Hantech, with roots dating to 1973, is a specialist in chemical-process equipment and plant facilities. It makes heat exchangers, reactors, pressure vessels, and distillation columns for refining and petrochemical processes, along with modular skids that pre-assemble multiple facilities for installation. Its high-temperature, high-pressure welding and certification capabilities form an entry barrier, so its results ride on large-plant investment cycles and new orders. New orders topped ₩60 billion in Q1 2026 alone, and single-sale and supply contracts plus their amendment disclosures followed. With an ROE of 18.9% and an operating margin of 22.2%, operating profit more than doubled in 2024–2025, and Q1 revenue and profit leapt together. The point worth watching is that solid profitability and a low valuation — a trailing P/E of 9.4x and a P/B of 1.78x — are already strengths in a business with entry barriers, and it is strong if steady order intake carries the Q1 profit leap through the full year; the flip side is that results are heavily swayed by orders, so the three-year revenue trend is flat, and with no official annual guidance, this must be confirmed through quarterly results.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 10.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 39.4% higher than a year earlier.
- ROE is 18.9% (total-net basis). It is above the sector average.
- Operating margin is 22.2%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Foosung 66.3% (corporate)
Controlling bloc incl. related parties 69.59%
With the controlling bloc holding 70%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Hantech, with roots dating to 1973, is a specialist in chemical-process equipment and industrial plant facilities.
- It earns its living along two main lines.
- The first is chemical and energy equipment: it fabricates core machinery such as heat exchangers, reactors, pressure vessels (thick metal vessels that withstand high temperature and high pressure), and towers (distillation columns) for refining and petrochemical processes.
- The second is modular skids, a method of bundling several facilities into a single module, pre-fabricating and assembling them off-site, and installing them on location.
- On top of this it has widened its scope into gas storage facilities for LNG and hydrogen and into equipment for desalination and power plants.
- Unlike ordinary metalworking, the demanding welding and inspection capabilities and certifications required for high-temperature, high-pressure work form an entry barrier, and results are swayed by large-plant investment cycles and the flow of new orders.
- The latest close is ₩22,150 and the market cap is ₩246.3 billion.
- The price sits below its 20-day line (₩27,830) and its 60-day line (₩35,777).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that scores the balance of up-days and down-days over the past 14 days on a 0–100 scale) is 29.8, close to oversold territory.
- The price is down 28.3% over one month and 49.9% over three months, and sits 63.2% below its 52-week high.
- Relative strength versus KOSDAQ is 48 (on a 1–99 scale, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 52% of all stocks by strength.
- Over the past three months it has lagged the index by 30.8%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On a confirmed-results (FY2025) basis, the trailing P/E (the price divided by one year's net profit) is 8.01x and the P/B (the price divided by net assets) is 1.52x.
- Profitability is solid, above the manufacturing average, with an ROE (the profit rate earned in a year on equity) of 18.9% and an operating margin of 22.2%.
- The debt ratio is 141.4%, but with a current ratio of 198.7% and an interest-coverage ratio of 28.2x, short-term solvency and interest burden are both sound.
- A trailing P/E of 9.4x means that on last year's confirmed profit alone it is valued below its peers (P/E of roughly 16x–28x), and adding the sharp rise in Q1 2026 profit makes the valuation burden light relative to current earnings power.
- A P/B of 1.78x is also hard to call excessive given the capital efficiency implied by an ROE of 18.9%.
- Annual revenue moved from ₩178.6 billion in 2023 to ₩155.9 billion in 2024 and ₩171.9 billion in 2025 — a dip and then a recovery — so the three-year revenue trend itself is still on the flat side.
- Profit, by contrast, tells a different story.
- Operating profit rose from ₩16.8 billion in 2024 to ₩38.2 billion in 2025, up 127.7% and more than doubling, and the operating margin climbed to 22.2%.
- The heart of the change is the most recent quarter: in Q1 2026, revenue rose 39.4% year on year to ₩47.0 billion, operating profit rose 257.7% to ₩7.6 billion, and net profit rose 340.4% to ₩8.0 billion, with revenue and profit both jumping steeply at once.
- In a single quarter it had already filled about 20% of last year's full-year operating profit.
- This profit leap is the result of high-temperature, high-pressure equipment orders being filled while margins improved alongside — a picture in which the profitability inflection became clear before the scale of revenue.
- That said, no official numeric annual outlook (guidance) from the company is confirmed, so whether the Q1 pace continues through the year is best tracked and confirmed through quarterly results.
- The center of the flow is a string of order-related disclosures.
- In 2026, new orders topped ₩60 billion in Q1 alone, and single-sale and supply contract signings and their amendment disclosures followed, updating order sizes and terms.
- An order disclosure signals that a contract's amount, term, or ordering party has changed, so after an amendment it is important to confirm the final size and the timing at which it is recognized in revenue.
- An April IR event and a May quarterly report disclosed Q1 results and the state of the business, and routine business and financial disclosures continued normally.
- However, no separate numeric annual guidance was presented in the IR or disclosures.
- Given the nature of plant facilities, there is a lag between order, fabrication, and delivery, so rather than revenue and profit coming out evenly each quarter, they can swing with the flow of orders — a point to view together.
- Hantech's strengths are clear.
- In chemical and energy plant facilities, a field with entry barriers, it delivers solid profitability with an ROE of 18.9% and an operating margin of 22.2%, and after operating profit more than doubled in 2024–2025, Q1 2026 saw revenue and profit leap together by a wide margin.
- Its finances are also sound in terms of the current ratio and interest-coverage ratio.
- On valuation, too, a trailing P/E of 9.4x and a P/B of 1.78x sit below peers, so given the improved earnings power they can be read as an undervaluation signal.
