Hansol Holdings became a pure holding company in 2015 when it spun off its paper business into Hansol Paper, and its parent-level income comes from trademark royalties, management-advisory income and dividends, while the roughly ₩1.1 trillion of accounting revenue is a figure that also captures the revenue of consolidated subsidiaries. Its May 14 quarterly report confirmed cumulative Q1 controlling-interest net profit of about ₩11.6 billion, a swing to profit (+72.8% year on year), followed in May-June by decisions on subsidiary rights offerings and disposals of tangible assets and a per-share dividend of ₩130. The point worth watching lately is that a deep 0.23x discount to net assets, a forward P/E of about 7x, a 3.6% dividend and the value of stakes in listed subsidiaries gather as strengths; against that, as is typical for a holding company, parent-level profit hinges on subsidiary results and cost swings, so the quarterly flow may not move in only one direction.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- Revenue rose 38.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 2.5% lower than a year earlier.
- ROE is -0.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.1%.
- 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 2025-12-31
Largest shareholder Cho Dong-gill 17.64% (individual)
Controlling bloc incl. related parties 34.32%
With the controlling bloc holding 34%, the ownership structure is stable.
Net asset value (NAV) assessment Fairly valued
💡 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
| Hansol Paper | 30.49% |
| Hansol Technics | 20.26% |
🔎 In-depth analysis
- In 2015 Hansol Holdings spun off its paper division into Hansol Paper, shifting from a company that directly makes and sells goods to a pure holding company overseeing the whole group.
- The holding parent's income consists of trademark royalties from subsidiaries (payment for using the Hansol brand), management-advisory income and dividends.
- The roughly ₩1.1 trillion of accounting revenue is not parent income but a figure that also captures the revenue of consolidated subsidiaries such as Hansol Papertech, Hansol PNS and Hansol Logistics, whose high ownership stakes bring their results together.
- The group's flagship names, Hansol Paper (specialty and printing paper) and Hansol Technics (electronic components and solar), have relatively lower ownership stakes, so their results are not fully consolidated but reflected in proportion to the stake (the equity method).
- So in looking at this company, what matters is less what the parent sells than which subsidiaries it holds and how much of them, and the dividends and stake value the subsidiaries generate are the company's true strength.
- The latest close is ₩2,905 and the market cap is ₩119.2 billion.
- The price sits below its 20-day line (₩3,229) and below its 60-day line (₩3,492).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 34.8, a neutral level.
- The one-month change is -14.7%, the three-month change is -9.2%, and the position relative to the 52-week high is -30.0%.
- Relative strength versus the KOSPI is 22 (on a 1-99 scale, converting the past year's return against the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 78% of all stocks by strength.
- Over the past three months it has lagged the index by 28.2%.
- Chart reading is best done alongside volume and the dates of disclosures.
- The P/B (how many times the company's net assets the share price is) is 0.21x, trading at about a quarter of book net assets.
- The P/S (how many times revenue the share price is) is also low at 0.13x.
- Compared with CJ, a fellow holding company that trades at about 0.9x net assets, Hansol Holdings is priced low on both an asset-value and an earnings-value basis.
- The ROE (how much the company earns on its equity in a year) is -0.1%, essentially break-even on last year's basis, and the operating margin is 2.1%.
- The debt ratio (debt against equity) is about 160%, but in a holding-and-subsidiary structure the subsidiaries' operating and financial liabilities are captured together, so it is hard to compare it simply on the same yardstick as an ordinary manufacturer.
- In short, the trailing (already-finished past results) metrics only look low, obscured by a single year's loss last year, while both assets and recovered profit point to the current share price being cheap.
- Revenue grew steadily from about ₩440.0 billion in 2023 to ₩790.0 billion in 2024 and ₩1.1 trillion in 2025 (+38.7% year on year).
- Net profit, by contrast, fell from the ₩20-48 billion range in 2021-2022 to ₩7.4 billion in 2023, ₩2.0 billion in 2024 and a ₩0.6 billion loss in 2025, which was not a parent-level problem but the result of the profits of subsidiaries tied in by consolidation and the equity method all bottoming at once.
