Hanil Holdings is not a cement company but the holding company that leads the Hanil Cement Group. It holds about 63.5% of Hanil Cement, which makes cement and ready-mixed concrete, along with affiliates such as Hanil Industry, Hanil Building Materials, and Seoul Land, and it earns money from the dividends and equity-method income received from them. In 2025, alongside an industry bottom in which domestic cement shipments fell to their lowest in 34 years, net profit plunged 73% year on year to ₩31.6 billion, and the company is strengthening shareholder returns through treasury-share cancellation and higher dividends. What stands out lately is that, viewed by the market value of its holdings (NAV), market cap trades below asset value and the dividend yield is high at about 6%, but the pace of recovery depends on when the cement industry - the source of its earnings - rebounds.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 222.5%).
- Revenue fell 14.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 3.6% lower than a year earlier.
- ROE is 1.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 6.4%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2020-12-31
Largest shareholder Huh Ki-ho 31.23% (individual)
Controlling bloc incl. related parties 53.33%
With the controlling bloc holding 53%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Overvalued20% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Hanil Cement | 59.84% |
🔎 In-depth analysis
- Hanil Holdings is not a company that makes products directly but a holding company that manages affiliates and earns money from the income their shares generate.
- Its core subsidiary is Hanil Cement, the domestic number-two in cement, in which it holds about 63.5%.
- In November 2025 Hanil Cement absorbed its subsidiary Hanil Hyundai Cement, raising its share of domestic shipments to about 21.5%.
- Beyond this it holds building-materials affiliates Hanil Industry and Hanil Building Materials, the leisure unit Seoul Land, and the trading unit Hanil International.
- Accordingly, Hanil Holdings' results move with how much the cement-selling subsidiaries earn, and the company's own income is mostly the dividends and equity-method income received from the subsidiaries.
- The share price is ₩16,790, in a sideways range where the 20-day, 60-day, and 120-day moving averages are clustered tightly at ₩16,600-17,000.
- The RSI (an indicator that views overheating and slump on a 0-100 scale) is 51, neutral.
- It sits roughly 16% below its 52-week high, and with a one-month return of +4.4% and a six-month return of +5.2% it is gently trending without a strong direction.
- It reads as a flow in which the shareholder-return themes of dividends and treasury-share cancellation support the downside.
- Explaining the metrics at a beginner's level, the P/E ratio (how many times one year's earnings the price represents) is 16.4x and the P/B ratio (how many times book equity the price represents) is 0.31x.
- For a holding company, however, these two metrics are hard to take at face value.
- The P/E swings widely because earnings hinge on equity-method gains and losses at subsidiaries, and the P/B looks more expensive than reality because subsidiary stakes are carried on the books at old acquisition cost.
- ROE (how much it earns in a year on equity) is low at 1.9%, the result of 2025 net profit being suppressed by the industry bottom.
- The debt ratio (debt to equity) is 222%, a figure that consolidates the subsidiaries' debt, so it differs from the holding company's standalone burden.
- On debt-adjusted metrics, EV/EBIT (enterprise value divided by operating profit, like a debt-adjusted P/E) is 10.3x, EV/EBITDA is 5.6x, and EV/Sales (enterprise value divided by revenue) is 0.66x.
- Net debt (total borrowings less cash) is about ₩758.0 billion, and the FCF yield (cash actually earned relative to market cap) is 7.1%, so cash generation is fairly steady.
- Revenue and earnings have been on a clear downtrend over the past three years.
- Consolidated revenue fell from ₩2.36 trillion in 2023 to ₩1.93 trillion in 2025, and net profit plunged from ₩104.3 billion in 2023 and ₩118.8 billion in 2024 to ₩31.6 billion in 2025.
- The cause is the cement industry.
- In 2025 domestic cement shipments fell to their lowest in 34 years, heavily suppressing subsidiary earnings.
- In Q1 2026 too, consolidated net profit of ₩6.1 billion was 41% below a year earlier.
- That said, the revenue decline narrowed to 3.6%, and the drop in cement shipments is in a phase of gradually easing.
- Future earnings hinge on subsidiary results, which depend on when cement demand rebounds; because the company has not offered official target figures, we withhold a precise annual forecast.
- For a holding company it is more accurate to view it by the value of its holdings than by an earnings multiple.
- Through 2026, shareholder returns and governance realignment have continued.
- In March the company voluntarily disclosed a value-up plan, stating it would narrow the holding-company discount and strengthen shareholder returns.
- In May it decided to cancel all of its held preferred shares.
- In February there was a filing on subsidiary dividend decisions, and the 2025 year-end dividend was raised from the prior year.
- The payout ratio reaches 97%, a structure that returns most of the earnings to shareholders.
- Subsidiary Hanil Cement absorbed Hanil Hyundai Cement in November 2025, growing its scale and market share.
- Hanil Holdings comes down to two things.
- First, the value of its holdings.
- The market value of its stake in listed subsidiary Hanil Cement (about 63.5%) alone exceeds Hanil Holdings' market cap.
