Hanssem (009240) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hanssem is Korea's largest home-interior company, built on two pillars: a remodeling business (Rehaus) that bundles kitchens, bathrooms and storage from measurement through design to installation, and a home-furnishing business that sells furniture. These are complemented by the online Hanssem Mall and a B2B channel that supplies builders. In June 2026 the company laid out a shareholder-return policy, launching a ₩50 billion buyback through a trust arrangement to run to year-end and pledging to return more than 50% of net profit to shareholders alongside quarterly dividends; it will also absorb its wholly owned subsidiary Hanssem Nexus on July 31 with no new shares issued. The encouraging point is that core operating profit is back on a recovery track while shareholder returns are being expanded through buybacks and dividends, and the company's number-one brand and installation network are genuine strengths. The cautions are that revenue is still pressed by the housing cycle so a top-line rebound is not yet confirmed, the debt ratio is high so interest costs weigh heavily, and a sizeable share of profit is swayed by non-operating items.
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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 “Furniture & Interior” (Retail, Consumer Goods & Food · Distribution & Wholesale/Retail), a type typically read first through P/E.
Furniture and interiors retail buys goods and sells them on to consumers for a margin, and revenue flows fairly directly into current-year profit as housing and remodeling demand moves. With earnings tracking sales, price-to-earnings (P/E) is the natural 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
- Revenue fell 8.6% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 9.9% lower than a year earlier.
- ROE is 9.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 1.3%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2020-12-31
Largest shareholder Cho Chang-kul 15.45% (individual)
Controlling bloc incl. related parties 19.09%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Hanssem's two pillars are a remodeling business (Rehaus) that designs and installs entire spaces such as kitchens, bathrooms and storage, and a home-furnishing business that sells furniture like dressing rooms, desks and dining tables. In other words, its core competitiveness lies not in selling products alone but in bundling the whole process from measurement to design to installation. Added to this are the online Hanssem Mall channel and a B2B/bulk-supply arm that delivers materials to construction companies. It is the number-one player in Korea's home-interior market by both scale and brand.
The latest close is ₩40,250 and the market capitalization is ₩947.2 billion. The price sits above its 20-day moving average (₩37,070) and above its 60-day moving average (₩34,220). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 67.2, a neutral level. The one-month change is +15.0%, the three-month change is +0.8%, and the position relative to the 52-week high is -21.7%. Relative strength versus the KOSPI is 33 (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 32% of all stocks. Over the past three months it outpaced the index by 20.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times a year's net profit the share price represents) is about 17.90x and the P/B (how many times book equity the price represents) is about 2.07x. ROE (how much the company earns in a year on its equity) is 11.6%, respectable for the sector. However, last year's net profit (₩46.3 billion) exceeded operating profit (₩18.5 billion), meaning non-operating gains were mixed in, so the P/E alone is a poor guide to whether the stock is cheap or expensive. The operating margin, which better reflects the true profitability of the core business, is still thin at 1.1%. A high debt ratio (debt against equity) of 248% is a burden that brings heavy interest costs. On the other hand, net debt (total borrowings less cash) is negative, meaning the company is in a net-cash position, and the FCF yield (cash actually generated relative to market cap) is a solid 6.9%, so cash-generating power itself is firm.
Revenue has fallen for three straight years (-8.6% in 2025), reflecting weak demand for housing transactions, moves and interior work. The surface-level profit trend is also choppy. The ₩151.1 billion net profit of 2024 was heavily inflated by a one-off gain from the sale of the Sangam headquarters building. With that effect gone, 2025 (₩46.3 billion) naturally came down, so the 69% drop does not reflect a collapsing business. The genuine recovery in the core business is clearest in operating profit. Q1 2026 operating profit was ₩10.1 billion, up 56% year on year, extending a run of 12 consecutive profitable quarters. A major driver was the Rehaus division turning from a loss to a profit. Revenue is still shrinking, but margins are reviving on cost management and an improved product mix.
The biggest change is stronger shareholder returns. In June 2026 the company decided to buy back ₩50 billion of its own shares through a trust arrangement by year-end, and set out a policy of returning more than 50% of net profit to shareholders alongside quarterly dividends. It stated a principle of buying and retiring shares while they are undervalued. It is also absorbing its wholly owned subsidiary Hanssem Nexus (merger date July 31, 2026) to improve operating efficiency. Because it is a small-scale merger with no new shares issued, there is no share dilution.
The points to watch are clear. Core operating profit is back on a recovery track, and shareholder returns are being expanded through buybacks and dividends. The industry-leading brand and installation network are also strengths. The cautions are equally clear. Revenue is still pressed down by the housing cycle, so a top-line rebound has yet to be confirmed. The debt ratio is high, bringing heavy interest costs, and a considerable part of profit is swayed by non-operating items, adding volatility. In short, the structure is strong if housing transactions revive and operating-profit recovery continues, but faces persistent top-line pressure if the transaction slump drags on.
