Halla IMS (092460) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Halla IMS is a shipbuilding-equipment company that does not build ships itself but makes the marine measurement and automation equipment that goes inside them and supplies it to shipyards and shipowners. Level measurement, which gauges the height of liquids and gases inside tanks, accounts for more than half of revenue, and the company positions the '3Ballast' integrated system, which bundles valve remote control (VRCS) and ballast-water treatment (BWTS), as its core, so it benefits as newbuild orders rise. Preliminary results on May 8 and the quarterly report on May 14 confirmed Q1 revenue of ₩39.4 billion and net profit of ₩6.7 billion, followed by a treasury-share cancellation plan on March 26, a single supply contract on March 17, and an IR on April 24. What stands out lately is that, in a field with technical entry barriers, it combines an operating margin of 16.7% and ROE of 12.8% with a 4.3% dividend and treasury-share cancellation, yet trades cheaply at a trailing P/E of 9.65x and a P/B of 1.24x, which is a strength; on the other hand, being smaller than the large shipbuilders makes its results and share price more sensitive to a single order or a change in order volume, and because Q1 operating-profit growth trailed revenue growth, the margin trend is something to confirm quarter by quarter.
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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 “Shipbuilding” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/B.
Shipbuilding rides a heavy vessel-ordering cycle, with profits bunching in upturns and slipping into losses in downturns, so current-year earnings alone give an unstable read. That makes price-to-book (P/B) — the share price against the value of docks and facilities the company owns — the first lens.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 28.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 48.2% higher than a year earlier.
- ROE is 13.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 15.5%.
- 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 Ji Seok-jun 16.53% (individual)
Controlling bloc incl. related parties 57.79%
With the controlling bloc holding 58%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Halla IMS is not a shipbuilder that builds ships directly, but a shipbuilding-equipment company that makes the marine measurement and automation equipment that goes inside those ships and supplies it to shipyards and shipowners. Its largest business is level-measurement (LEVEL) equipment that gauges the height of liquids or gases inside tanks, accounting for more than half of revenue; next is valve remote control (VRCS), which opens and closes valves remotely; and then ballast-water treatment (BWTS), which filters out microorganisms when seawater is loaded onto a ship to meet environmental regulations. The company positions its '3Ballast' integrated system, which bundles these three businesses (level measurement, valve remote control, and ballast-water treatment) into one to balance and monitor a ship, as its flagship product. In short, it is a structure in which equipment demand rises as newbuild orders increase and more ships are built worldwide, and the key point is that it is a parts and equipment supplier that benefits from the back end of the shipbuilding cycle.
The latest close is ₩17,360 and the market capitalization is ₩297.0 billion. The price sits above its 20-day moving average (₩16,014) and below its 60-day moving average (₩17,434). 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 57.0, a neutral level. The one-month change is +16.4%, the three-month change is -9.1%, and the position relative to the 52-week high is -19.8%. Relative strength versus the KOSDAQ is 82 (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 83% of all stocks. Over the past three months it outpaced the index by 35.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On the most recently confirmed full year (2025), the P/E (the multiple of price to earnings per share, i.e. the level of the price relative to profit) is 11.65x and the P/B (how many times net asset value per share the stock trades at) is 1.52x. On top of that, the forward P/E recalculated on this year's estimated profit is nearly the same as, or a little lower than, the trailing (past-results) P/E. ROE (how much was earned per year on shareholders' equity) is 12.8%, the operating margin 16.7%, and the net margin 19.1%, so profitability is on the thick side. The debt ratio is 21.7%, but with a current ratio of 311% and an interest coverage ratio of 82x, its capacity to service debt is ample. Dividends are also steady, with a payout ratio (the share of earnings returned as dividends) of 41.6% and a dividend yield of about 4.3%. One point to note is that 2025's earnings profile is one in which 2023 net profit spiked to ₩71.7 billion and then returned to a normal track in 2024 and 2025, so simply comparing past net-profit changes can look choppy. Taking that into account, the fact that the price is cheap relative to profit and assets shows up consistently on both a trailing and a forward basis.
