Haesung Industrial is a holding-type company that runs real-estate leasing together with construction and related businesses. Annual revenue is in the ₩2.3 trillion range, but because the model is about holding and leasing assets and generating construction revenue, the size of profit swings from year to year with sales, leasing, and the progress of construction work. In April the company itself put out a corporate value-up plan, and against a backdrop of results disclosed in February (revenue of ₩2.3 trillion, operating profit of ₩41.8 billion, net loss of ₩24.0 billion), Q1 operating profit jumped nearly threefold as the core business turns around. What stands out lately is a low P/B, trading at about a quarter of net assets, a 3.9% dividend, and a recovery in core earnings; against that, the timing of the final net result turning positive and the state of the property market are indicators to watch alongside.
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 1.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 9.9% higher than a year earlier.
- ROE is -3.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Dan Jae-wan 25.14% (individual)
Controlling bloc incl. related parties 80.64%
With the controlling bloc holding 81%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Haesung Industrial is a holding-type company that runs real-estate leasing together with construction and related businesses.
- Annual revenue is in the ₩2.3 trillion range, so the top line is not small, but because the model is about holding and leasing assets and generating construction revenue, the size of profit swings from year to year with sales, leasing, and the progress of construction work.
- Market capitalization, at ₩200.5 billion, is on the smaller side, so along with the flow of the business itself, each disclosure the company makes tends to weigh relatively heavily on results and the share price.
- The latest close is ₩6,390 and market capitalization is ₩201.8 billion.
- The price sits above its 20-day line (₩6,182) and below its 60-day line (₩6,914).
- The short- and medium-term trends diverge, so the direction has to be read separately.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 50.7, a neutral level.
- The one-month change is +4.8%, the three-month change is -11.7%, and the position versus the 52-week high is -28.4%.
- Relative strength against the KOSDAQ is 65 (on a 1-99 scale that weights recent returns versus the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 35% of all stocks by strength.
- Over the past three months it outpaced the index by 14.2%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- Most recent annual revenue is ₩2.3 trillion, operating profit ₩41.8 billion, and net profit -₩24.0 billion.
- The operating margin is 1.8% and ROE (how much the company earns in a year on its equity) is -3.4%, with one-off costs the prior year having dragged earnings down.
- Set the price against assets, however, and the picture differs.
- The P/B (how many times book value the price represents) is 0.28x, meaning the stock trades at about a quarter of the company's net assets, clearly a cheap zone relative to assets.
- The debt-to-equity ratio is 362.1%, which looks high on the number alone, but a business built on holding real estate structurally carries large lease deposits and borrowings, so it cannot be measured by the same yardstick as ordinary manufacturing.
- Because it was a loss-making year, no P/E is produced; but earnings are a highly variable item while the value of held assets is comparatively clear, so this company is closer to reality when read on an asset (P/B) basis than on earnings.
- Revenue held without large swings at ₩2.31 trillion in 2023, ₩2.22 trillion in 2024, and ₩2.26 trillion in 2025, and in the most recent quarter, Q1 2026, it came to ₩599.4 billion, up 9.9% year over year, turning back toward growth.
- What stands out is the recovery in earnings.
- Q1 operating profit was ₩18.2 billion, up 179.5% year over year.
- This is the result of core earnings thickening again as leasing, sales, and construction revenue come in together.
- If this trend continues, this year's operating profit would be around ₩98.7 billion, well above the prior year's ₩41.8 billion.
- Given the nature of the property business, recognition timing differs by quarter, but the fact that the core operating margin is rising as the top line grows is a sign that the direction of recovery is clear.
- That said, net profit was -₩34.0 billion in Q1, so the operating-level recovery is not yet fully reflected in the final result; this is because financial and valuation costs are cutting into it from above, a point to view separately from the improvement in the core business.
- On April 1, 2026 the company itself put out a corporate value-up plan (a voluntary disclosure).
- For a low-P/B company whose price sits well below book value, it is a document in which the firm lays out how it intends to lift its own value, so it is worth following the original text to see whether concrete figures on dividends and capital policy are included.
- Earlier, on February 25, 2026, an annual results-change disclosure (including a corrected filing) revealed the confirmed picture of revenue ₩2.3 trillion, operating profit ₩41.8 billion, and net loss ₩24.0 billion.
- Whether the prior year's loss was a one-off or ongoing becomes clearer when read together with the subsequent Q1 operating-profit recovery.
- For this company, 'cheap assets' are the core.
- It trades in a low-P/B zone at about a quarter of net assets including its held real estate, and a dividend yield of 3.9% provides support.
- On top of that, Q1 operating profit jumped nearly threefold as core earnings turn around, and the company itself has put out a corporate value-up plan, both clear strengths.
- If asset value is evident and the core-earnings recovery continues, the price that is cheap relative to assets has room to be filled.
