Hana Financial Group (086790) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hana Financial Group is a financial holding company built around Hana Bank, with 14 subsidiaries spanning securities, cards, capital and insurance; interest earned on lending plus card and securities fees form the backbone of profit. Net profit attributable to controlling interests in the first half of 2026 was ₩2.4029 trillion, up 4.4% from a year earlier, and in July the company set out a corporate value enhancement plan targeting 12% return on equity and a total shareholder return ratio of 50% or more while approving a ₩250 billion treasury share repurchase and cancellation and a quarterly dividend of ₩1,155 per share all at once. The notable point recently is that profit and shareholder returns are rising together yet the share price sits at 0.78x net assets, though bank profit turns on market interest rates and credit costs and the seasonal pattern of costs clustering in the fourth quarter has repeated year after year, which belongs in the picture too.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Banks” (Financials), a type typically read first through P/B.
Banks earn by putting capital to work through deposits and loans, so what matters is how much equity (net assets) they hold and how efficiently they use it, more than headline profit. That makes price-to-book (P/B) the first lens — but it should be read alongside ROE, which shows how much profit the equity generates.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
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.
- ROE is 9.0% (controlling-interest basis). It is above the sector average.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder National Pension Service 8.66% (corporate)
Controlling bloc incl. related parties 8.66%
With the controlling bloc holding 9%, ownership is dispersed, leaving room for control-related or activist dynamics.
Financial-group subsidiaries stake
| HF No.2 Corporate Financial Stability Private Equity Fund | sub-subsidiary | 90% |
🔎 In-depth analysis Reading
Hana Financial Group does not run operations directly. It is a holding company that owns 14 subsidiaries — among them Hana Bank, Hana Securities, Hana Card, Hana Capital, Hana Life and Hana Insurance — and manages group strategy and funding, with a network across 27 regions worldwide. The center of gravity for earnings is clearly the bank. Hana Bank's consolidated results by division for the first quarter of 2026 show ₩2.1843 trillion from the interest business and ₩208.6 billion from fees. That means the deposit-loan spread earned by taking deposits and lending them out produces most of the group's profit. On top of that, Hana Securities, with ₩6.1 trillion of shareholders' equity, adds profit across three pillars: client trading and intermediation, corporate finance and proprietary trading. Hana Card contributes from payments and card lending, and Hana Capital from installment finance and leasing. In short, interest income earned by the bank is the backbone, with fees from the non-bank subsidiaries layered on top.
The latest close is ₩133,300 and the market capitalization is ₩36.6 trillion. The price sits above its 20-day moving average (₩129,610) and above its 60-day moving average (₩122,928). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 59.5, a neutral level. The one-month change is +5.0%, the three-month change is +6.2%, and the position relative to the 52-week high is -2.6%. Relative strength versus the KOSPI is 60 (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 60% of all stocks. Over the past three months it outpaced the index by 23.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The first yardstick for a bank or financial holding company is P/B (how many times the company's net assets the share price represents). Profit swings with interest rates and the economy while net assets stay relatively stable, so P/B moves less than an earnings multiple. Hana Financial Group's book value per share is ₩162,483 and the share price is ₩126,900, giving a P/B of 0.82x. That means it trades 22% below book net assets. We reworked the figure to see whether it can be taken at face value. Adding the ₩2.4029 trillion earned in the first half of 2026 to equity attributable to controlling interests at the end of 2025 and subtracting the treasury share acquisitions and dividends executed this year, to bring net assets up to date, gives a P/B of 0.82x — effectively the same as the reported 0.78x. One point deserves allowance, though: hybrid capital securities are mixed into capital, so isolating the common-equity portion makes the actual multiple slightly higher than 0.78x. Profitability is read through ROE (return on equity, how much is earned in a year on one's own money), which was 9.0% on 2025 net profit attributable to controlling interests of ₩4.0029 trillion. That is a level at which earnings accumulate steadily rather than eating into capital. The point where the financial diagnostic reads 'caution' is easy to misread, so it is worth spelling out. Liabilities are about 14x shareholders' equity, but that is because customer deposits are booked as liabilities at a bank. The more deposits it takes, the higher the ratio goes, so a manufacturing yardstick does not apply. Interest coverage of 0.91x is the same trap: at a bank, interest expense is the cost of doing business rather than a burden to be repaid. A bank's real strength shows in capital ratios. On the first-quarter 2026 report, Hana Bank's BIS ratio was 17.35% and its loan loss reserve coverage ratio 123.48%. The group has said it will manage its common equity tier 1 ratio in a 13.0-13.5% range. On dividends, the yield is 3.23% and the 2025 payout ratio was 27.9%.
