Harim (136480) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Harim is a vertically integrated chicken company that links feed, breeding stock, and hatching through slaughter, processing, and sales all within one firm; in 2025 about 60% of revenue came from fresh chicken and about 13% from processed foods such as chicken breast and nuggets, so results are set by the interplay of bird numbers, chicken prices, and feed costs. In January 2026 it completed a small-scale, no-new-share merger absorbing its wholly owned subsidiary HBC, and after 2025 operating profit rose 67.2% and net profit turned positive, first-quarter 2026 operating profit of ₩11.7 billion (up 67.8%) was confirmed, extending the earnings improvement into the start of the year. What stands out lately is that against the profit that turned positive and an ROE of 11.8%, the shares have fallen to -21.8% versus the 52-week high, leaving the burden light at a P/E of 6.4x and a P/B of 0.86x; on the other hand, with an operating margin of 3.3% the margin is thin and a debt ratio of 162.8% is high, so profit swings widely up and down with feed costs and chicken prices.
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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 “Animal Feed & Livestock” (Retail, Consumer Goods & Food · Food & Beverage), a type typically read first through P/E.
Feed and livestock margins rise and fall with grain costs and animal prices, yet earnings carry on steadily on the back of food demand. With results running fairly continuously, profits can be weighed directly against the price, so trailing P/E — based on realized earnings — is the first metric.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 71.7%).
- Revenue rose 12.0% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 1.7% higher than a year earlier.
- ROE is 12.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.6%.
- 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 Harim Holdings 57.37% (corporate)
Controlling bloc incl. related parties 58.91%
With the controlling bloc holding 59%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Harim is a vertically integrated company that links every stage of raising and selling chicken within one firm. It makes its own feed, raises chicks through breeding stock and hatching, and connects slaughter (the step of processing the birds) and processing through to sales. On a 2025 annual-report basis, about 60% of revenue comes from the core chicken business such as live and processed chicken (fresh chicken), and processed and ready-to-eat foods like chicken breast and nuggets account for about 13%. Added to this are sauce and seasoning and institutional catering and foodservice (FS) — food businesses built on chicken. In other words, this company's results are set by the interplay of three things: bird numbers, chicken prices, and feed costs (grain prices).
The latest close is ₩2,710 and the market capitalization is ₩287.8 billion. The price sits above its 20-day moving average (₩2,676) and below its 60-day moving average (₩2,790). 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 52.2, a neutral level. The one-month change is -1.3%, the three-month change is -15.2%, and the position relative to the 52-week high is -20.1%. Relative strength versus the KOSDAQ is 67 (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 67% of all stocks. Over the past three months it outpaced the index by 29.1%. 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 is 7.50x and the P/B (share price versus net assets) is 0.89x. ROE is 11.8%, above the sector average, so profitability is on the good side, while operating margin is 3.3%, thin as is typical of food processing. The debt ratio (debt versus equity) is 262.8% and the current ratio (assets readily convertible to cash versus debt due within a year) is 72.2%, so funding capacity is on the tight side, and its resilience should be watched together when costs swing. One thing matters when reading the P/E, though: the current 7.3x is on a trailing (confirmed prior-year) basis, and coming right after net profit jumped from loss to profit in 2025, this figure is set on the conservative side if anything. The forward P/B reflecting this year's expected earnings is 0.89x, even lower than trailing. In other words, the share price has not kept up with improving earnings, leaving it below 1x on an asset basis and, on an earnings basis, below food peers (Nongshim 11.9x, Ottogi 17.4x).