- Conversely, the weakening conditions are the operating-level recovery being continually cut down by financial and valuation costs so that the final net loss persists, or the property market cooling and choking the flow of leasing and sales.
- In other words, since the strengths of cheap assets and a core recovery are clear, one can watch the timing of net profit turning positive and the state of the property market as confirming indicators.
🔎 Valuation vs peers Undervalued
A market-cap-adjacent peer set within banking and finance.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NAU IB Capital | 21.07x | 1.17x | 5.54% |
| SV Investment | — | 1.48x | -7.40% |
| Atinum Investment | 4.00x | 0.49x | 12.27% |
We first looked at a public-data peer set of near market cap within banking and finance. The current P/E (how many times one year's earnings the price represents) cannot be confirmed, and the P/B (how many times book value the price represents) is 0.28x. However, for smaller-cap stocks the effects of earnings volatility and financing disclosures are large, so we did not draw a firm conclusion from indicators based on last year's 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 | ₩2.4 trillion | ₩98.7 billion | — |
| Next quarter | Q2 2026 | ₩605.6 billion | ₩21.3 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩6,390 and the market capitalization is ₩201.8 billion. The price sits above its 20-day moving average (₩6,182) and below its 60-day moving average (₩6,914). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.7, a neutral level. The one-month change is +4.8%, the three-month change is -11.7%, and the position relative to the 52-week high is -28.4%. Relative strength versus the KOSDAQ is 65 (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 65% of all stocks. Over the past three months it outpaced the index by 14.2%. 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 +14.21% / 6M -6.75% / 12M -18.87%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.28x is below the sector median (0.66x).
Profitability & financials
Return on equity (ROE) is -3.4%, below the sector average (6.0%). The operating margin is 1.8%. The debt ratio is 362.1%, 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 | $1.5B | $1.5B | $1.5B | +1.79% ↑ faster |
| Operating profit | $70.4M | $47.3M | $27.7M | -41.41% ↓ slower |
| Net profit | -$19.4M | $3.9M | -$15.9M | -511.74% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.7B | $1.5B | $1.5B | $1.5B |
| Operating profit | $61.9M | $139.4M | $70.4M | $47.3M | $27.7M |
| Net profit | $32.8M | $16.9M | -$19.4M | $3.9M | -$15.9M |
| Revenue CAGR | 4-yr avg 4.81% | ||||
Revenue rose 1.8% year over year (2023 ₩2.3 trillion → 2024 ₩2.2 trillion → 2025 ₩2.3 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 41.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.8%. The two-year revenue CAGR is -1.1%. In the most recent quarter (Q1 2026), revenue was 9.9% higher 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.
- The dividend yield, at 3.9%, is on the high side.
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
- 2026-04-01UpdateCorporate value-up plan (voluntary disclosure): check the company's plan in the original textA planning document the company presented directly. If it contains figures, treat them as a primary basis for the outlook box; if not, view it only as directional material. Source
- 2026-02-25Earnings[Corrected filing] Change of 30% or more in revenue or profit-and-loss structure (15% for large corporations): annual revenue ₩2.3 trillion, operating profit ₩41.8 billion, net loss ₩24.0 billionRecent confirmed or preliminary results. Check whether it is in line with the annual trend and whether any one-off factors are present. Source
- 2026-02-25EarningsChange of 30% or more in revenue or profit-and-loss structure (15% for large corporations): annual revenue ₩2.3 trillion, operating profit ₩41.8 billion, net loss ₩24.0 billionRecent confirmed or preliminary results. Check whether it is in line with the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩6,390 | ₩6,390 | Confirmed | link |
| Latest quarterly results | revenue ₩599.4 billion, operating profit ₩18.2 billion | revenue ₩599.4 billion, operating profit ₩18.2 billion | Confirmed | link |
| Annual results | revenue ₩2.3 trillion, operating profit ₩41.8 billion | revenue ₩2.3 trillion, operating profit ₩41.8 billion | Confirmed | link |
| Outlook/plan disclosure original text | : | : | Confirmed | link |
| Results disclosure original text | []revenue30%: revenue ₩2.3 trillion · operating profit ₩41.8 billion · net profit -₩24.0 billion | []revenue30%: revenue ₩2.3 trillion · operating profit ₩41.8 billion · net profit -₩24.0 billion | Confirmed | link |
| Results disclosure original text | revenue30%: revenue ₩2.3 trillion · operating profit ₩41.8 billion · net profit -₩24.0 billion | revenue30%: revenue ₩2.3 trillion · operating profit ₩41.8 billion · net profit -₩24.0 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-04-23Disclosure
- 2026-04-01Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-27Amended filing
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-18Audit report
- 2026-03-17Audit report
- 2026-03-16Shareholders' meeting notice
📖 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.