Hansae (105630) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hansae is a clothing OEM/ODM exporter that designs and produces garments to order for overseas brands such as Nike, Gap, H&M and Target, making roughly 300 million pieces a year at production entities in Vietnam, Indonesia and Central America, with results driven by U.S. consumer conditions, cotton and labor costs, and the won-dollar exchange rate. On March 27 a corporate value-up plan laid out its shareholder-return direction, and it confirmed 2025 revenue of ₩1.94 trillion and operating profit of ₩83.4 billion; however, the May 15 Q1 report showed operating profit falling to ₩10.5 billion and net profit slipping to a temporary loss, while a P/B of 0.44x and a dividend yield of about 7.5% make its cash returns substantial. The point to watch: if margins find a floor and dividend capacity holds, the low-P/B, high-dividend strengths stand out clearly; against that are the margin slowdown, with the operating margin down to 4.3%, a 209% debt ratio, and an order-driven model that swings with U.S. demand and the exchange rate.
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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 “Apparel & Household Goods” (Retail, Consumer Goods & Food), a type typically read first through P/E.
Apparel and household-goods makers sell everyday consumer products driven by brand and shopping trends, and revenue tends to flow steadily into current-year profit. With earnings relatively stable, price-to-earnings (P/E) is the natural first read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Revenue rose 8.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.0% lower than a year earlier.
- ROE is 7.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.8%.
Ownership & governance As of 2025-12-31
Largest shareholder Hansae Yes24 Holdings 50.49% (corporate)
Controlling bloc incl. related parties 64.43%
With the controlling bloc holding 64%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Hansae does not sell its own brands; it is a clothing OEM/ODM manufacturing exporter that designs and produces to order the garments that overseas brands such as Nike, Gap, H&M and Target commission. With production entities in several countries including Vietnam, Indonesia and Central America, it makes roughly 300 million garments a year, and most of its revenue is exports denominated in dollars. As a result, how it earns money rests not on 'brand value' but on 'order volume x production unit cost x exchange rate x cost management,' and its results are driven by U.S. consumer conditions, the inventory position of its partner brands, cotton and labor costs, and the won-dollar exchange rate. Even within the same apparel sector, its profit structure differs from that of brand companies that sell clothing directly.
The latest close is ₩9,190 and the market capitalization is ₩367.6 billion. The price sits above its 20-day moving average (₩9,137) and above its 60-day moving average (₩9,009). 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 52.6, a neutral level. The one-month change is +1.9%, the three-month change is -18.5%, and the position relative to the 52-week high is -40.8%. Relative strength versus the KOSPI is 21 (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 20% of all stocks. Over the past three months it lagged the index by 3.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed annual (2025) basis, the P/E ratio (how many times one year's earnings the price represents) is 6.42x and the P/B ratio (how many times per-share net asset value the price represents) is 0.51x. The forward P/B reflecting this year's earnings is 0.49x, so even as the earnings base shifts, against peer clothing OEM exporter Youngone (P/E 6.5x, P/B 0.79x) the P/B is about half while the P/E stays similar or slightly below. In other words, on a net-asset basis it is clearly in undervalued territory. ROE (how much is earned in a year on equity) is 7.8%, above the sector average of 5.0%, while the operating margin is 4.3%, lower than in the past (roughly 9.8% in 2023). The debt ratio (debt relative to equity) is 209.0% and the interest coverage ratio is 2.56x, so if earnings fall further the buffer for covering interest could thin out - a point to watch. A P/E of 5-7x is low in absolute terms, and a P/B well below 1x is best read not as a 'burden' in itself but as a signal that the price is cheap relative to asset value.
Five-year revenue rose from ₩1.7 trillion in 2021 to ₩1.9 trillion in 2025, with a two-year average annual growth rate of 6.6% and 2025 revenue up 8.0% year on year, so the pace of top-line growth actually quickened. That means order volume itself is not slowing. Operating profit, however, fell from ₩168.2 billion in 2023 to ₩142.2 billion in 2024 to ₩83.4 billion in 2025, and in Q1 2026, on revenue of ₩467.2 billion (nearly flat year on year), operating profit was ₩10.5 billion and net profit was temporarily negative. It is a phase where 'volume holds but margins are squeezed by unit prices, costs and the exchange rate.' The forward P/E reflecting this year's earnings is a figure computed with this margin slowdown taken into account, and it shows this year's actual earnings capacity more realistically than a trailing basis that looks only at last year's confirmed earnings. The key point is that the top line is growing while, for earnings, the question is whether margins recover.
The most notable disclosure is the 2026-03-27 'corporate value-up plan (voluntary disclosure),' in which, in line with the government's value-up policy, the company voluntarily disclosed its direction for shareholder returns and capital-efficiency improvement. The 2026-03-18 annual report (Dec 2025) confirmed revenue of ₩1.94 trillion and operating profit of ₩83.4 billion, and the 2026-05-15 quarterly report (Mar 2026) formalized that, with Q1 revenue nearly flat year on year, operating profit fell to ₩10.5 billion and net profit slipped to a temporary loss. The 2026-05-13 securities-lending decision and the 2026-06-04 report on holdings by executives and major shareholders are reference disclosures related to stakes and supply-demand. No separate large order disclosure is confirmed, so for the time being the flow will be one of checking margin recovery through the quarterly reports.