Over five years, revenue went from ₩56.5 billion in 2021 to ₩98.6 billion in 2022 and ₩78.9 billion in 2023, swinging in a single year, then rose again to ₩104.2 billion in 2024 and ₩133.5 billion in 2025. The two-year revenue CAGR is 30.0%, holding a steep pace, and operating profit also grew significantly from ₩5.4 billion in 2023 to ₩22.3 billion in 2025. Most recently, Q1 2026 revenue was ₩39.4 billion, up 48.2% from the same period a year earlier, with the newbuild-order boom filling up equipment volume so that top-line growth continues on a quarterly basis as well. Behind the forward P/E on this year's estimated profit coming out low versus peers is precisely this demand-and-volume flow. As tighter environmental regulation increases adoption of equipment such as ballast-water treatment systems and the order backlog builds, revenue is in a phase of converting into profit. Q1 operating-profit growth (+7.6%) trailing revenue growth is a pattern commonly seen in a phase of fast top-line expansion, with room for profit leverage to come alive once margins stabilize. Meanwhile, there is no basis in the current data to conclude that the order cycle from next year on will be weaker than this year, so at this point it is closer to the facts to view it as a continuing boom phase rather than nailing it down as a 'cycle top.'
The recent disclosure flow points to earnings improvement. Preliminary results on May 8 and the quarterly report on May 14 confirmed the finalized Q1 2026 results (revenue ₩39.4 billion, net profit ₩6.7 billion), and on March 26 the company disclosed a treasury-share cancellation plan to cancel part of the treasury shares it holds. Treasury-share cancellation is a shareholder-return decision that raises per-share value by reducing the number of shares outstanding. On March 17, a single supply-contract disclosure showed that equipment orders were continuing. On April 24, it held an IR (investor-relations session), providing a venue to explain the business situation and outlook. Overall, the disclosures show a flow in which earnings and shareholder returns move in tandem.
Consider the strengths and the checkpoints together. The strengths are clear. In the field of marine measurement and automation, which has technical entry barriers, it generates an operating margin of 16.7%, a net margin of 19.1%, and ROE of 12.8%, and with a 4.3% dividend yield plus treasury-share cancellation, shareholder returns are alive. Revenue and profit are growing on both a multi-year and quarterly basis, yet at a trailing P/E of 9.65x and a P/B of 1.24x, the price is cheap relative to profit and assets, so the undervaluation signal is clear. The checkpoints come from the business structure. Being smaller than the large shipbuilders means its results and share price can react more sensitively to a single order or a change in order volume, and because Q1 operating-profit growth trailed revenue growth, whether the margin trend continues steadily is something to confirm quarter by quarter. In sum, it is a stock that is strong in the boom phase as newbuild orders continue and equipment volume fills up, and that is more affected when orders slow or margins wobble. Right now, the standout point is a spot where earnings are growing and the valuation is set low.
