Hanyang Eng is a facility-engineering company that installs specialized equipment needed to build semiconductor and display fabs - ultra-high-purity piping, central chemical supply systems (CCSS) and cleanrooms - and also handles industrial-plant EPC. In 2025, revenue and profit fell during a lull in semiconductor investment, with net profit down 45%, but in the first quarter of 2026 the company rebounded clearly, with revenue up 26.9%, operating profit up 88.6% and net profit up 184% year on year. The recent point of interest is that while large new fab expansions by Samsung Electronics and SK Hynix continue, orders and profit revive together, so a low P/E and a net-cash structure become strengths; however, because semiconductor equipment investment tends to bunch up and then thin out, if the investment cycle cools, earnings could wobble again.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 5.7% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 26.9% higher than a year earlier.
- ROE is 6.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Hyung-yook 29.04% (individual)
Controlling bloc incl. related parties 46.54%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- Hanyang Eng installs the core equipment that goes into building or expanding semiconductor and display fabs.
- Its mainstays are specialized piping work that handles the ultra-high-purity gases and chemicals flowing inside semiconductor lines, CCSS (central chemical supply system) equipment that safely supplies and controls these substances, and cleanroom manufacturing that must be kept free of even a single speck of dust.
- On top of this, it runs an EPC business that handles the design, procurement and construction of industrial plants such as power and petrochemical facilities from end to end, and has recently added aerospace to the mix.
- Because most revenue comes from the semiconductor and display equipment segment, earnings depend heavily on the fab-expansion schedules of large customers such as Samsung Electronics and SK Hynix.
- The current share price (₩28,850) sits below the 20-day, 60-day and 120-day moving averages - a stretch where the short-term momentum has faded.
- It is pressured, down -2.4% over the past month and -6.8% over three months.
- On a six-month basis, however, it is up +27.7%, so on a medium-term view it is resting after a rise.
- It sits about 25% below the 52-week high.
- The RSI (a gauge of overbought/oversold conditions on a 0-100 scale) is 45, neutral.
- On valuation, the P/E ratio (how many times one year's earnings the share price represents) is 12.1x and the P/B (how many times book equity the share price represents) is 0.81x, so it trades below its equity.
- The balance sheet is solid.
- The debt-to-equity ratio (debt relative to equity) is 148%, but net debt - total borrowings less cash - is negative, meaning a nearly debt-free structure holding net cash of about ₩72 billion.
- The current ratio (short-term assets against short-term liabilities) is 201%, leaving ample room.
- On profitability, the ROE (how much is earned in a year on equity) fell to 6.7% in 2025, but that is because it is measured against a year when earnings were at a bottom.
- EV/EBIT (enterprise value reflecting debt and cash divided by operating profit, a debt-adjusted P/E) is 9.4x and EV/EBITDA is 7.3x.
- Because it holds net cash, enterprise value is actually smaller than market cap, so factoring in debt makes the metrics look even cheaper.
- Over five years, revenue moved from ₩891.0 billion in 2021 to around ₩1 trillion in 2022-2024, then came in at ₩1.1182 trillion in 2025, down 5.7% from the prior year.
- Operating profit fell sharply from ₩86.2 billion in 2024 to ₩53.7 billion in 2025, and net profit from ₩76.3 billion to ₩41.8 billion.
- 2025 is best read as an 'earnings trough' year in which semiconductor investment briefly paused.
- But the picture changed in the first quarter of 2026.
- First-quarter revenue rose 26.9% year on year, operating profit 88.6% and net profit 184%.
- First-quarter net profit of ₩26.0 billion already equals 62% of full-year 2025 net profit.
- This was the result of equipment orders reviving as new fab expansions by Samsung Electronics and SK Hynix began in earnest.
- If this pace of rebound continues through the remaining quarters, the P/E measured on last year's results becomes far lower on this year's earnings.
- In May 2026 the company disclosed a single sales/supply contract related to semiconductor equipment, confirming the flow of new orders.
- Shareholder returns also stand out.
- In February 2026 it decided to dispose of treasury shares and, in the same month, to cancel shares.
- Cancelling treasury shares reduces the number of shares outstanding and raises per-share value.
- In March the annual general meeting and the filing of the business report and audit report followed.
- In May the first-quarter 2026 report disclosed the earnings rebound.
- Overall, this is a phase in which order recovery and shareholder returns appeared at the same time.
- The key is the earnings inflection point.
- 2025 was a year in which profit was depressed by a lull in semiconductor investment, and from the first quarter of 2026 revenue, operating profit and net profit all rebounded sharply.
- The strong conditions are clear.
