Hana Tour is the industry-leading full-service travel agency that sells overseas package tours, airline tickets, and hotel and free-travel products, earning money from the commissions and intermediation fees it collects on those transactions. It does not operate its own aircraft or own hotels; instead it aggregates travel demand and intermediates it in a platform-style business, so departing-traveler counts and average spend per customer drive its results. First-quarter 2026 revenue was ₩174.8 billion and operating profit ₩16.8 billion, reviving earnings momentum, and it has a corporate value-up plan targeting 2027 revenue in the ₩900 billion range and a total shareholder-return ratio of 50% or more, alongside ROE of 21.6% and a 3.9% dividend. What stands out lately is that as an earnings-normalization inflection stock its forward P/E is in the 8x range, below peers and closer to the undervalued side; but overseas travel demand is sensitive to exchange rates, the economy and geopolitical issues, and the direction of the private-equity largest shareholder's stake is a governance and overhang variable.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 332.4%).
- Revenue fell 4.8% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 3.8% higher than a year earlier.
- ROE is 21.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 9.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2022-12-31
Largest shareholder Harmonia No. 1 Ltd. 16.68% (corporate)
Controlling bloc incl. related parties 27.78%
With the controlling bloc holding 28%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Hana Tour is a full-service travel agency that sells overseas package tours, airline tickets, and hotel and free-travel products to travelers and earns money from the commissions and intermediation fees it collects on those transactions.
- Overseas packages to Japan, Southeast Asia, Europe and elsewhere are a large pillar of revenue, and the share of ticketing and individual travel (FIT) is gradually growing.
- It is not a company that operates its own aircraft or owns hotels but a platform-style business that aggregates travel demand, bundles it into products and intermediates it, so results are driven by departing-traveler counts (the number of travelers sent abroad) and average spend per customer rather than fixed assets.
- As the industry's top operator its departure scale is large, and as overseas travel, halted by COVID, recovered rapidly in 2023-2024, it turned back to profit.
- The latest close is ₩31,050 and the market cap is ₩481.0 billion.
- The price sits below both the 20-day line (₩33,850) and the 60-day line (₩37,654).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge scaling the balance of up-force and down-force over the past 14 days from 0 to 100) is 35.2, a neutral reading.
- The one-month change is -9.3% and the three-month change is -22.8%, with the price -46.1% below its 52-week high.
- Relative strength versus the KOSPI is 4 (on a 1-99 scale, converting the past year's return against the index with more recent weeks weighted more heavily; higher means stronger than the market), placing it in roughly the top 97% of all stocks by strength.
- Over the past three months it lagged the index by 39.2%.
- When reading the chart, it helps to consider trading volume and disclosure dates together.
- Profitability is notably good.
- ROE (how much is earned on shareholders' equity in a year) is 21.6%, well above the sector average, and the operating margin is 9.8%.
- The P/E ratio (how many times one year's net profit the price represents) is 15.1x on last year's confirmed net profit, and P/B (how many times shareholders' equity the price represents) is 3.26x.
- The important point here is that this P/E is on a trailing basis, on last year's confirmed net profit.
- 2025 net profit fell because of the base effect of a one-off gain booked in 2024, creating the illusion that the P/E is higher than the underlying business strength, while operating profit in the same year actually rose 13.2%.
- The forward P/E, reflecting the revived earnings trend, is in the 8x range, which is actually low versus peers.
- In other words, this is not a stock to write off as burdensome on trailing figures alone; as an earnings-normalization inflection stock, the forward view is closer to the true picture.
- The debt ratio (debt relative to equity) is 332.4%, high on the number alone, but a travel agency records travel payments customers pay in advance (deferred revenue) as liabilities, so it is hard to view by the same yardstick as ordinary manufacturers.
- In fact net debt (total borrowings minus cash) is only ₩27.9 billion, so the interest-coverage ratio is a comfortable 18.6x.
- EV/EBIT (enterprise value divided by operating profit, a debt-adjusted counterpart to P/E) is low at 9.1x, and free-cash-flow yield (the ratio of actual cash generated to market cap; higher is more attractive) is very high at 19.4%, meaning generated cash is thick relative to market cap.
