Hansae Yes24 Holdings (016450) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hansae Yes24 Holdings is a holding company that, rather than making products itself, holds subsidiaries such as the apparel OEM/ODM maker Hansae (a 50.5% stake) and the online bookstore Yes24, and houses their equity value and dividends; most of the group's revenue comes from export-oriented apparel manufacturing. Loss-and-profit-structure change disclosures in February–March 2026 confirmed last year's results of ₩3.4 trillion in revenue, ₩65.5 billion in operating profit, and a net loss of ₩33.1 billion—rising revenue but falling profit—and with a first-quarter return to profit, the company is at a stage of gauging whether the recovery holds. What stands out is that if the subsidiaries' earnings recovery continues quarter by quarter, a P/B of 0.36x, a dividend yield in the 12% range, and Hansae's own undervaluation together revive the undervaluation appeal, but if the recovery is slow or one-off, the high debt-to-equity ratio can come back into focus as a burden.
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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 “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
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
- Debt far exceeds equity (debt ratio 469.9%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 20.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.0% higher than a year earlier.
- ROE is -7.2% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2022-12-31
Largest shareholder Kim Seok-hwan 25.95% (individual)
Controlling bloc incl. related parties 76.33%
With the controlling bloc holding 76%, control is very secure but the free float is thin.
Net asset value (NAV) assessment 6% 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
| Hansae | 50.49% |
🔎 In-depth analysis Reading
Hansae Yes24 Holdings is a holding company that, rather than making products itself, holds subsidiaries and houses the dividends from those stakes and the value of the group as a whole. Its core subsidiary is the apparel OEM/ODM maker Hansae (a 50.5% stake), whose export-oriented business—making global brands' clothing to order and supplying it—accounts for most of the group's revenue. Added to that is Yes24, an online bookstore and content platform, so the company earns money on two axes: apparel manufacturing and distribution. As is typical of a holding company, the share price is driven less by the company's own figures than by the earnings of the core subsidiary and the value of the stakes it holds.
The latest close is ₩4,375 and the market capitalization is ₩175.0 billion. The price sits above its 20-day moving average (₩4,314) and above its 60-day moving average (₩4,304). 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 54.0, a neutral level. The one-month change is +0.9%, the three-month change is -3.4%, and the position relative to the 52-week high is -12.3%. Relative strength versus the KOSPI is 39 (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 39% of all stocks. Over the past three months it outpaced the index by 15.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The latest annual revenue is ₩3.4 trillion and operating profit is ₩65.5 billion, while net profit was a loss of ₩33.1 billion. ROE (how much is earned on equity in a year) is -7.2% and the operating margin is 1.9%. The debt-to-equity ratio is 563%, high on its own, but a large part of that is the trade payables and working-capital nature that apparel exporting normally carries, so it is more accurate to read it as an industry characteristic than as an immediate risk. On valuation, the P/B (how many times book value the share price is) is 0.38x, trading at about a third of book value. The trailing P/E is not calculable because last year was a loss—not because the company is expensive, but because earnings dipped temporarily.
Revenue rose from ₩2.8 trillion in 2023 to ₩3.4 trillion in 2025, and the most recent year's growth rate of +20.5% actually accelerated—the result of firm apparel orders and a growing top line. Last year's operating profit (₩65.5 billion) and net profit (a loss of ₩33.1 billion), however, fell or swung to a loss versus the prior year: revenue grew, but costs and some one-off factors together depressed profit temporarily. This year the trend has turned back up. First-quarter 2026 revenue rose to ₩861.3 billion (+1.0%) and operating profit to ₩21.2 billion (+2.2%), and above all first-quarter net profit turned to a ₩4.8 billion profit. If this recovery continues, this year's annual operating profit is seen at around ₩79.1 billion and net profit at about ₩18.1 billion, normalizing from a loss to a profit. The grounds for that view are that revenue is not shrinking but rising, that the first quarter actually posted a profit, and that the factors that dragged down last year's profit were one-off in nature. In other words, this year's forecast earnings are not simply the first quarter times four but a picture that reflects the revenue trend and the recovered margin together.
Recent disclosures were a run of loss-and-profit-structure change notices related to subsidiary earnings. Across February–March 2026, confirmed and amended results of ₩3.4 trillion in revenue, ₩65.5 billion in operating profit, and a net loss of ₩33.1 billion were disclosed. As material capturing last year's picture of rising revenue but falling profit, it is best read alongside the first-quarter return to profit to gauge whether it moves in the same direction as the annual trend and whether one-off factors are mixed into what dragged down profit.
