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.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 663.2%).
- 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%.
- 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 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 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
| Hansae | 50.49% |
🔎 In-depth analysis
- 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 ₩4,285 and the market cap is ₩171.4 billion.
- The price sits below its 20-day line (₩4,290) and below its 60-day line (₩4,390).
- Trading below both the short- and mid-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0–100 scale) is 49.6, a neutral level.
- The one-month change is -0.2%, the three-month change is +0.1%, and the position versus the 52-week high is -14.1%.
- Relative strength against the KOSPI is 32 (1–99, computed from returns versus the index over the past year with heavier weight on recent moves; higher means stronger than the market), placing it in roughly the top 69% of all stocks by strength.
- Over the past three months it lagged the index by 20.0%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- 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 663%, 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 0.36x, 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 | 10.97x | 0.38x | 3.48% |
| Hansae | 6.29x | 0.49x | 7.79% |
| Handsome | 10.43x | 0.34x | 3.22% |
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 0.37x. 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 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 ₩4,285 and the market capitalization is ₩171.4 billion. The price sits below its 20-day moving average (₩4,290) and below its 60-day moving average (₩4,390). 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 49.6, a neutral level. The one-month change is -0.2%, the three-month change is +0.1%, and the position relative to the 52-week high is -14.1%. Relative strength versus the KOSPI is 32 (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 31% of all stocks. Over the past three months it lagged 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 -20.03% / 6M -35.06% / 12M -59.84%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.37x is in line with the sector median (0.39x).
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 (5.0%). The operating margin is 1.9%. The debt ratio is 663.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.8B | $1.9B | $2.3B | +20.45% ↑ faster |
| Operating profit | $125.8M | $100.9M | $43.4M | -57.00% ↓ slower |
| Net profit | $37.4M | $3.0M | -$21.9M | -826.05% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $2.2B | $1.8B | $1.9B | $2.3B |
| Operating profit | $89.3M | $127.8M | $125.8M | $100.9M | $43.4M |
| Net profit | $26.7M | $14.1M | $37.4M | $3.0M | -$21.9M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 11.7%, 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 663.2%).
- 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.
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 | ₩4,285 | ₩4,285 | 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 | revenue30%: revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | revenue30%: revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | Confirmed | link |
| Results disclosure, original text | revenue30%: revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | revenue30%: revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | Confirmed | link |
| Results disclosure, original text | []revenue30%: revenue ₩3.4 trillion · operating profit ₩65.5 billion · net profit -₩33.1 billion | []revenue30%: 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
- 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.