Hana Materials (166090) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Hana Materials makes consumable parts used in the semiconductor etching process, such as silicon electrodes and rings and silicon carbide (SiC) rings. Because these parts wear down under plasma and have to be swapped out on a regular cycle, they keep selling again and again for as long as chip fabs keep running. Around 85% of revenue comes from silicon components, and the company runs an integrated production system that grows and machines its own silicon ingots, giving it a cost edge. A March 2026 quarterly report confirmed a sharp jump in first-quarter results. The strengths to note are that memory and HBM capacity additions plus higher NAND stacking are increasing part replacement, while the shift to SiC lifts unit prices and a roughly two-fold capacity expansion due at year-end backs this up. The cautions are that repeated disclosures of collateral pledged by the largest shareholder (Hana Micron) leave uncertainty in the ownership structure, and that if the memory cycle downstream slows, part orders will wobble along with it.
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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 “Semiconductor Materials & Components” (Semiconductors & IT Components · Semiconductors), a type typically read first through forward P/E.
Semiconductor materials and components supply the inputs used in chip fabrication, and results move sharply ahead of and behind the chip investment cycle and customers' fab utilization. Because future earnings from recovering demand matter more than results already booked, the forward P/E — based on expected earnings — is the first lens.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 8.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 59.3% higher than a year earlier.
- ROE is 10.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 20.3%.
- 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 Hana Micron 32.5% (individual)
Controlling bloc incl. related parties 44.59%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis Reading
This company makes consumable parts used in the semiconductor etching process. Its signature products are silicon (Si) electrodes and rings, and silicon carbide (SiC) rings. These parts hold the wafer in place and spread gas evenly, but because they are constantly exposed to plasma they wear down and must be swapped out on a regular cycle. In other words, this is not a business of selling equipment once and being done; it is a consumables business where customers keep coming back to buy for as long as the fab keeps running. Roughly 85% of revenue comes from silicon parts, with the rest from newer items such as SiC. The company has an integrated production system that grows, cuts and machines its own silicon ingots (blocks), giving it a cost edge, and its main customers are makers of etching equipment and memory chip fabs.
The latest close is ₩55,100 and the market capitalization is ₩1.1 trillion. The price sits above its 20-day moving average (₩53,088) and below its 60-day moving average (₩61,829). 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 50.1, a neutral level. The one-month change is +6.6%, the three-month change is -31.7%, and the position relative to the 52-week high is -32.1%. Relative strength versus the KOSDAQ is 81 (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 82% of all stocks. Over the past three months it outpaced the index by 2.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times one year's earnings the price is) is near 29x on last year's confirmed earnings. On the number alone it looks expensive, but that figure is calculated on last year's earnings, when results were at a trough, so it does not capture the current recovery. In fact, first-quarter net profit this year rose nearly threefold from a year earlier. The P/B ratio (how many times book equity the price is) is 2.25x. ROE (how much is earned per year on shareholders' equity) is 8.3%, an early-recovery level. The operating margin of 18.3% reflects the solid margin structure you would expect from a consumables business. The debt ratio (debt versus equity) is 148%, reflecting borrowing for capacity investment, but with an interest coverage ratio of 14x the interest burden is comfortable. Net debt (total borrowings minus cash) is about ₩96.9 billion, EV/EBIT (enterprise value including debt divided by operating profit, an extended version of the P/E) is 24x, and the FCF yield (actual cash generated versus market cap) is 4.3%. It is a financial structure where the picture does not deteriorate much even after accounting for debt.
Over a five-year view, revenue has swung heavily with the cycle. After peaking in 2022 with revenue of ₩307.3 billion and net profit of ₩80.1 billion, results bottomed out through 2023-2024, then began recovering in 2025 with revenue of ₩273.5 billion and net profit of ₩38.4 billion. The real change is this year. First-quarter 2026 revenue jumped to ₩93.4 billion (+59%), operating profit to ₩21.3 billion (+144%), and net profit to ₩17.6 billion (+187%). The reasons are clear. As memory makers ramp up DRAM and HBM capacity, orders for etching-equipment parts rise, and as NAND stacks grow taller the plasma energy intensifies, shortening the part replacement cycle. On top of that, the trend of switching existing silicon rings to SiC pushes unit prices up. When the new plant is completed at year-end, production capacity will roughly double, giving more room to meet volume. Last year's P/E may look high, but recalculated on this year's earnings, that multiple falls to about half. This is not a stock whose earnings are rolling over; it is at a point where earnings are stepping up.
The disclosure flow centers on the largest shareholder's stake and related collateral. The largest shareholder is Hana Micron, holding about 32.5%, and it has repeatedly disclosed agreements pledging part of its held shares as collateral for working-capital purposes. Because contract periods are amended and collateral sizes change frequently, whether the parent's funding situation could affect the ownership structure is something to watch. These are not disclosures that change the business itself, and a March 2026 quarterly report confirmed the sharp jump in first-quarter results.