Over five years revenue moved from ₩1.12 trillion in 2021 to ₩1.41 trillion in 2023, ₩1.29 trillion in 2024, and ₩1.44 trillion in 2025 — a pattern of falling one year and rising again (a five-year average growth rate of 6.5%). The key is the scale of the earnings recovery. Operating profit rose 67.2% from ₩28.5 billion in 2024 to ₩47.7 billion in 2025, and net profit swung from a -₩12.3 billion loss in 2024 to a +₩38.5 billion profit in 2025 (a turnaround). This recovery was not a one-off; it carried straight into first-quarter 2026, with revenue of ₩328.0 billion (up 1.7%), operating profit of ₩11.7 billion (up 67.8%), and net profit of ₩3.5 billion (up 21.8%) — profit jumping sharply even as revenue was nearly flat. This shows the company's structure. When feed costs (grain prices) are steady and chicken prices provide support, profit leverage works so that earnings recover quickly on a thin margin even without much revenue growth. The operating profit growth of 67% far exceeding 2025 revenue growth of 12%, and the same pattern in the first quarter, are the evidence. This year's expected-earnings P/E (6.4x) being below the confirmed prior-year basis (7.3x) fits the same context — a picture of this year's profit improving on last year. Chicken earnings are choppy quarter to quarter, so each quarter's figure will not extend at the same pace, but the broad thread of profit escaping the loss zone and settling in is clear.
The big threads of disclosures over the past year are two. The first is governance cleanup. On January 22, 2026 it disclosed a merger decision and, on April 1, 2026, completed a small-scale, no-new-share merger absorbing its wholly owned subsidiary HBC. With a merger ratio of 1:0, the structure involves no new share issuance or shareholder dilution, and as the absorption of a small subsidiary with assets of about ₩8.3 billion, the impact on consolidated results is limited. The second is confirmation of results. On February 11, 2026 a "profit/loss structure change of over 15%" disclosure officially confirmed 2025 operating profit up 67.2% and the net-profit turnaround, and the same day it decided a cash/in-kind dividend of ₩40 per share (payout ratio about 11.0%). Then, through a preliminary fair-disclosure on May 7 and the quarterly report on May 13, first-quarter 2026 operating profit of ₩11.7 billion (up 67.8%) was confirmed, with the company itself noting that the earnings improvement extended into the start of the year.
Harim is a stock with clear strengths. Profit that turned from loss to positive extended into first-quarter 2026, and with an ROE of 11.8% its profitability is on the high side among food peers. Yet the shares have fallen to -21.8% versus the 52-week high, leaving it in a position where the burden is light on both earnings and assets, at a this-year expected-earnings P/E of 6.4x, a P/B of 0.86x, and a forward P/B of 0.77x. That it is priced lower against earnings than food peers (Nongshim, Ottogi) while its profitability is higher is a clear appeal. What to watch together is this company's profit structure. With an operating margin of 3.3% (thin) and a high debt ratio (162.8%), profit swings widely both up and down with feed costs (grain prices, exchange rates) and chicken prices. Put differently, when feed prices are steady and chicken prices provide support, profit leverage revives strongly; conversely, when costs rise or demand cools, the thin margin is quickly squeezed. In a phase like now, with profit in a recovery trend, the low valuation reads as a strength, and the variables to keep an eye on are feed costs, chicken prices, and the quarter-to-quarter swing in profit.
🔎 Valuation vs peers Inconclusive
Its business composition differs from the general food companies whose core chicken and meat-processing character is different, but among listed domestic food companies, processed-food firms with confirmed market caps and metrics were set as peers to gauge position (with few single-name chicken listings available, general food companies were used as a supplementary reference).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nongshim | 13.94x | 0.81x | 6.11% |
| Ottogi | 19.37x | 0.64x | 3.39% |
| Daesang | — | 0.58x | -27.57% |
| CJ CheilJedang | — | 0.41x | -6.81% |