- While large new fab expansions by Samsung Electronics and SK Hynix are under way, orders for specialized equipment rise, and because of the net-cash structure, profit remains intact without a debt burden.
- Even if the P/E on last year's results looks somewhat high, on this year's recovered earnings the share price is considerably low.
- The cautionary conditions are equally clear.
- Semiconductor equipment investment rides a cycle that bunches up in certain periods and then thins out.
- If large customers slow their pace of investment, orders and earnings could wobble again.
- The concentration of customers in a small number of large players such as Samsung and Hynix is another thing to watch.
🔎 Valuation vs peers Undervalued
Compared against domestic facility-engineering companies that, like it, both install semiconductor and display fab equipment and handle industrial-plant EPC.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanyang Eng | 12.09x | 0.81x | 670.00% |
The P/E of 12.1x on last year's (2025) results looks somewhat high because it reflects a year when earnings were at a bottom. But 2025 was a year in which profit was depressed by a lull in semiconductor investment, and from the first quarter of 2026 operating profit and net profit rebounded sharply. For a stock whose earnings swing sharply, the true valuation is revealed by this year's recovered earnings rather than last year's figures. It trades below its equity at a P/B of 0.81x, and because net debt is negative (net cash), the metrics fall even further on an EV basis that reflects debt. Taking the earnings-recovery trajectory together with net cash and the low P/B, the current price is judged to be in undervalued territory. That said, if the semiconductor equipment investment cycle cools, earnings could be depressed again - something to watch alongside.
Price history Close · MA20 · MA60
The latest close is ₩28,850 and the market capitalization is ₩504.9 billion. The price sits below its 20-day moving average (₩31,275) and below its 60-day moving average (₩31,928). 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 45.1, a neutral level. The one-month change is -2.4%, the three-month change is -6.8%, and the position relative to the 52-week high is -24.9%. Relative strength versus the KOSDAQ is 86 (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 87% of all stocks. Over the past three months it outpaced the index by 22.2%. 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 +22.22% / 6M +37.57% / 12M +56.75%
Key metrics vs sector median
Valuation
The P/E of 12.09x is below the sector median (32.87x). The P/B of 0.81x is below the sector median (1.99x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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 6.7%, above the sector average (4.0%). The operating margin is 4.8%. The debt ratio is 148.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $680.1M | $786.2M | $741.1M | -5.74% ↓ slower |
| Operating profit | $56.4M | $57.1M | $35.6M | -37.69% ↓ slower |
| Net profit | $51.3M | $50.6M | $27.7M | -45.31% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $590.6M | $770.7M | $680.1M | $786.2M | $741.1M |
| Operating profit | $36.5M | $49.9M | $56.4M | $57.1M | $35.6M |
| Net profit | $30.4M | $46.2M | $51.3M | $50.6M | $27.7M |
| Revenue CAGR | 4-yr avg 5.84% | ||||
Revenue fell 5.7% year over year (2023 ₩1.0 trillion → 2024 ₩1.2 trillion → 2025 ₩1.1 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 37.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.8%. The two-year revenue CAGR is 4.4%. In the most recent quarter (Q1 2026), revenue was 26.9% 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 balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 5.7% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-26UpdateDisclosed a single sales/supply contract related to semiconductor equipment, confirming the flow of new orders.A signal of order recovery that feeds through to equipment-segment revenue, supporting the 2026 earnings rebound. Source
- 2026-05-14EarningsFiled the first-quarter 2026 report, disclosing a rebound with revenue of ₩341.4 billion (+26.9% year on year), operating profit of ₩22.3 billion (+88.6%) and net profit of ₩26.0 billion (+184.2%).Profit recovered sharply versus 2025, when semiconductor investment was at a trough, changing the direction of this year's earnings. Source
- 2026-02-27FilingDecided to cancel shares - a shareholder-return measure that reduces the number of shares outstanding and raises per-share value.By lifting per-share earnings and net-asset value, it shows a commitment to shareholder returns in step with the earnings rebound. Source
- 2026-03-05FilingFiled a report on the results of treasury-share disposal, wrapping up the previously decided handling of treasury shares.A procedural disclosure that confirms the execution of capital policy. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-26Single supply/sales contract
- 2026-05-14PeriodicQuarterly report
- 2026-03-23Shareholders' meeting notice
- 2026-03-13PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-06Amended filing
- 2026-03-06Amended filing
- 2026-03-05TreasuryTreasury-stock disposal decision
- 2026-02-27Disclosure
- 2026-02-27TreasuryMaterial-fact report
- 2026-02-26Shareholders' meeting notice
- 2026-02-26Shareholders' 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.