Hanmi Global is a specialist in construction project/construction management (PM/CM) that does not build structures or plants itself but instead manages and oversees the entire process from design to completion on behalf of the owner and earns service fees, an asset-light structure centered on people and know-how; on a consolidated basis, overseas revenue exceeds half the total, with a large U.S. share. A run of decisions on subsidiary debt guarantees and loans in May and June revealed its role as a parent that supports affiliate businesses financially, and a May quarterly report confirmed that first-quarter margins were temporarily compressed. What stands out recently is that five straight years of top-line growth, a sub-1x P/B, a dividend in the 2% range, and a forward P/E low versus peers are strengths, while the pace of the first-quarter margin recovery and the thickened financial links to affiliates need to be watched together.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 5.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.6% lower than a year earlier.
- ROE is 8.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.8%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jong-hoon (registered director) 10.4% (individual)
Controlling bloc incl. related parties 20.07%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Hanmi Global is not a builder that constructs structures and plants directly; it is a specialist in construction project/construction management (PM/CM) that plans, manages, and oversees the entire construction process from design to completion on behalf of the owner (the client) and earns service fees.
- About three-quarters of revenue is domestic private-sector service work and the rest is overseas service work; on a consolidated basis, overseas revenue exceeds half of the total, with a large U.S. share (business through U.S. subsidiaries and the like).
- Because it is a 'people-and-know-how-centered' structure that does not directly take on construction materials or land, even within construction it is asset-lighter than a contractor and is characterized by a low market cap relative to revenue (P/S).
- Its business lines include general PM services, construction supervision, at-risk CM where it shares some risk with the owner, and building renovation and design management.
- The latest close is ₩16,310, and market capitalization is ₩178.7 billion.
- The price sits below its 20-day line (₩18,244) and below its 60-day line (₩22,745).
- Being below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 36.0, a neutral level.
- The one-month change is -7.6%, the three-month change is -42.5%, and the position versus the 52-week high is -50.9%.
- Relative strength against the KOSPI is 34 (on a 1-99 scale, converted from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- This places it in roughly the top 66% of all stocks by strength.
- Over the past three months it lagged the index by 59.9%.
- Chart interpretation is best done alongside trading volume and the dates of disclosures.
- The P/E ratio (how many times a year's earnings the price represents) is 9.64x and the P/B (how many times net assets per share the price represents) is 0.78x, so the market cap is set below the company's net assets.
- ROE (how much is earned in a year on equity) is 8.1%, above the peer average, and the operating margin of 6.8% and net margin of 4.1% are solid for a service business that uses almost no assets.
- The debt ratio (debt relative to equity) is 196%, but this is not debt taken on to buy materials and land the way a contractor does; it is largely current liabilities from the flow of service payments, and with a current ratio of 234% and interest coverage of 5.5x, short-term payment ability and interest-servicing capacity are stable.
- The forward P/E reflecting this year's earnings level is by no means high, and is actually on the lower side, compared with contractors and EPC players in the same construction value chain (Hyundai E&C 33.6x, SK 38.94x, Samsung E&A 13.71x).
- In other words, by either the trailing or forward yardstick, this is not a stock with a heavy price burden relative to earnings and assets.
- The top line is steady.
- Revenue grew from ₩270.1 billion in 2021 to ₩448.9 billion in 2025, a five-year average of 13.5%, and in 2025 the pace even quickened to +5.7% year over year (a three-year uptrend).
- Profit is a slightly different grain: 2025 operating profit was -9.7% and net profit -7.4%, moving apart from the top line, and in the first quarter of 2026, with revenue at -8.6% roughly in line with a normal year, the operating margin fell from 8.0% to 2.7%, so operating profit dropped -69.6% and net profit -58.8%.
- This is closer to margin variation driven by the quarter's project mix and the timing of cost recognition than to work drying up.
- That this year's forward P/E on expected earnings forms below peer contractors and EPC players reflects the assumption that the first-quarter-compressed margin returns somewhat to a normal track over the year, which also fits the service-business trait of profit recovering relatively quickly once revenue supports it, thanks to the light asset base.
- On current data there is no basis to see earnings beyond next year falling below this year, and the point to watch is the pace of the quarterly margin recovery.
- Entering 2026, disclosures of a funding and governance character stand out more than a single large order win.
- Decisions on 'debt guarantees for others' such as subsidiaries came in May and June, and a 'loan decision' in April; these signal that Hanmi Global plays the role of a parent supporting overseas and affiliate businesses financially, a two-sided matter that is both a springboard for business expansion and a channel through which affiliate burdens can shift to the parent.
- From March to May, reports on changes in shares held by the largest shareholder and others, large-holding reports, and a corporate governance report disclosure ran on, providing points to check on ownership and governance, and in May the first-quarter quarterly report was filed, officially confirming that margins were temporarily compressed.
- The strengths are clear: an asset-light service structure, five straight years of top-line growth, unremarkable-but-sound profitability with ROE above 8%, a financially stable position on debt and liquidity, shareholder returns with a sub-1x P/B and a dividend yield in the 2% range, and business diversification with an overseas (especially U.S.) share exceeding half.