🔎 Valuation vs peers Inconclusive
As a shipbuilding-equipment (marine measurement and automation) supplier, the large shipbuilders that build ships directly are not a peer set but front-end customers; still, because its demand is tied to newbuild orders and shares the same industry cycle, a shipbuilding value-chain name with available price data was used for positional comparison only.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HD Korea Shipbuilding & Offshore Engineering | 13.06x | 2.09x | 19.91% |
At the current price, the P/E of 12.4x and P/B of 1.59x are similar to or slightly below front-end customer HD Korea Shipbuilding & Offshore Engineering (P/E 12.99x, P/B 2.12x). But rather than a direct peer, it is a reference point sharing the same industry cycle, and above all, this P/E carries the major limitation of being a trailing value calculated on last year's confirmed results. With 2023 net profit having spiked one-off to ₩71.7 billion before normalizing, year-to-year profit swings are large, so it is hard to judge cheap or expensive from a single past year's number alone. Looking to the future, the company's official outlook figures are not confirmed in disclosures, so only a seasonality-approximated forward figure estimated from DART quarterly-results ratios (this year's operating profit of about ₩25.1 billion) can be referenced.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩43.2 billion | approx. ₩6.4 billion | approx. ₩6.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩17,360 and the market capitalization is ₩297.0 billion. The price sits above its 20-day moving average (₩16,014) and below its 60-day moving average (₩17,434). 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 57.0, a neutral level. The one-month change is +16.4%, the three-month change is -9.1%, and the position relative to the 52-week high is -19.8%. Relative strength versus the KOSDAQ is 82 (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 83% of all stocks. Over the past three months it outpaced the index by 35.2%. 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 +35.25% / 6M +55.25% / 12M +61.89%
Key metrics Computed vs sector median
Valuation
The P/E of 11.65x is in line with the sector median (12.80x). The P/B of 1.52x is in line with the sector median (1.61x).
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.3%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 13.6%, in line with the sector average (13.0%). The operating margin is 15.5%. The debt ratio is 54.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $55.5M | $73.2M | $93.8M | +28.05% ↓ slower |
| Operating profit | $3.8M | $11.2M | $15.6M | +39.52% ↓ slower |
| Net profit | $50.4M | $9.6M | $17.9M | +85.78% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $39.7M | $69.3M | $55.5M | $73.2M | $93.8M |
| Operating profit | $107,309 | $6.2M | $3.8M | $11.2M | $15.6M |
| Net profit | $2.8M | $5.7M | $50.4M | $9.6M | $17.9M |
| Revenue CAGR | 4-yr avg 23.97% | ||||
Revenue rose 28.1% year over year (2023 ₩78.9 billion → 2024 ₩104.2 billion → 2025 ₩133.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 39.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 24.0%. The two-year revenue CAGR is 30.0%. In the most recent quarter (Q1 2026), revenue was 48.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 3.6%, is on the high side.
- ROE of 13.6% points to solid profitability.
- Revenue grew 28.1% year over year, a sign of growth.
- 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
- 2026-05-08EarningsFair disclosure of Q1 2026 consolidated preliminary results. Revenue ₩39.4 billion and operating profit ₩5.5 billion, with revenue up 48% year over year, continued the top-line growth.Near term: confirming top-line growth is positive, but with operating-profit growth (+7.6%) below revenue growth, the margin trend needs to be watched alongside. Medium term: whether the quarterly results carry through to the full year is the key question. Source
- 2026-05-14UpdateSubmission of the March 2026 quarterly report. The preliminary results were verified with Q1 finalized financial statements.Near term: the first material for checking whether there is a gap between the preliminary and finalized figures. Medium term: it becomes the basis of confidence in cumulative quarterly results. Source
- 2026-03-26FilingVoluntary disclosure of a corporate value-up plan. The company voluntarily disclosed its mid-to-long-term direction for improving corporate value.Near term: a signal of the company's intent on shareholder returns and growth direction. Medium term: whether it leads to actual dividend and capital-policy execution is the confirmation point. Source
- 2026-03-17UpdateDisclosure of a single supply contract. A contract to supply marine measurement and automation equipment confirmed that the order base is continuing.Near term: it adds to revenue visibility. Medium term: the contract's share of annual revenue and the spread of delivery timing need to be viewed together. Source
- 2026-04-24IRDisclosure of holding an IR (investor-relations session). The company opened a venue to explain its business and results directly.Near term: a signal of strengthened investor communication. Medium term: whether the business direction presented at the IR matches subsequent disclosures and results is a point to check. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-18OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-24Disclosure
- 2026-04-14OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Single supply/sales contract
- 2026-03-16Audit report
- 2026-03-09Disclosure
📖 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.