The strengths are clear. First, the export OEM top line has not turned down and revenue growth has actually quickened, so the order base is solid. Second, at a P/B of 0.44x (forward 0.42x) the price is about half that of peer OEM exporters relative to net assets, and with a dividend yield of about 7.5% and a payout ratio of 41.3%, cash returns are substantial. Third, the company voluntarily disclosed a corporate value-up plan, signaling intent to improve shareholder returns and capital efficiency. Points to weigh alongside this are the margin slowdown, with the operating margin down to 4.3%, the financial structure with a 209% debt ratio and 2.56x interest coverage, and the order-driven nature of the business, whose results swing with U.S. consumer conditions and the exchange rate. In short, this is a stock in which the low-P/B, high-dividend strengths stand out clearly when margins find a floor and dividend capacity holds; conversely, if U.S. demand, the exchange rate or costs worsen and the earnings decline drags on, the pace at which those strengths recover slows.
🔎 Valuation vs peers Fairly valued
Even within the same apparel classification, a brand company that sells clothing directly and an OEM/ODM manufacturing exporter that makes to order have different profit structures; the closest-in-substance clothing OEM exporters are the primary comparison, with brand companies kept only as a contrast group to illustrate the difference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Youngone Corporation | 8.55x | 0.98x | 13.29% |
| Hwaseung Enterprise | 0.00x | 0.42x | -6.26% |
| F&F | 6.44x | 1.30x | 25.92% |
Against Youngone, an OEM exporter close in business substance, a P/E of 6.07x and P/B of 0.47x sit lower - a discount on the surface. That discount, however, is better seen as reflecting the margin slowdown, with operating profit falling for two straight years and Q1 turning to a net loss, and the financial burden of a 209% debt ratio. A P/E of 6x is also on a last-year-confirmed (trailing) basis, so in a phase where earnings are turning down it tends to look cheaper than it really is; with no official company outlook, gauging a forward figure only from a DART seasonality approximation (this year's operating profit of about ₩43.3 billion) leaves room for it to come in even lower than last year. So rather than declaring it 'cheap,' we view it as fairly valued, where the low-P/B, high-dividend appeal could revive or be squeezed further depending on whether margins recover.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩490.6 billion | approx. ₩10.3 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩9,190 and the market capitalization is ₩367.6 billion. The price sits above its 20-day moving average (₩9,137) and above its 60-day moving average (₩9,009). 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 52.6, a neutral level. The one-month change is +1.9%, the three-month change is -18.5%, and the position relative to the 52-week high is -40.8%. Relative strength versus the KOSPI is 21 (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 20% of all stocks. Over the past three months it lagged the index by 3.8%. 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 -3.77% / 6M -49.55% / 12M -54.89%
Key metrics Computed vs sector median
Valuation
The P/E of 6.42x is in line with the sector median (7.09x). The P/B of 0.51x is above the sector median (0.43x).
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 9.2%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.8%, above the sector average (2.0%). The operating margin is 3.8%. The debt ratio is 118.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.2B | $1.3B | $1.4B | +8.01% ↑ faster |
| Operating profit | $118.2M | $99.9M | $58.6M | -41.34% ↓ slower |
| Net profit | $78.7M | $40.8M | $40.2M | -1.35% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.5B | $1.2B | $1.3B | $1.4B |
| Operating profit | $75.0M | $126.2M | $118.2M | $99.9M | $58.6M |
| Net profit | $47.3M | $60.2M | $78.7M | $40.8M | $40.2M |
| Revenue CAGR | 4-yr avg 3.81% | ||||
Revenue rose 8.0% year over year (2023 ₩1.7 trillion → 2024 ₩1.8 trillion → 2025 ₩1.9 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 41.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.8%. The two-year revenue CAGR is 6.6%. In the most recent quarter (Q1 2026), revenue was 0.0% lower 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 6.5%, is on the high side.
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
- 2026-03-27FilingCorporate value-up plan (voluntary disclosure) filed - the company voluntarily disclosed its direction for improving shareholder returns and capital efficiencyOver the medium term, a signal that formalizes intent to improve shareholder returns and capital efficiency. However, concrete execution (dividends, treasury shares, etc.) needs to be confirmed through follow-up disclosures and results. Source
- 2026-05-15EarningsQuarterly report (Mar 2026) - Q1 revenue of ₩467.2 billion, operating profit of ₩10.5 billion (-48.5%), net profit of -₩3.7 billion (swing to a loss)In the short term, it confirms the margin slowdown and swing to a loss. As an inflection point in the full-year earnings trend, whether the next quarters recover is key. Source
- 2026-03-18EarningsAnnual report (Dec 2025) - 2025 revenue of ₩1.94 trillion and operating profit of ₩83.4 billion (-41.3%) confirmedOver the medium term, it confirms a second straight year of falling operating profit. A baseline that shows top-line growth and declining profitability at the same time. Source
- 2026-05-13FilingSecurities-lending decision - disclosure of a decision related to lending held securitiesIn the short term, a reference point for supply-demand and stake management. The direct impact on results themselves is limited. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | 1 ₩941.8 billion | 1,941,777 | Confirmed | link |
| 2025 consolidated operating profit | ₩83.4 billion | 83,416 | Confirmed | link |
| Q1 2026 operating profit | ₩10.5 billion | — | Unverified | link |
| This year's operating profit (seasonality approximation) | approx. ₩43.3 billion | — | Unverified | link |
Recent filings Source
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-04-15OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-06Disclosure
📖 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.