- The key is Q1 2026.
- Controlling-interest net profit was about ₩11.6 billion, up +72.8% from the same period a year earlier, swinging back to profit.
- That net profit jumped sharply even though parent revenue (-2.5%) and operating profit (-4.6%) barely moved is because the profits of equity-method subsidiaries such as Hansol Paper and Hansol Technics recovered, and their share flowed up into holding-company net profit.
- In other words, it is the subsidiaries' profitability coming back, not revenue, that drives this company's profit.
- That said, subsidiary profit varies from quarter to quarter with the business cycle, so it helps to verify through quarterly results whether the Q1 recovery continues in the remaining quarters.
- Recent disclosures center on the subsidiary-management activity characteristic of a holding company.
- The most important is the May 14 quarterly report, which first confirmed that cumulative Q1 controlling-interest net profit had swung to a profit of about ₩11.6 billion (+72.8% year on year).
- Across May and June 2026 several 'subsidiary rights offering decision' disclosures appeared; these are decisions by a subsidiary to raise capital, and if Hansol Holdings participates, its ownership (control) of that subsidiary rises.
- On June 5 a subsidiary tangible-asset disposal decision was also disclosed, showing the nature of cash inflow from an asset sale at the subsidiary level.
- On May 15 a report on changes in largest-shareholder holdings and a large-holding report were filed together, showing there had been a change in holdings, and in late May a large-business-group status disclosure and a corporate governance report were filed, fulfilling the mandatory disclosures as the group's representative company.
- The dividend (₩130 per share) supports the high-dividend character.
- Subsidiary capital-raise participation drains the holding parent's cash in the short term but can, over the medium term, lead to investment that grows the subsidiary's business and stake value.
- This is a stock with clear strengths.
- A deep 0.23x discount to net assets, a forward P/E of about 7x on recovered profit, a 3.6% dividend and the Q1 2026 swing to profit gather in one place.
- In particular, the value of stakes in listed subsidiaries alone nearly matches the market cap, so adding unlisted subsidiaries and the parent's operating value and dividends, the held asset value has substantial room to exceed the market cap.
- In other words, whether viewed by assets or by recovered profit, the current price sits in a low-valued range.
- Points to watch are that, as is typical for a holding company, parent-level profit hinges on subsidiary results so the quarterly flow may not move in only one direction, and that core subsidiaries such as Hansol Paper are exposed to input-cost swings like pulp.
- In short, understand it as a structure that is strong when subsidiary profit recovery continues and asset value and dividends stand out, and where the recovery can slow if subsidiary costs and industry conditions worsen again.
🔎 Valuation vs peers Inconclusive
Peers were selected among companies with the same holding-company structure (pure or operating holding companies where subsidiary stake value and dividends are central); a direct comparison with ordinary manufacturers of different business content would be inappropriate.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lotte Corporation | 0.00x | 0.38x | -10.66% |
| CJ Corporation | 27.91x | 0.77x | 2.75% |
Against fellow holding-company peers (Lotte Holdings at a 0.43x P/B, CJ at a 1.03x P/B), Hansol Holdings' 0.26x P/B sits in the deepest discount range. That said, a holding company is hard to judge on consolidated P/E alone, and the fact that the sum of subsidiary stake value is not small relative to the market cap (the listed-subsidiary stakes alone approach the market cap) is the core basis for the discount. Meanwhile, last year's trailing basis was a loss with no computable P/E because it was a year when subsidiary profit had bottomed, but on a forward basis reflecting the Q1 2026 swing to profit, a single-digit P/E emerges. In the end, if subsidiary profit recovery continues the current discount looks excessive, and if the recovery proves one-off the discount is justified, a two-way setup, so rather than declaring it cheap or expensive, an inconclusive stance is appropriate.