- Above all, this year's forward P/E is below the contractors and EPC players in the same construction value chain, so it is not a stock priced expensively by either earnings or assets.
- Points to view together are that the first-quarter 2026 margin was compressed sharply within a single quarter, that the pace of its recovery has not yet been fully confirmed in quarterly results, and that the financial links to affiliates have thickened through subsidiary debt guarantees and loans.
- In short, it is a structure where the sub-1x P/B undervaluation appeal becomes distinct when the quarterly margin returns to a normal track and overseas orders continue, while a prolonged margin weakness or a growing affiliate funding burden could push the recovery point further out.
🔎 Valuation vs peers Inconclusive
Unlike a direct builder (Hyundai E&C) or a plant EPC player (Samsung E&A), Hanmi Global is an asset-light PM/CM service business, so a one-to-one comparison is difficult, but it is grouped here to compare its position within the same construction value chain.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Engineering & Construction | 29.51x | 1.33x | 4.51% |
| Samsung E&A | 13.81x | 1.80x | 13.03% |
| SK | 27.68x | 1.76x | 6.34% |
(a) Within the same construction value chain, Hanmi Global's P/E of 11.82x and P/B of 0.96x are a clear discount to Hyundai E&C (39.75/1.79) and Samsung E&A (15.78/2.05). (b) Much of this discount stems from the light asset structure of a service business that differs from contractors and EPC players, so a simple comparison cannot conclude it is 'cheap.' (c) More decisively, the P/E of 11.82x is on last year's (2025) confirmed earnings (trailing), while first-quarter 2026 profit plunged, so the forward P/E reflecting this year's earnings level forms higher. In other words, it sits at an earnings inflection point where the trailing figure alone cannot confirm undervaluation, and whether the first-quarter margin drop is temporary or structural must be confirmed, so it is left inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩16,310 and the market capitalization is ₩178.7 billion. The price sits below its 20-day moving average (₩18,244) and below its 60-day moving average (₩22,745). 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 36.0, a neutral level. The one-month change is -7.6%, the three-month change is -42.5%, and the position relative to the 52-week high is -50.9%. Relative strength versus the KOSPI is 34 (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 34% of all stocks. Over the past three months it lagged the index by 59.9%. 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 -59.89% / 6M -43.45% / 12M -64.97%
Key metrics vs sector median
Valuation
The P/E of 9.64x is below the sector median (32.87x). The P/B of 0.78x is below the sector median (1.99x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 8.1%, above the sector average (4.0%). The operating margin is 6.8%. The debt ratio is 196.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $273.7M | $281.5M | $297.5M | +5.66% ↑ faster |
| Operating profit | $19.6M | $22.5M | $20.3M | -9.74% ↓ slower |
| Net profit | $9.4M | $13.3M | $12.3M | -7.44% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $179.0M | $248.2M | $273.7M | $281.5M | $297.5M |
| Operating profit | $13.0M | $20.3M | $19.6M | $22.5M | $20.3M |
| Net profit | $9.6M | $15.5M | $9.4M | $13.3M | $12.3M |
| Revenue CAGR | 4-yr avg 13.54% | ||||
Revenue rose 5.7% year over year (2023 ₩412.9 billion → 2024 ₩424.8 billion → 2025 ₩448.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 9.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 13.5%. The two-year revenue CAGR is 4.3%. In the most recent quarter (Q1 2026), revenue was 8.6% lower 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
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-15EarningsFirst-quarter 2026 quarterly report filed — revenue ₩112.0 billion (-8.6% year over year), operating profit ₩3.0 billion (-69.6%), net profit ₩2.7 billion (-58.8%), confirming a sharp margin dropShort term: the low P/E on last year's basis is diluted on this year's forward basis. Medium term: whether margins normalize is the key valuation variable. Source
- 2026-05-27FilingDecision on debt guarantees to others (affiliates, related companies, etc.) — a structure where the head office supports affiliate-business funding through guaranteesShort term: limited direct profit-and-loss impact. Medium term: a two-sided matter that is both a springboard for affiliate-business expansion and a channel for affiliate risk to transfer to the head office. Source
- 2026-04-23FilingLoan decision — lending funds to affiliates and related companies, with the parent operating and supporting group fundsShort term: some burden on cash flow. Medium term: supportive in character toward subsidiary (especially overseas) businesses. Source
- 2026-05-29FilingCorporate governance report disclosure and reporting of changes in shares held by the largest shareholder and others — changes related to ownership and governance structureShort term: interest related to supply-demand and ownership. Medium term: a point to check on governance stability. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-04Amended filing
- 2026-05-29Corporate governance report
- 2026-05-29OwnershipLargest-shareholder ownership change report
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-27Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-23Disclosure
- 2026-04-06OwnershipLargest-shareholder ownership change report
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipOwnership-change filing
- 2026-04-01OwnershipLargest-shareholder ownership change report
- 2026-04-01OwnershipOwnership-change filing
📖 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.