The strengths are clear. The share price sits at a third of book value (P/B 0.36x), the dividend yield is high in the 12% range, and the core subsidiary Hansae itself is in an undervalued zone at a P/E of 5–6x. The value of its listed stakes alone explains most of the current market cap, so the asset backing is thick. There are cautions too. The high debt-to-equity ratio makes it sensitive to funding conditions, and the earnings recovery is still being confirmed after a single first-quarter profit. In short, this is a stock whose undervaluation appeal revives if the subsidiaries' earnings recovery continues quarter by quarter, and whose high debt can come back into focus as a burden if that recovery is slow or turns out to be one-off.
🔎 Valuation vs peers Fairly valued
Public-data peers close in market capitalization within the apparel sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| BYC | 12.26x | 0.43x | 3.67% |
| Hansae | 6.42x | 0.51x | 7.79% |
| Handsome | 7.48x | 0.24x | 3.81% |
Within apparel, public-data peers close in market cap were looked at first. The current P/E (how many times a year's earnings the share price is) is not available, and the P/B (how many times book value the share price is) is 0.38x. That said, because lower-cap names are more exposed to earnings swings and financing disclosures, this was not decided on trailing confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩3.5 trillion | ₩79.1 billion | ₩18.1 billion |
| Next quarter | Q2 2026 | ₩845.9 billion | ₩14.0 billion | ₩4.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩4,375 and the market capitalization is ₩175.0 billion. The price sits above its 20-day moving average (₩4,314) and above its 60-day moving average (₩4,304). 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 54.0, a neutral level. The one-month change is +0.9%, the three-month change is -3.4%, and the position relative to the 52-week high is -12.3%. Relative strength versus the KOSPI is 39 (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 39% of all stocks. Over the past three months it outpaced the index by 15.5%. 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 +15.53% / 6M -14.45% / 12M -47.29%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.38x is in line with the sector median (0.43x).
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 -7.2%, below the sector average (2.0%). The operating margin is 1.9%. The debt ratio is 469.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.0B | $2.0B | $2.4B | +20.45% ↑ faster |
| Operating profit | $133.3M | $107.0M | $46.0M | -57.00% ↓ slower |
| Net profit | $39.6M | $3.2M | -$23.2M | -826.05% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.0B | $2.3B | $2.0B | $2.0B | $2.4B |
| Operating profit | $94.6M | $135.5M | $133.3M | $107.0M | $46.0M |
| Net profit | $28.3M | $15.0M | $39.6M | $3.2M | -$23.2M |
| Revenue CAGR | 4-yr avg 5.06% | ||||
Revenue rose 20.4% year over year (2023 ₩2.8 trillion → 2024 ₩2.8 trillion → 2025 ₩3.4 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 57.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.1%. The two-year revenue CAGR is 10.7%. In the most recent quarter (Q1 2026), revenue was 1.0% 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 11.4%, is on the high side.
- Revenue grew 20.4% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 469.9%).
- 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.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-05EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure (material management matter of a subsidiary): annual revenue ₩3.4 trillion, operating profit ₩65.5 billion, net profit -₩33.1 billionRecent confirmed or preliminary results material. Check whether it moves in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-03-03EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure (material management matter of a subsidiary): annual revenue ₩3.4 trillion, operating profit ₩65.5 billion, net profit -₩33.1 billionRecent confirmed or preliminary results material. Check whether it moves in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-02-25Earnings[Amended] Change of 30% or more (15% for large corporations) in revenue or profit-and-loss structure (material management matter of a subsidiary): annual revenue ₩3.4 trillion, operating profit ₩65.5 billion, net profit -₩33.1 billionRecent confirmed or preliminary results material. Check whether it moves in the same direction as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,375 | ₩4,375 | Confirmed | link |
| Latest quarterly results | revenue ₩861.3 billion, operating profit ₩21.2 billion | revenue ₩861.3 billion, operating profit ₩21.2 billion | Confirmed | link |
| Annual results | revenue ₩3.4 trillion, operating profit ₩65.5 billion | revenue ₩3.4 trillion, operating profit ₩65.5 billion | Confirmed | link |
| Results disclosure, original text | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | Confirmed | link |
| Results disclosure, original text | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | Confirmed | link |
| Results disclosure, original text | [amended] revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | [amended] revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-04-28OwnershipOwnership-change filing
- 2026-03-26Fair-disclosure notice
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-18Audit report
- 2026-03-18Audit report
- 2026-03-18Audit 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.