(a) Position versus peers: profitability (ROE 11.8%) is on the highest side in the peer group, and the price against earnings (P/E 7.86x) is on the lowest side. By contrast, the price against net assets (P/B 0.93x) is somewhat higher than peers. (b) Premium/discount: it is somewhat natural for the P/B to be higher than peers given the higher ROE, but with the P/B near 1x the safety margin on the asset-value side is not large. (c) Limits of the trailing P/E: coming right after net profit jumped from loss to profit in 2025, the prior-year P/E can look lower than it really is. This year's operating profit estimated by seasonality approximation is about ₩80.0 billion, but as an unverified approximation with only one year of valid sample, it is hard to declare "cheap or expensive" by leaning on that figure. In sum, profitability is attractive, but with high uncertainty over whether last year's recovery was one-off and over seasonality, at this point it is viewed as inconclusive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩389.0 billion | ₩33.2 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩2,710 and the market capitalization is ₩287.8 billion. The price sits above its 20-day moving average (₩2,676) and below its 60-day moving average (₩2,790). 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 52.2, a neutral level. The one-month change is -1.3%, the three-month change is -15.2%, and the position relative to the 52-week high is -20.1%. Relative strength versus the KOSDAQ is 67 (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 67% of all stocks. Over the past three months it outpaced the index by 29.1%. 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 +29.10% / 6M +21.14% / 12M -10.93%
Key metrics Computed vs sector median
Valuation
The P/E of 7.47x is below the sector median (8.93x). The P/B of 0.89x is above the sector median (0.56x). 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 12.1%, above the sector average (4.0%). The operating margin is 3.6%. The debt ratio is 155.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $991.1M | $903.0M | $1.0B | +12.03% ↑ faster |
| Operating profit | $28.4M | $20.0M | $33.5M | +67.23% ↑ faster |
| Net profit | $9.2M | -$8.6M | $27.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $785.4M | $943.4M | $991.1M | $903.0M | $1.0B |
| Operating profit | $22.5M | $32.9M | $28.4M | $20.0M | $33.5M |
| Net profit | $9.4M | $3.5M | $9.2M | -$8.6M | $27.1M |
| Revenue CAGR | 4-yr avg 6.53% | ||||
Revenue rose 12.0% year over year (2023 ₩1.4 trillion → 2024 ₩1.3 trillion → 2025 ₩1.4 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 67.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.5%. The two-year revenue CAGR is 1.0%. In the most recent quarter (Q1 2026), revenue was 1.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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 12.1% points to solid profitability.
- Revenue grew 12.0% year over year, a sign of growth.
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
- 2026-01-22FilingMerger decision — absorption of wholly owned subsidiary HBC, a small-scale, no-new-share merger (merger ratio 1:0)Medium term: a housekeeping transaction that simplifies governance by absorbing a subsidiary, with no shareholder dilution as no merger shares are issued. As the absorbed party is a small subsidiary with assets of about ₩8.3 billion, the impact on consolidated results is limited. Source
- 2026-02-11EarningsProfit/loss structure change of over 15% — 2025 revenue ₩1.44 trillion (up 12.0%), operating profit ₩47.7 billion (up 67.2%), net profit ₩37.5 billion turning positiveShort term: the company officially confirms the turnaround from a 2024 loss to profit. Primary evidence that ties directly to the annual profitability metrics in the base data. Source
- 2026-02-11DividendCash/in-kind dividend decision — ₩40 per share (payout ratio about 11.0%)Short and medium term: sustaining a shareholder-return stance by continuing dividends alongside the turnaround. That said, the dividend yield of about 1.4% is not high for the food sector. Source
- 2026-04-01FilingMerger completion report — absorption merger of HBC completed (merger date 2026-04-01)Medium term: procedural wrap-up of the subsidiary absorption merger decided in January. Confirms that governance simplification has actually concluded. Source
- 2026-05-07EarningsFair-disclosure of preliminary consolidated operating results — Q1 2026 operating profit ₩11.7 billion (up 67.8%)Short term: official material confirming that the first-quarter earnings improvement continued. As the second and third quarters carry a larger seasonal weight, whether it persists for the full year needs confirmation in the next quarter's results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 operating profit growth rate | +67.2% (₩28.5 billion → ₩47.7 billion) | +67.2% (₩47,681,001,857 / ₩28,512,657,936) | Confirmed | link |
| 2025 net profit turnaround | ₩38.5 billion | net profit ₩37,547,721,237 | Confirmed | link |
| Latest close | ₩2,710 | — | Unverified | link |
| This-year (2026) seasonality-approximated operating profit | approx. ₩80.0 billion | — | Unverified | link |
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-13PeriodicQuarterly report
- 2026-05-07OwnershipOwnership-change filing
- 2026-05-07EarningsFair-disclosure notice
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-04-01Merger decision
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-13Audit 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.