Profit accumulates steadily rather than spiking. Net profit attributable to controlling interests rose two years running — ₩3.4217 trillion in 2023, ₩3.7388 trillion in 2024 and ₩4.0029 trillion in 2025 — for an 8.2% average growth rate over two years. It is not flashy, but the direction has never once broken, and that says something about the company's character. The trend continued in 2026. First-quarter net profit was ₩1.2307 trillion, up 8.1% from a year earlier. Second-quarter net profit attributable to controlling interests was ₩1.1928 trillion, bringing the first-half total to ₩2.4029 trillion, a 4.4% increase. The point to catch here is the temperature gap between pre-tax profit and net profit. First-half pre-tax profit rose 9.4% to ₩3.3728 trillion, while net profit growth came to about half that. The business did not do worse; the tax burden grew. In other words, the underlying earning power of the core business was better than the headline net profit growth suggests. For the full year we see net profit attributable to controlling interests reaching the low ₩4 trillion range. The reasoning runs as follows. The confirmed first-half figure of ₩2.4029 trillion is already in hand. The third quarter is a period of lighter cost pressure, so profit similar to the second quarter should carry through, and the fourth quarter reflects the usual pattern in which voluntary retirement costs and provisions cluster and profit shrinks sharply — for the past three years, fourth-quarter profit has stayed around half of the third quarter's. The heavier tax burden seen in the first half is also carried conservatively through the second half. Downward pressure on the bank's net interest margin is treated as offset by growth in loan balances and improving non-bank fees. Applying that estimate to the current market capitalization gives a forward P/E (how many times this year's expected profit the share price represents) of 9.14x, below the multiple on the most recent full year.
A cluster of major decisions landed on a single day, 24 July 2026. The filings from that day show plainly where the company is putting its weight. First, preliminary second-quarter results. Second-quarter net profit attributable to controlling interests was ₩1.1928 trillion and the first-half cumulative figure ₩2.4029 trillion, up 1.7% and 4.4% respectively. On a pre-tax basis, the first half was up 9.4%. On the same day it published a new corporate value enhancement plan, resetting its headline targets at 12% return on equity, a total shareholder return ratio of 50% or more and a common equity tier 1 ratio of 13% or more. The total shareholder return ratio here is total cash dividends plus treasury share acquisitions divided by net profit attributable to controlling interests. It did not merely publish a plan; execution came the same day. It decided to acquire ₩250 billion of treasury shares on the open market between 27 July and 22 October and cancel the entire amount. A quarterly dividend of ₩1,155 per share (record date 10 August, payment 21 August) was approved alongside it. That follows more than 3.91 million shares already acquired and more than 3.95 million cancelled this year. The other side of the ledger belongs here for balance. The company put ₩200 billion into a rights offering by Hana Insurance, which had been running losses, taking its stake to 100%. The stated purpose was securing financial soundness. Hana Insurance posted net losses of ₩76 billion in 2023, ₩30.8 billion in 2024 and ₩47 billion in 2025 — a signal that parts of the non-bank business still need attention. On the same day it also approved a ₩270 billion issue of hybrid capital securities. That is a means of reinforcing capital, but it is capital that should be distinguished from the common shareholders' portion.
