | $70.3M | $78.8M | +12.10% ↑ faster |
| Net profit | $18.4M | -$3.0M | -$1.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2.0B | $2.0B | $2.1B | $2.2B |
| Operating profit | $69.9M | $80.4M | $86.1M | $70.3M | $78.8M |
| Net profit | $111.5M | $33.4M | $18.4M | -$3.0M | -$1.1M |
| Revenue CAGR | 4-yr avg 5.18% | ||||
Revenue rose 1.6% year over year (2023 ₩2.8 trillion → 2024 ₩3.0 trillion → 2025 ₩3.1 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 12.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.2%. The two-year revenue CAGR is 4.5%. In the most recent quarter (Q1 2026), revenue was 6.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 4.0%, is on the high side.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 84.9%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 1.6% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-04-30FilingDecision to acquire shares and equity securities in another company (correction) — Hanjin's equity-investment decisionIt could be a cash-outflow and balance-sheet burden in the near term, but can be read in the mid-term as a signal of portfolio adjustment or expansion. Source
- 2026-04-13EarningsPreliminary consolidated Q1 2026 results — revenue of ₩779.0 billion (+6.8%), operating profit of ₩19.8 billion (-27.4%), net loss of ₩2.3 billionScale grew, but a profitability slowdown left a continuing net loss, confirming near-term earnings pressure. Source
- 2026-02-09FilingRevision to future business and management plan (fair disclosure) — sharing progress on the mid-to-long-term planCompany-provided directional material, more about reviewing progress on the mid-to-long-term strategy than specific annual earnings targets. Source
- 2026-03-24DividendResults of the regular shareholder meeting — approval of the FY2025 settlement and dividend (₩600 per share), among other agenda itemsMaintaining the dividend despite a net loss confirms commitment to shareholder returns and is evidence of cash-flow capacity. Source
- 2026-05-29FilingCorporate governance report disclosure — regular publication of governance and shareholder-policy informationMaterial for reviewing governance transparency, more a mid-to-long-term trust factor than a direct earnings driver. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Amended filing
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-13EarningsFair-disclosure notice
- 2026-03-27OwnershipLargest-shareholder ownership change report
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-13Audit report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.