- On top of this come unlisted affiliates and its own assets such as real estate.
- A discount in which a holding company's share price trades below the value of its held assets is common, but Hanil Holdings' discount is shallower than a typical holding company's, so it is hard to view it as cheap on asset value alone.
- Second, dividends.
- The dividend yield is high at about 6% and it pairs this with treasury-share cancellation, so even when the share price is pressed, the cash-return appeal supports the downside.
- The strong condition is when cement demand passes its bottom and subsidiary earnings recover; in that case the value of the holdings grows and dividend capacity increases.
- The weak condition is when domestic cement stalls without a rebound; then subsidiary earnings stay suppressed and the recovery of holding-company earnings and holdings value is delayed.
🔎 Valuation vs peers Inconclusive
Compared with the domestic cement sector to which core subsidiary Hanil Cement belongs. Because Hanil Holdings itself is a holding company, however, it is more accurate to view it by the value of its holdings (NAV) than by a simple P/E or P/B comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanil Cement | 14.53x | 0.58x | 400.00% |
| Asia Cement | 19.93x | 0.31x | 160.00% |
| Sungshin Cement | 8.32x | 0.37x | 440.00% |
| Sampyo Cement | 20.39x | 1.06x | 520.00% |
Because Hanil Holdings is a holding company, reading its P/E of 16.4x and P/B of 0.31x at face value causes misunderstanding. The P/E is unstable because earnings swing with subsidiary equity-method gains and losses, and the P/B looks higher than real asset value because subsidiary stakes are carried on the books at acquisition cost. For a holding company it is accurate to view it by the market value of its holdings (NAV). The market value of its stake in listed subsidiary Hanil Cement (about 63.5%) alone exceeds Hanil Holdings' market cap, and unlisted affiliates and its own real estate add to that. So it is true that market cap trades at a discount to asset value. But that discount is shallower than a typical holding company's, so it is hard to conclude it is greatly cheap on asset value alone. The sharp 2025 earnings drop reflects the cement-industry bottom, so the P/E on last year's earnings can exaggerate the stock's true picture. The dividend appeal and asset backing are clear, but the timing of the earnings recovery is open, so we withhold judgment.
Price history Close · MA20 · MA60
The latest close is ₩16,790 and the market capitalization is ₩517.7 billion. The price sits above its 20-day moving average (₩16,638) and below its 60-day moving average (₩16,970). 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 50.9, a neutral level. The one-month change is +4.4%, the three-month change is +0.5%, and the position relative to the 52-week high is -16.1%. Relative strength versus the KOSPI is 31 (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 30% of all stocks. Over the past three months it lagged the index by 21.0%. 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 -20.97% / 6M -34.46% / 12M -60.29%
Key metrics vs sector median
Valuation
The P/E of 16.40x is below the sector median (19.93x). The P/B of 0.31x is below the sector median (0.45x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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.
Profitability & financials
Return on equity (ROE) is 1.9%, in line with the sector average (2.0%). The operating margin is 6.4%. The debt ratio is 222.5%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.6B | $1.5B | $1.3B | -14.15% ↓ slower |
| Operating profit | $173.7M | $185.1M | $81.7M | -55.88% ↓ slower |
| Net profit | $69.2M | $78.7M | $20.9M | -73.42% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.6B | $1.5B | $1.3B |
| Operating profit | $78.1M | $87.8M | $173.7M | $185.1M | $81.7M |
| Net profit | $29.8M | $59.4M | $69.2M | $78.7M | $20.9M |
| Revenue CAGR | 2-yr avg -9.61% | ||||
Revenue fell 14.1% year over year (2023 ₩2.4 trillion → 2024 ₩2.2 trillion → 2025 ₩1.9 trillion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 55.9% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -9.6%. The two-year revenue CAGR is -9.6%. In the most recent quarter (Q1 2026), revenue was 3.6% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 6.0%, is on the high side.
Points to watch
- Revenue fell 14.1% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-13UpdateDecision to cancel all held preferred shares. A shareholder-return measure that raises per-share value by reducing the share count.A medium-term favorable factor as the lower share count improves per-share holdings value and the dividend base. Source
- 2026-03-19FilingVoluntary disclosure of a value-up plan. The company officially presented narrowing the holding-company discount and strengthening shareholder returns.A medium-term favorable factor supporting the durability of dividend and treasury-share policy. However, no specific earnings target figure was presented. Source
- 2026-02-25DividendFiling on subsidiary dividend decisions. The subsidiary dividends that are the holding company's cash-inflow source were confirmed.A short-term favorable factor supporting the holding company's dividend funding and dividend durability. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Consolidated net profit of ₩6.1 billion, down 41% year on year, confirming continued weakness in the cement industry.A short-term burden showing that the earnings-bottom phase is continuing. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-19Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-18Amended filing
- 2026-03-17Audit report
- 2026-02-25DividendCash/stock dividend decision
- 2026-02-25Shareholders' meeting notice
📖 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.