Start with what is worth observing. Profit is growing and shareholder returns are showing up as execution rather than talk. First-half pre-tax profit rose 9.4%, and in July a ₩250 billion treasury share acquisition and cancellation was confirmed on the same day as a quarterly dividend. Cancelling the repurchased shares genuinely reduces shares outstanding, so the same profit leaves a larger per-share portion. Yet the share price sits at 0.78x net assets. Comparison shows how compressed that is. ROE of 9.0% is higher than Shinhan Financial Group (8.6%) or Woori Financial Group (8.7%), while P/B is lower than Shinhan Financial Group (0.84x). Against KB Financial Group the ROE gap is 0.9 percentage points while the P/B gap is a much wider 0.24x. A forward P/E of 8.77x is also distinctly below the current multiples at KB Financial Group (10.3x) and Shinhan Financial Group (9.8x). Those are grounds for seeing the valuation as low relative to earning power. A dividend yield of 3.23% is higher than at both as well. The cautions are equally clear. Bank profit is set not by the company but by market interest rates, loan growth and credit costs. Just as first-half pre-tax profit rose 9.4% while net profit rose only 4.4%, a single external variable such as tax can compress the result. The seasonality in which voluntary retirement costs and provisions cluster in the fourth quarter and profit falls sharply has repeated every year. There is no need to be alarmed by the fourth-quarter figure alone, but it also means full-year profit should not simply be double the first-half pace. On the non-bank side, Hana Insurance has run losses for three years, leaving the burden of continued capital injections. Finally, Woori Financial Group (P/B 0.68x) and Industrial Bank of Korea (0.44x) trade at lower multiples. That Hana Financial Group is not the most cheaply valued among financial holding companies belongs in a balanced view.
🔎 Valuation vs peers Undervalued
The four major Korean financial holding groups plus a large state-owned bank. Bank interest income is the center of group profit at each, and consolidated scale, capital ratios and shareholder return policies can be compared on the same yardstick. Because profit at banks and financial holding companies swings with interest rates and credit costs, pairing P/B (how many times net assets the share price represents) with ROE (return on equity) is the leading standard.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KB Financial Group | 10.43x | 1.02x | 10.19% |
| Shinhan Financial Group | 10.25x | 0.85x | 8.64% |
| Woori Financial Group | 7.87x | 0.64x | 8.18% |
| Industrial Bank of Korea | 5.99x | 0.44x | 7.20% |
(a) Position versus the peer set: a P/B of 0.82x is below KB Financial Group (1.02x) and Shinhan Financial Group (0.84x) and above Woori Financial Group (0.68x) and Industrial Bank of Korea (0.44x) — a middle position. The order on profitability is different, though. ROE of 9.0% is ahead of Shinhan Financial Group (8.6%) and Woori Financial Group (8.7%). It earns more than Shinhan Financial Group yet trades at a lower value against net assets. (b) Premium and discount: the ROE gap with KB Financial Group is just 0.9 percentage points while the P/B gap is 0.24x, or 24%. That is a gap hard to explain by profitability alone. On the discount side one can point to three straight years of losses at Hana Insurance and the burden of further capital injections, plus the seasonal concentration of costs in the fourth quarter. On the other side, the fact that share cancellation and quarterly dividends are actually being executed, and that capital ratios have been published as a constraint on returns, are factors that narrow the discount. (c) The limits of the reported multiple and the forward basis: the reported P/E of 8.7x uses profit from a 2025 that is already finished, so this year's increase is missing. The forward P/E built by attaching a seasonally adjusted second half to the confirmed first-half 2026 net profit attributable to controlling interests of ₩2.4029 trillion is 8.77x, distinctly below the current multiples at KB Financial Group (10.3x) and Shinhan Financial Group (9.8x). We judge the valuation to be low relative to earning power and the strength of shareholder returns, and therefore see it as undervalued. That said, Woori Financial Group and Industrial Bank of Korea sit at lower multiples, so this is not the most cheaply valued financial holding company, and the fact that bank profit turns on external variables such as interest rates and credit costs should be weighed alongside.
Price history Close · MA20 · MA60
The latest close is ₩133,300 and the market capitalization is ₩36.6 trillion. The price sits above its 20-day moving average (₩129,610) and above its 60-day moving average (₩122,928). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 59.5, a neutral level. The one-month change is +5.0%, the three-month change is +6.2%, and the position relative to the 52-week high is -2.6%. Relative strength versus the KOSPI is 60 (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 60% of all stocks. Over the past three months it outpaced the index by 23.1%. 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 +23.11% / 6M +1.44% / 12M -19.88%
Key metrics Computed vs sector median
Valuation
The P/E of 9.14x is above the sector median (7.87x). The P/B is 0.81x.