The strong side is clear. This company makes consumables that keep selling again for as long as semiconductors keep running. Right now, memory and HBM capacity additions and higher NAND stacking are two demands simultaneously increasing part replacement. First-quarter results already put that change into numbers. Higher unit prices from the SiC transition and a two-fold capacity expansion at year-end back this up. The weak side deserves attention too. Repeated collateral disclosures by the largest shareholder leave uncertainty in the ownership structure. Given the nature of a materials-and-parts business, if the memory cycle downstream slows again, part orders will wobble along with it. Valuation calculated on last year's confirmed earnings looks expensive, but on this year's earnings that impression changes considerably, and both sides need to be weighed for balance.
🔎 Valuation vs peers Undervalued
Based on the business reality of supplying parts that are repeatedly consumed and replaced in semiconductor processes; it is more appropriate to compare against consumable-parts and materials makers rather than finished-equipment makers.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Leeno Industrial | 33.55x | 7.17x | 22.93% |
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
A P/E of 29x on last year's confirmed earnings is not especially high for a consumable-parts maker, but the key limitation of that figure is that it is calculated on last year's earnings, when results were at a trough. First-quarter net profit this year already rose nearly threefold, and reflecting that flow, the multiple on this year's earnings falls to about half of last year's. Compared with peer Leeno Industrial, which trades at a P/E in the high 30x and a P/B of 8x, this company, at a P/B of 2.4x with earnings surging, is valued low relative to its recovery phase. Because results are tied to the downstream memory cycle given the nature of a consumable, and because the largest shareholder's collateral issue is a discount factor, both were weighed together.
Price history Close · MA20 · MA60
The latest close is ₩55,100 and the market capitalization is ₩1.1 trillion. The price sits above its 20-day moving average (₩53,088) and below its 60-day moving average (₩61,829). 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 50.1, a neutral level. The one-month change is +6.6%, the three-month change is -31.7%, and the position relative to the 52-week high is -32.1%. Relative strength versus the KOSDAQ is 81 (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 82% of all stocks. Over the past three months it outpaced the index by 2.3%. 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 +2.26% / 6M +24.78% / 12M +107.27%
Key metrics Computed vs sector median
Valuation
The P/E of 28.40x is in line with the sector median (26.76x). The P/B of 2.25x is above the sector median (1.63x). 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.
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 11.0%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 2.011x. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is 20.3%. The debt ratio is 46.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $164.1M | $176.8M | $192.1M | +8.68% ↑ faster |
| Operating profit | $29.0M | $30.5M | $35.2M | +15.36% ↑ faster |
| Net profit | $24.0M | $22.3M | $27.0M | +20.84% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $190.4M | $215.9M | $164.1M | $176.8M | $192.1M |
| Operating profit | $57.8M | $65.9M | $29.0M | $30.5M | $35.2M |
| Net profit | $46.8M | $56.3M | $24.0M | $22.3M | $27.0M |
| Revenue CAGR | 4-yr avg 0.22% | ||||
Revenue rose 8.7% year over year (2023 ₩233.6 billion → 2024 ₩251.6 billion → 2025 ₩273.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 15.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.2%. The two-year revenue CAGR is 8.2%. In the most recent quarter (Q1 2026), revenue was 59.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 10.3% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-14EarningsMarch 2026 quarterly report filed. First-quarter revenue of ₩93.4 billion, operating profit of ₩21.3 billion, and net profit of ₩17.6 billion, up 59%, 144% and 187% respectively from a year earlier.An inflection point where the recovery in part demand from memory capacity additions and higher NAND stacking was confirmed in the results. Source
- 2026-05-18UpdateAmended disclosure regarding the largest shareholder Hana Micron's share-collateral pledge agreement. Reaffirmed collateral terms that could accompany a change of the largest shareholder.Because the parent's funding situation could affect the ownership structure, this is a matter to watch over the medium term. Source
- 2026-05-29FilingReports on officers' and major shareholders' holdings of specific securities and on large-holding status were filed, updating the stakes of the largest and major shareholders.A regular ownership disclosure that allows tracking of whether the ownership structure is changing. Source
- 2026-06-01FilingA large-holding status report (abbreviated form) was filed, reflecting changes in major holders' stakes.A reference disclosure for checking short-term supply-demand and the ownership structure. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01OwnershipOwnership-change filing
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-19OwnershipOwnership-change filing
- 2026-05-18OwnershipLargest-shareholder ownership change report (amended)
- 2026-05-14PeriodicQuarterly report
- 2026-05-06OwnershipOwnership-change filing
- 2026-05-06OwnershipOwnership-change filing
- 2026-05-04OwnershipLargest-shareholder ownership change report (amended)
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-27OwnershipLargest-shareholder ownership change report (amended)
- 2026-04-21OwnershipOwnership-change filing
📖 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.