- Five-year revenue rose sharply from ₩40.3 billion in 2021 to ₩586.9 billion in 2025 alongside the COVID recovery, and operating profit turned from a ₩127.3 billion loss to a ₩57.6 billion profit over the same period.
- The apparent decline in 2025 net profit is due to the base effect of a one-off net profit booked in 2024; operating profit, which shows the business's underlying strength, still rose 13.2% in 2025.
- The most recent quarter, the first quarter of 2026, showed revenue of ₩174.8 billion (+3.8%), operating profit of ₩16.8 billion (+36.5%) and net profit of ₩25.3 billion (+76.1%), with earnings again rising strongly.
- The reason this year's earnings run this high is clear: as overseas travel demand settles onto a normal track, departing-traveler counts provide support, and as average spend per customer and commission profitability improve together, the top operator's departure scale converts into profit.
- The company's official outlook (the value-up plan) also sees earnings growth continuing, targeting 2027 revenue in the ₩900 billion range and operating profit in the ₩140 billion range, so there is no basis to see this year's earnings level as a temporary peak.
- The core of recent disclosures is twofold.
- One is the corporate value-up plan (2025-2027) re-disclosed on 2026-03-30, in which the company itself set official targets of 2027 revenue in the ₩900 billion range, operating profit in the ₩140 billion range, an operating margin of 15% or more, and a total shareholder-return ratio of 50% or more (a payout ratio of 30-40%+ plus buyback and cancellation of 10-20%+).
- The other is the preliminary-results disclosure on 2026-05-13 confirming first-quarter 2026 revenue of ₩174.8 billion and operating profit of ₩16.8 billion, finalized in the 2026-05-15 quarterly report.
- On 2026-05-20 there was a clarification disclosure regarding a report about the largest shareholder (IMM PE's Harmonia No.
- 1), in which the company stated there was no sale under way.
- All are materials for gauging the durability of the company's earnings and its commitment to shareholder returns.
- The strengths are high profitability with ROE of 21.6%, a 3.9% dividend, the company's official total shareholder-return target of 50% including share cancellation, and the earnings momentum that revived in the first quarter of 2026.
- On last year's trailing P/E alone it looks expensive, but as an earnings-normalization inflection stock the forward P/E is in the 8x range, below peers, so it is closer to undervalued than to a price burden.
- Points to watch include the structural sensitivity of overseas travel demand to exchange rates, the economy and geopolitical issues, and the fact that the direction of the largest shareholder's (private-equity) stake is a governance and overhang variable.
- In sum, it is a structure that is strong when departing-traveler counts and average spend hold up and the first-quarter earnings trend carries into the full year, sharpening the forward undervaluation appeal, and weak when travel demand rolls over or the exchange rate turns sharply unfavorable.
- The single condition of the durability of travel demand decides the strength or weakness.
🔎 Valuation vs peers Undervalued
The official classification mixes in companies in entirely different businesses such as security, credit assessment and casinos, so we used companies that actually run travel-intermediation and wholesale businesses as the direct peer group. Modetour, which runs the same overseas-package and ticketing business, is the most direct peer, and we also looked at Redcap Tour, which adds car rental to travel, and Lotte Tour Development, centered on casinos and resorts, as references.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Modetour | 17.55x | 1.67x | 9.52% |
| Red Cap Tour | 7.05x | 0.83x | 11.77% |
| Lotte Tour Development | 41.69x | 3.11x | 7.46% |
Compared with the direct peer Modetour (P/E 17.5), Hana Tour is ahead in scale, share and profitability (ROE 21.6% vs 9.5%), yet its confirmed P/E last year is actually lower at 15x. But last year's net profit looked shrunken because of the base effect of the 2024 one-off gain, so judging on the confirmed P/E alone would miss the earnings inflection. Reflecting first-quarter operating profit rising 36.5% and the company's official target of operating-profit growth averaging 40%+ per year, the P/E on this year's recovering earnings comes down into the low single digits. That is below Modetour (17.5) or Lotte Tour Development (41.7), which carries higher growth expectations. Adding the debt-inclusive EV/EBIT of 9.1x and free-cash-flow yield of 19.4%, we judge it to be in undervalued territory relative to cash generation as well. This picture, however, presumes that travel demand continues and this year's earnings recovery is realized.