Price history Close · MA20 · MA60
The latest close is ₩2,905 and the market capitalization is ₩119.2 billion. The price sits below its 20-day moving average (₩3,229) and below its 60-day moving average (₩3,492). 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 34.8, a neutral level. The one-month change is -14.7%, the three-month change is -9.2%, and the position relative to the 52-week high is -30.0%. Relative strength versus the KOSPI is 22 (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 22% of all stocks. Over the past three months it lagged the index by 28.2%. 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 -28.24% / 6M -40.10% / 12M -63.49%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.21x is below the sector median (0.49x).
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 -0.1%, below the sector average (5.0%). The operating margin is 2.1%. The debt ratio is 159.6%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $293.7M | $524.7M | $727.9M | +38.74% ↓ slower |
| Operating profit | $2.7M | $5.0M | $15.0M | +202.28% ↑ faster |
| Net profit | $4.9M | $1.3M | -$402,137 | -130.00% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $274.2M | $309.7M | $293.7M | $524.7M | $727.9M |
| Operating profit | $12.2M | $12.7M | $2.7M | $5.0M | $15.0M |
| Net profit | $14.3M | $31.8M | $4.9M | $1.3M | -$402,137 |
| Revenue CAGR | 4-yr avg 27.65% | ||||
Revenue rose 38.7% year over year (2023 ₩443.1 billion → 2024 ₩791.6 billion → 2025 ₩1.1 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 202.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 27.7%. The two-year revenue CAGR is 57.4%. In the most recent quarter (Q1 2026), revenue was 2.5% 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 4.5%, is on the high side.
- Revenue grew 38.7% year over year, a sign of growth.
Points to watch
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-06-05FilingCorrection disclosure of a subsidiary's rights-offering decision (material management matter). A decision by a subsidiary to raise capital; if the holding company participates, its control of that subsidiary may strengthen.Short term: possible cash outflow at the holding parent / Medium term: subsidiary capital reinforcement and change in stake value Source
- 2026-06-05FilingA subsidiary's tangible-asset disposal decision (material management matter). A decision to sell assets held by the subsidiary, of a cash-inflow and asset-efficiency nature.Medium term: change in the subsidiary's cash flow and asset structure Source
- 2026-05-20FilingTwo correction disclosures of a subsidiary's rights-offering decision (material management matter). Decisions on the subsidiary's capital raise; the ownership stake shifts depending on whether the holding company participates.Short term: possible funding needs / Medium term: effect on control and stake value Source
- 2026-05-15UpdateFiling of a report on changes in largest-shareholder holdings and a large-holding report. A mandatory disclosure showing there had been a change in holdings.Medium term: signal of a change in subsidiary ownership and governance structure Source
- 2026-05-14EarningsFiling of the quarterly report as of March 2026. Cumulative Q1 controlling-interest net profit swung to a profit of about ₩11.6 billion (+72.8% year on year), with revenue down slightly (-2.5%).Short term: signal of profit recovery / Medium term: first confirmation point for whether subsidiary profit is normalizing Source
- 2026-05-29FilingFiling of a large-business-group status disclosure and a corporate governance report. Regular mandatory disclosures as the group's representative company.Medium term: information on governance transparency Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Controlling-interest net profit (2025 annual) | approx. -6 | — | Unverified | link |
| Cumulative Q1 2026 controlling-interest net profit | approx. 116 | — | Unverified | link |
| Dividend (dividend per share) | ₩130,x approx. 3.6% | — | Unverified | link |
| Pure-holding-company status and subsidiary capital-raise activity | 2026 5~6 | DART | Confirmed | link |
Recent filings
- 2026-06-05Disclosure
- 2026-06-05Material-fact report (amended)
- 2026-05-29Large-business-group status disclosure (amended)
- 2026-05-29Corporate governance report
- 2026-05-27Large-business-group status disclosure
- 2026-05-27Large-business-group status disclosure
- 2026-05-20Material-fact report (amended)
- 2026-05-20Material-fact report (amended)
- 2026-05-15OwnershipLargest-shareholder ownership change report
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly 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.