🔎 Valuation vs peers Fairly valued
Compared against home-interior and building-materials companies exposed to the housing and interior cycle; Hanssem is the pure number-one home-interior player and close to the only one currently profitable with a double-digit ROE.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LX Hausys | 0.00x | 0.35x | -5.26% |
While building-materials and interior peers tied to the same housing cycle remain in losses or at low ROE, Hanssem maintains profitability and an ROE in the 11% range, which justifies its relatively higher P/B (around 2x) in the current phase. That said, last year's net profit contained non-operating gains, so the trailing P/E of about 17x creates an illusion of looking cheaper than the core business warrants. Measured on operating profit, the margin is still thin and EV/EBIT comes out high. Balancing the strengths of core-business recovery and shareholder returns against the weaknesses of thin operating margin, high debt and shrinking top line, we view the stock as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩40,250 and the market capitalization is ₩947.2 billion. The price sits above its 20-day moving average (₩37,070) and above its 60-day moving average (₩34,220). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 67.2, a neutral level. The one-month change is +15.0%, the three-month change is +0.8%, and the position relative to the 52-week high is -21.7%. Relative strength versus the KOSPI is 33 (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 32% of all stocks. Over the past three months it outpaced the index by 20.0%. 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 +20.00% / 6M -29.84% / 12M -55.16%
Key metrics Computed vs sector median
Valuation
The P/E of 20.47x is above the sector median (10.99x). The P/B of 2.35x is above the sector median (0.62x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 9.2%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.692x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 9.8%, above the sector average (2.0%). The operating margin is 1.3%. The debt ratio is 136.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.4B | $1.3B | $1.2B | -8.59% ↓ slower |
| Operating profit | $1.4M | $21.9M | $13.0M | -40.79% ↓ slower |
| Net profit | -$43.7M | $106.2M | $32.5M | -69.38% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.4B | $1.4B | $1.3B | $1.2B |
| Operating profit | $48.7M | -$15.2M | $1.4M | $21.9M | $13.0M |
| Net profit | $40.2M | -$50.1M | -$43.7M | $106.2M | $32.5M |
| Revenue CAGR | 4-yr avg -5.97% | ||||
Revenue fell 8.6% year over year (2023 ₩2.0 trillion → 2024 ₩1.9 trillion → 2025 ₩1.7 trillion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 40.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -6.0%. The two-year revenue CAGR is -5.8%. In the most recent quarter (Q1 2026), revenue was 9.9% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue fell 8.6% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-09UpdateDecided to enter a ₩50 billion trust agreement to acquire its own shares. Purchases run through a trust arrangement to year-end, with a stated principle of buying and retiring while undervalued.Reducing the free float and enhancing shareholder value is positive for near-term supply-demand and sentiment. A medium-term signal of a higher payout ratio. Source
- 2026-06-09DividendSet a record date (shareholder register closing) for cash and in-kind dividends. Linked to quarterly dividends and the policy of returning more than 50% of net profit.Expanding regular cash dividends is a medium-term factor strengthening shareholder returns. Source
- 2026-05-11UpdateDecided to absorb its wholly owned subsidiary Hanssem Nexus (merger date 2026-07-31). A small-scale merger with no new shares issued, aimed at operating efficiency.Integrates costs and resources without share dilution. Favorable for medium-term profitability. Source
- 2026-05-11EarningsDisclosed preliminary consolidated Q1 2026 results. Operating profit rose 56% year on year, marking 12 consecutive profitable quarters.Confirms core-margin recovery despite falling revenue. Evidence of the improving operating-profit trend. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 operating profit | ₩10.1 billion(YoY +56%) | ₩10.1 billion(YoY +56%) | Confirmed | link |
| 2025 full-year revenue, operating profit and net profit | revenue 17,445 / operating profit 185 / net profit 463 | revenue 17,445 / operating profit 185 / net profit 463 | Confirmed | link |
| 2026 net profit estimate | approx. ₩32.0 billion(self-estimate, forward PER 24.6) | — | Unverified | link |
Recent filings Source
- 2026-06-09DividendCash/stock dividend decision
- 2026-06-09TreasuryMaterial-fact report
- 2026-06-09Fair-disclosure notice
- 2026-05-28Corporate governance report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-05-11EarningsFair-disclosure notice
- 2026-05-11Material-fact report (amended)
- 2026-05-08Material-fact report
- 2026-05-07Disclosure
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21Disclosure
📖 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.