Price history Close · MA20 · MA60
The latest close is ₩31,050 and the market capitalization is ₩481.0 billion. The price sits below its 20-day moving average (₩33,850) and below its 60-day moving average (₩37,654). 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 35.2, a neutral level. The one-month change is -9.3%, the three-month change is -22.8%, and the position relative to the 52-week high is -46.1%. Relative strength versus the KOSPI is 4 (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 3% of all stocks. Over the past three months it lagged the index by 39.2%. 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 -39.23% / 6M -58.96% / 12M -75.96%
Key metrics vs sector median
Valuation
The P/E of 15.08x is in line with the sector median (16.27x). The P/B of 3.26x is above the sector median (1.98x). 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.
Profitability & financials
Return on equity (ROE) is 21.6%, above the sector average (15.0%). The operating margin is 9.8%. The debt ratio is 332.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $272.8M | $408.7M | $389.0M | -4.82% ↓ slower |
| Operating profit | $22.6M | $33.7M | $38.2M | +13.17% ↓ slower |
| Net profit | $31.2M | $54.0M | $21.1M | -60.84% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.7M | $76.2M | $272.8M | $408.7M | $389.0M |
| Operating profit | -$84.4M | -$67.1M | $22.6M | $33.7M | $38.2M |
| Net profit | -$29.2M | -$44.3M | $31.2M | $54.0M | $21.1M |
| Revenue CAGR | 4-yr avg 95.40% | ||||
Revenue fell 4.8% year over year (2023 ₩411.6 billion → 2024 ₩616.6 billion → 2025 ₩586.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 13.2% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 95.4%. The two-year revenue CAGR is 19.4%. In the most recent quarter (Q1 2026), revenue was 3.8% 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.
- ROE of 21.6% points to solid profitability.
Points to watch
- Revenue fell 4.8% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-30FilingRe-disclosure of the corporate value-up plan (2025-2027): sets targets of 2027 revenue in the ₩900 billion range and operating profit in the ₩140 billion range, an operating margin of 15%+, and a total shareholder-return ratio of 50%+ (a payout ratio of 30-40%+ plus buyback and cancellation of 10-20%+). Includes the cancellation of 549,253 treasury shares (3.4% of shares outstanding) resolved by the board on 2025-04-15.Medium-term. As an official target the company set out itself, it becomes the baseline for forward results and shareholder returns. Being a target, however, achievement must be verified through quarterly results. Source
- 2026-05-13EarningsFirst-quarter 2026 consolidated preliminary results (fair disclosure): revenue ₩174.8 billion (+3.8% year on year), operating profit ₩16.8 billion (+36.5%). Revenue similar to the prior quarter (Q4 2025), while operating profit declined due to seasonality.Short-term. Results that confirm margin improvement, with operating profit rising by double digits even as revenue normalizes. Source
- 2026-05-15FilingFirst-quarter 2026 quarterly report: revenue ₩174.8 billion, operating profit ₩16.8 billion, net profit ₩25.3 billion (+76.1% year on year), finalizing the preliminary results.Short-term. Finalizing the preliminary figures raises the reliability of the forward estimate. Source
- 2026-05-20UpdateClarification disclosure on rumors and reports: regarding a report that the largest shareholder (Harmonia No. 1 Ltd.) is pursuing a sale of its stake, the company clarified that the largest shareholder is not pursuing a sale.Medium-term. Because the direction of the largest shareholder's (private-equity) stake is a governance and overhang variable, the facts need continued monitoring. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 operating profit | ₩16.8 billion(+36.5% YoY) | ₩16.8 billion | Confirmed | link |
| 2027 revenue and operating-profit targets | — | revenue 9,000+, operating profit 1,400+, operating margin 15%+ | Confirmed | link |
| Scale of treasury-share cancellation | 549,253 | 549,253, 2025-04-15 | Confirmed | link |
| 2026 net profit estimate | approx. ₩56.0 billion(self-estimate) | — | Unverified | — |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-20Disclosure
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13EarningsFair-disclosure notice
- 2026-05-06EarningsEarnings disclosure
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-30Dividend disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business 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.