- The part to view carefully comes from the business structure.
- First, plant facilities have results heavily swayed by orders, so revenue is uneven from quarter to quarter and the three-year revenue trend is still flat.
- Second, with no official annual guidance from the company, how much of Q1's strong pace carries through the year must be confirmed by upcoming quarterly results.
- In short, this is a stock whose profitability and valuation are already clear strengths, while whether steady order intake carries Q1's profit leap through the full year is confirmed quarter by quarter.
- If orders continue, the low valuation has room to stand out; if orders run dry, results can swing again.
🔎 Valuation vs peers Inconclusive
The peer set was chosen by business substance — not general metalworking, but the manufacture of equipment supplied to refining, petrochemical, LNG, and nuclear plants. It centers on makers of plant and energy equipment and materials whose P/E, P/B, and ROE can be verified on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Carbon | 11.81x | 2.07x | 17.54% |
| SK Oceanplant | 21.99x | 1.02x | 4.64% |
| POSCO Steeleon | 16.50x | 0.73x | 4.44% |
Looking at position versus peers, Hantech's trailing P/E of 11.48x is lower than Korea Carbon (16.13), SK Oceanplant (25.89), and POSCO Steeleon (19.75), and its ROE of 18.9% is higher than theirs. On the surface it looks like a discount — 'high profitability but a low multiple.' That said, the basis of this P/E is last year's (FY2025) confirmed profit. Given that Q1 2026 operating profit jumped 257.7% and filled 20% of last year's annual figure in a single quarter, the P/E based on last year could distort current earnings power in either direction. Because the company has presented no numeric annual outlook, a forward multiple cannot be fixed, so rather than declaring it cheap or expensive, the verdict is left inconclusive until it is confirmed whether the Q1 profit level is sustained. If the top line recovers again and profitability holds, its appeal versus peers stands out; if profit falls short of the Q1 level on an order gap, the meaning of the current multiple weakens.
Price history Close · MA20 · MA60
The latest close is ₩22,150 and the market capitalization is ₩246.3 billion. The price sits below its 20-day moving average (₩27,830) and below its 60-day moving average (₩35,777). 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 29.8, near oversold territory. The one-month change is -28.3%, the three-month change is -49.9%, and the position relative to the 52-week high is -63.2%. Relative strength versus the KOSDAQ is 48 (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 48% of all stocks. Over the past three months it lagged the index by 30.8%. 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 -30.82% / 6M -19.91% / 12M -34.03%
Key metrics vs sector median
Valuation
The P/E of 8.01x is below the sector median (16.68x). The P/B of 1.52x is in line with the sector median (1.43x). 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 18.9%, above the sector average (10.0%). The operating margin is 22.2%. The debt ratio is 141.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $118.4M | $103.3M | $113.9M | +10.28% ↑ faster |
| Operating profit | $10.1M | $11.1M | $25.3M | +127.72% ↑ faster |
| Net profit | $9.9M | $17.4M | $20.4M | +16.98% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $118.4M | $103.3M | $113.9M |
| Operating profit | — | — | $10.1M | $11.1M | $25.3M |
| Net profit | — | — | $9.9M | $17.4M | $20.4M |
| Revenue CAGR | 2-yr avg -1.90% | ||||
Revenue rose 10.3% year over year (2023 ₩178.6 billion → 2024 ₩155.9 billion → 2025 ₩171.9 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 127.7% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is -1.9%. The two-year revenue CAGR is -1.9%. In the most recent quarter (Q1 2026), revenue was 39.4% 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.
- ROE of 18.9% points to solid profitability.
- Revenue grew 10.3% 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
- 2026-06-05UpdateAmendment disclosure of a single-sale/supply contract. The amount, term, and recognition terms of an existing supply contract were updated.Official material showing the timing and size at which an order converts into actual revenue. As an amendment, the difference in contract terms before and after must be checked in the original to gauge subsequent-quarter revenue recognition. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Revenue ₩47.0 billion, operating profit ₩7.6 billion, net profit ₩8.0 billion confirmed, all surging together year on yearMaterial confirming that Q1 already achieved about 20% of last year's annual operating profit. Whether this profit level continues in the remaining quarters is the key basis for a forward judgment. Source
- 2026-04-13IRIR event held. An official channel where the company itself explains the state of the business and resultsNo numeric annual guidance was confirmed on public channels. It can be used to review the flow of orders converting into revenue by viewing the company's explanations together with quarterly results. Source
- 2026-04-10UpdateAmendment disclosure of a single-sale/supply contract. Terms of the same supply contract updatedPart of the flow in which cumulative new orders topped ₩60 billion in Q1. Given the nature of plant equipment, there is a fabrication and delivery lag, so the timing of revenue recognition must be tracked through quarterly results. Source
- 2026-03-18Filing2025 annual report. Full-year revenue ₩171.9 billion, operating profit ₩38.2 billion (up 127.7%), confirming improved profitabilityThe confirmed annual results that form the basis of the trailing P/E of 11.48x. Primary material confirming the earnings power of a 22.2% operating margin and an 18.9% ROE. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 operating profit | ₩38.2 billion(+127.7% YoY) | 2025 | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩47.0 billion(+39.4%)·operating profit ₩7.6 billion(+257.7%) | 2026 1 | Confirmed | link |
| Core business and product mix | — | +++ | Confirmed | link |
| This year's expected annual results (forward) | null | — | Unverified | link |
Recent filings
- 2026-06-05Single supply/sales contract (amended)
- 2026-05-19OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-13Disclosure
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-10Single supply/sales contract (amended)
- 2026-04-08OwnershipOwnership-change filing
- 2026-04-06Single supply/sales contract (amended)
- 2026-03-30OwnershipOwnership-change filing
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual 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.