Hanjin Heavy Industries Holdings is a holding company that, rather than making products itself, oversees several subsidiaries and gathers the profits from its stakes in them; it is classified in the electricity and gas sector, and its consolidated revenue is the combined result of its subsidiaries' business activity, so the keys are which subsidiary lifted profits together with financing and stake-change disclosures. A February 2026 disclosure of a change in the profit-and-loss structure confirmed annual revenue of ₩1.2 trillion, operating profit of ₩73.3 billion and net profit of ₩59.1 billion, and earlier, in July 2025, it decided on a subsidiary rights offering (₩74.9 billion for operating funds). What stands out most recently is that even though profits have risen over several years and by the first quarter it had already built close to two-thirds of last year's full-year operating profit, it sits at just a 2.2x P/E and a 0.29x P/B, which reads as an undervaluation signal; the caveats to weigh alongside are a 300.7% debt ratio, a 75.3% current ratio, and the fact that subsidiary results and financing disclosures can move the parent's numbers.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 300.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 75.3%).
- Revenue rose 3.2% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.9% lower than a year earlier.
- ROE is 13.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Cho Nam-ho 46.5% (individual)
Controlling bloc incl. related parties 50.48%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Hanjin Heavy Industries Holdings is a holding company that, rather than making products directly, oversees several subsidiaries and gathers the profits from its stakes in them.
- It is classified in the electricity and gas sector, and its consolidated revenue is the combined result of its subsidiaries' business activity.
- For a holding company, subsidiary results and the ownership structure drive the parent's numbers, so the key to understanding the business is to look at which subsidiary lifted profits together with financing and stake-change disclosures.
- The latest close is ₩4,555 and market capitalization is ₩134.5 billion.
- The price sits below the 20-day line (₩4,702) and below the 60-day line (₩5,257).
- Being under both the short- and mid-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that scores the strength of up moves against down moves over the last 14 days on a 0-100 scale) is 39.8, a neutral level.
- The one-month change is -5.3%, the three-month change is -3.6%, and the position versus the 52-week high is -30.3%.
- Relative strength versus KOSPI is 21 (1-99, converted from returns against the index over the past year with more weight on the recent period; higher means stronger than the market).
- That places it in roughly the top 79% of all stocks by strength.
- Over the past three months it lagged the index by 24.3%.
- Chart reading works best when volume and disclosure dates are viewed together.
- Recent annual revenue was ₩1.2 trillion, with operating profit of ₩73.3 billion and net profit of ₩59.1 billion.
- The operating margin is 6.1% and ROE (how much is earned in a year on equity) is 13.3%, profitability above the sector average.
- The P/E ratio (how many times a year's earnings the price is) is 2.28x and the P/B (how many times book value the price is) is 0.30x, clearly a low position on both earnings and assets even against peers such as Daesung Energy (7.3x), Seoul City Gas (8.4x) and Samchully (3.6x).
- The debt ratio is 300.7%, so debt exceeds equity, and the current ratio is 75.3%, so short-term cash flow is a point to watch; but with operating profit that more than covers interest costs (interest coverage of 2.27x) and profits rising, there is little basis to read the low P/E and P/B directly as risk.
- Given the nature of a holding company, checking subsidiary results and one-off factors together makes the meaning of the numbers clearer.
- Operating profit rose at an accelerating pace year after year, from ₩39.4 billion in 2023 to ₩45.9 billion in 2024 and ₩73.3 billion in 2025 (+59.7% in 2025), and net profit steadied at ₩56.5 billion in 2024 and ₩59.1 billion in 2025.
- The flow has become even clearer this year.
- Cumulative first-quarter 2026 operating profit was ₩49.6 billion, up +29.1% from a year earlier, and it had already built in the first quarter about two-thirds of last year's full-year operating profit (₩73.3 billion).
- That revenue barely moved (-1.9%) while profit rose sharply means that at the subsidiary level the share of higher-margin businesses grew, or cost and financing burdens eased, thickening the money left over.
- This year's operating-profit outlook of ₩117.0 billion sits on top of this first-quarter result and the multi-year profit-growth trend, a picture of stepping up another notch from ₩73.3 billion the year before.
- Revenue growth itself is gentle, but the fact that profit is rising ahead of it is the center of this company's growth story.
- The July 24, 2025 decision on a subsidiary rights offering (₩74.9 billion for operating funds) is a disclosure to view together with where the funds are used and how it affects the share count; if the purpose is operating funds, the point to watch is actual deployment and whether it links to revenue.
- On February 10 and February 26, 2026, disclosures of a 15%-plus change in revenue and profit-and-loss structure came one after another, confirming and announcing annual revenue of ₩1.2 trillion, operating profit of ₩73.3 billion and net profit of ₩59.1 billion.
- Profit rose sharply from the prior year, clearing the threshold for a profit-and-loss structure change, a disclosure in the same direction as the profit growth already noted.
- Cross-checking against the body of the business report for any one-off factors helps gauge the quality of the earnings.
- The strengths are clear.