Profitability & financials
Return on equity (ROE) is 9.0%, in line with the sector average (9.0%). The debt ratio is 1408.5%, 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 | — | — | — | — |
| Operating profit | $7.5B | $7.9B | $8.5B | +7.46% ↑ faster |
| Net profit | $2.4B | $2.6B | $2.8B | +7.06% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $7.5B | $7.9B | $8.5B |
| Net profit | — | — | $2.4B | $2.6B | $2.8B |
Operating profit rose 7.5% year over year. Profit is growing at an accelerating pace.
Latest quarterly results Source
No recent quarterly results confirmed from DART.
Technical indicators Computed
What stands out
- The dividend yield, at 3.1%, is on the high side.
Points to watch
- The price is near its 52-week high, so chasing it warrants caution around volatility.
Recent news & events searched · sourced
- 2026-07-24EarningsPreliminary consolidated second-quarter 2026 results — second-quarter net profit attributable to controlling interests of ₩1.1928 trillion (+1.7% year on year) and a first-half cumulative ₩2.4029 trillion (+4.4%). First-half pre-tax profit was ₩3.3728 trillion, up 9.4%.Pre-tax profit growth (9.4%) is more than double net profit growth (4.4%). That means operations themselves were solid and the tax burden compressed net profit, and it is the starting figure for this year's full-year profit estimate. Source
- 2026-07-24Filing2026 corporate value enhancement plan — headline targets reset at 12% return on equity, a total shareholder return ratio of 50% or more and a common equity tier 1 ratio of 13% or more (board resolution).The company reviewed progress since its first plan in October 2024 and set fresh targets. It defined and disclosed the total shareholder return ratio as cash dividends plus treasury share acquisitions, and specified capital ratios as a constraint on returns. Source
- 2026-07-24FilingTreasury share acquisition of ₩250 billion approved (1,915,708 shares expected, open-market acquisition from 27 July to 22 October 2026), with the entire amount to be cancelled.That equals about 0.7% of the 274,367,748 shares outstanding. With cancellation already announced, the share count genuinely falls. It follows more than 3.91 million shares acquired and more than 3.95 million cancelled already this year. Source
- 2026-07-24DividendQuarterly cash dividend of ₩1,155 per share approved — ₩307.9 billion in total, record date 10 August 2026, payment date 21 August 2026.It shows that a structure of paying dividends in quarterly instalments has taken hold. The 2025 payout ratio was 27.9%, and the company is targeting a total shareholder return ratio of 50% or more. Source
- 2026-07-24Update₩200 billion invested in a rights offering by Hana Insurance (40 million shares acquired, taking the stake to 100% afterwards). The stated purpose is securing financial soundness.Hana Insurance posted net losses of ₩76 billion in 2023, ₩30.8 billion in 2024 and ₩47 billion in 2025. It illustrates the remaining burden of putting additional capital into non-bank subsidiaries. Source
- 2026-07-24FilingIssue of ₩270 billion of write-down contingent capital securities (hybrid capital securities), series 20, approved — proceeds to be used for working capital.It is a means of reinforcing capital ratios. It counts as capital in accounting terms but differs in character from the common shareholders' portion. Allowing for it when looking at the share price against net assets makes the actual common-equity multiple slightly higher than the reported figure. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 net profit | 1 ₩230.7 billion | 1,230,660 | Confirmed | link |
| 2025 net profit attributable to controlling interests | 4 ₩2.9 billion | approx. 4 ₩6.8 billion | Confirmed | link |
| 2025 dividend payout ratio | 28% | 27.9% | Confirmed | link |
| Total shares outstanding | 274,367,748 | 274,367,748 | Confirmed | link |
| P/B (the first metric to look at for banks and financial holding companies) recalculated precisely | 0.78x | 0.77x | Confirmed | link |
| First-quarter 2026 operating profit | 3 ₩348.3 billion | 1 ₩653.6 billion | Mismatch | link |
| First-half 2026 net profit attributable to controlling interests | — | 2 ₩402.9 billion | Confirmed | link |
Recent filings Source
- 2026-06-04OwnershipLargest-shareholder ownership change report
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Earnings disclosure
- 2026-05-29Disclosure
- 2026-05-22Disclosure
- 2026-05-22Amended filing
- 2026-05-22Material-fact report (amended)
- 2026-05-19Disclosure
- 2026-05-18Disclosure
- 2026-05-18Material-fact report (amended)
- 2026-05-15Amended filing
- 2026-05-15PeriodicQuarterly 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.