- Profit has been rising over several years, and even though it had already built in the first quarter close to two-thirds of last year's full-year operating profit, the share price has fallen -32.6% from the 52-week high to a 2.2x P/E and a 0.29x P/B, a position priced low against rising earnings.
- The metrics are also low versus peers, which reads as an undervaluation signal.
- There are also points to watch.
- With a 300.7% debt ratio and a 75.3% current ratio, debt and short-term cash flow are not especially comfortable, and as a holding company, subsidiary results and financing disclosures such as rights offerings can move the parent's numbers and the share count.
- In short, in a phase where subsidiary profits are maintained or expanded as they are now and financial burdens are managed, the low valuation works as appeal; conversely, if subsidiary results turn down or additional financing raises the share count, that appeal thins.
🔎 Valuation vs peers Undervalued
A set of electricity and gas companies of comparable market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daesung Energy | 7.83x | 0.56x | 7.12% |
| Seoul City Gas | 8.72x | 0.24x | 2.77% |
| Samchully | 3.71x | 0.25x | 6.63% |
We looked first at a public-data peer set of similar market cap within electricity and gas. The current P/E ratio (how many times a year's earnings the price is) is 2.28x and the P/B (how many times book value the price is) is 0.30x. That said, smaller-cap names are heavily affected by earnings swings and financing disclosures, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩1.2 trillion | ₩117.0 billion | — |
| Next quarter | Q2 2026 | ₩197.3 billion | ₩6.5 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩4,555 and the market capitalization is ₩134.5 billion. The price sits below its 20-day moving average (₩4,702) and below its 60-day moving average (₩5,257). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 39.8, a neutral level. The one-month change is -5.3%, the three-month change is -3.6%, and the position relative to the 52-week high is -30.3%. Relative strength versus the KOSPI is 21 (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 21% of all stocks. Over the past three months it lagged the index by 24.3%. 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 -24.29% / 6M -41.17% / 12M -65.11%
Key metrics vs sector median
Valuation
The P/E of 2.28x is below the sector median (5.77x). The P/B is 0.30x.
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 13.3%, above the sector average (7.0%). The operating margin is 6.1%. The debt ratio is 300.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $823.6M | $772.0M | $796.5M | +3.17% ↑ faster |
| Operating profit | $26.1M | $30.4M | $48.6M | +59.68% ↑ faster |
| Net profit | $5.0M | $37.5M | $39.2M | +4.52% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $588.6M | $954.5M | $823.6M | $772.0M | $796.5M |
| Operating profit | $29.6M | $24.6M | $26.1M | $30.4M | $48.6M |
| Net profit | -$4.3M | $9.7M | $5.0M | $37.5M | $39.2M |
| Revenue CAGR | 4-yr avg 7.86% | ||||
Revenue rose 3.2% year over year (2023 ₩1.2 trillion → 2024 ₩1.2 trillion → 2025 ₩1.2 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 59.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.9%. The two-year revenue CAGR is -1.7%. In the most recent quarter (Q1 2026), revenue was 1.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 13.3% points to solid profitability.
Points to watch
- Debt far exceeds equity (debt ratio 300.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 75.3%).
Recent news & events searched · sourced
- 2025-07-24Update[Correction] Rights-offering decision (subsidiary key management matter): ₩74.9 billion for operating fundsA disclosure to view together with the purpose of the incoming funds and the change in the share count. When a facility or operating purpose is stated, the key is actual investment deployment and whether it links to revenue. Source
- 2026-02-26EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: annual revenue ₩1.2 trillion, operating profit ₩73.3 billion, net profit ₩59.1 billionThis is recent confirmed or preliminary results data. Check whether it moves in the same direction as the annual trend and whether any one-off factors are involved. Source
- 2026-02-10EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure (subsidiary key management matter): annual revenue ₩1.2 trillion, operating profit ₩73.3 billion, net profit ₩59.1 billionThis is recent confirmed or preliminary results data. Check whether it moves in the same direction as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,555 | ₩4,555 | Confirmed | link |
| Latest quarterly results | revenue ₩484.0 billion, operating profit ₩49.6 billion | revenue ₩484.0 billion, operating profit ₩49.6 billion | Confirmed | link |
| Annual results | revenue ₩1.2 trillion, operating profit ₩73.3 billion | revenue ₩1.2 trillion, operating profit ₩73.3 billion | Confirmed | link |
| Original financing disclosure text | []: ₩74.9 billion | []: ₩74.9 billion | Confirmed | link |
| Original results disclosure text | revenue30%: revenue ₩1.2 trillion · operating profit ₩73.3 billion · net profit ₩59.1 billion | revenue30%: revenue ₩1.2 trillion · operating profit ₩73.3 billion · net profit ₩59.1 billion | Confirmed | link |
| Original results disclosure text | revenue30%: revenue ₩1.2 trillion · operating profit ₩73.3 billion · net profit ₩59.1 billion | revenue30%: revenue ₩1.2 trillion · operating profit ₩73.3 billion · net profit ₩59.1 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-20Amended filing
- 2026-03-19PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-12Audit report
- 2026-03-11Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-10DividendCash/stock dividend decision
- 2026-03-06Disclosure
📖 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.