It's Hanbul is a full-line cosmetics maker that develops and sells its own products, including the snail-cream label "It's Skin" and house brands such as Prestige and Power10, with the results of its dermo-cosmetics subsidiary NeoPharm consolidated in as well. It earns money at home and abroad from own-brand cosmetics sales plus the dermo-cosmetics profit that NeoPharm adds. In March 2026 the company voluntarily disclosed a corporate value-up plan pointing toward stronger shareholder returns and declared a dividend of ₩275 per share, up from the prior year; the May Q1 report then confirmed double-digit growth in both revenue and operating profit. What stands out lately is that a near-debt-free balance sheet, a P/B of 0.51x, a 3.0% dividend yield, and a forward P/E of roughly 9.8x (versus peers at 16-24x) are clear strengths, while ROE of 4.3% shows capital efficiency is still low and cosmetics demand and overseas channels remain sensitive to the economy and consumer spending.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 7.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 17.5% higher than a year earlier.
- ROE is 4.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.5%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lim Byung-chul 35.25% (individual)
Controlling bloc incl. related parties 61.59%
With the controlling bloc holding 62%, control is very secure but the free float is thin.
🔎 In-depth analysis
- It's Hanbul is a full-line cosmetics company that makes and sells its own products directly.
- It owns house brands such as "It's Skin" (known for its snail cream), Prestige, and Power10, and the results of consolidated subsidiary NeoPharm (brands Atopalm and Real Barrier), a maker of dermo-cosmetics (dermatological skin care), are folded in as well.
- Its sales channels are spread fairly evenly across health-and-beauty stores, home shopping, online malls, and exports, and revenue comes from both the domestic market and overseas (China, Southeast Asia, and elsewhere).
- In short, the company's income stream is own-brand cosmetics sales, on top of which the dermo-cosmetics profit from subsidiary NeoPharm is added.
- The latest close is ₩10,380 and market capitalization is ₩227.6 billion.
- The price sits above the 20-day line (₩9,613) but below the 60-day line (₩10,618).
- With the short- and medium-term trends diverging, the direction should be read separately for each.
- The RSI (a supplementary indicator that weighs upward against downward force over the past 14 days on a 0-100 scale) is 55.4, a neutral level.
- The one-month change is +9.3%, the three-month change is +5.3%, and the position versus the 52-week high is -29.0%.
- Relative strength against the KOSPI is 21 (on a 1-99 scale, converted from returns versus the index over the past year with more recent weeks weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 80% of all stocks by strength.
- Over the past three months it lagged the index by 16.7%.
- Chart reading is best done alongside trading volume and the dates when disclosures occur.
- The balance sheet is this company's biggest strength.
- The debt ratio (debt relative to equity) is just 1.4% and the current ratio (assets readily usable now versus debt due within a year) is 14.7x, so it effectively carries no debt and holds a very thick cash cushion.
- Profitability is solid, with an operating margin of 12.5% and a net margin of 10.9%.
- ROE (how much is earned in a year on equity) is a modest 4.3%, but that is less because the company is weak and more because its accumulated equity (shareholders' equity of ₩389.7 billion) is so thick that the large denominator drags the figure down.
- On valuation, the P/B (how many times net assets the price is) is 0.51x, so it trades at half the value of its net assets, and the P/E (how many times a year's earnings the price is) is 12.0x on last year's confirmed results.
- The key point is that earnings are in a recovery phase, so the forward P/E on this year's expected earnings (about 9.8x) is lower than the trailing figure.
- Given that peer cosmetics stocks (AmorePacific, Kolmar Korea) trade at P/E multiples in the 16-24x range, It's Hanbul's valuation on this year's expected earnings is a clear signal of undervaluation.
- Looking at the five-year trend, net profit swung from losses of -₩17.4 billion in 2021 and -₩6.8 billion in 2022 to +₩3.4 billion in 2023, +₩16.5 billion in 2024, and +₩16.7 billion in 2025 - a clear turnaround stock.
- In 2025 revenue rose +7.7% and operating profit +7.4%, cementing the recovery, and in Q1 2026 revenue climbed +17.5% and operating profit +22.4%, so the pace of core-business growth quickened again.
- The reason the forward P/E on this year's expected earnings comes in low at about 9.8x is that revenue is growing at a double-digit rate while operating profit grows even faster (a structure where, on top of fixed costs, rising revenue adds disproportionately to profit), lifting the underlying earnings power up a notch.
- Recovering cosmetics demand and strong sales of the house brands and NeoPharm's dermo lines are the foundation.
- Q1 net profit jumped +122.5% year on year, but that includes some one-off non-operating gains, so the operating-profit trend (+22.4%) is the more accurate gauge of core-business strength.
- For reference, this year's expected earnings are not simply Q1 results multiplied by four but a figure set to reflect the full-year path.
- In March 2026 the company voluntarily disclosed a corporate value-up plan, signaling its intent to strengthen shareholder returns, and that same month declared a cash dividend (₩275 per share, a payout ratio of about 29%, up from the prior year).
- In May the Q1 report confirmed double-digit growth in revenue and operating profit, and at the end of May the corporate governance report was disclosed.
- For a small-cap, the dividend yield (3.0%) is high and the formalization of a returns policy stands out.
- This is a stock with clear strengths.
- It combines a balance-sheet safety net that is nearly debt-free with a thick cash pile, a P/B of 0.51x at half its net assets, a 3.0% dividend, and a core-business growth pace that reaccelerated in Q1 after the turnaround.
- In particular, the forward P/E on this year's expected earnings is about 9.8x, below peers (16-24x), so it trades cheaply not only against assets but also against earnings.
- Points to watch carefully: ROE of 4.3% means capital efficiency itself is still low; the Q1 net-profit surge includes one-off gains, so core earnings are better read through the operating-profit trend; and cosmetics demand and overseas channels (especially China and duty-free) are sensitive to the economy and consumer spending.
- In sum, this is a stock whose strengths are a balance-sheet safety net, a returns policy, and the ability to buy recovering earnings cheaply - and it grows stronger if sustained core operating-profit growth and improving ROE are added.
🔎 Valuation vs peers Undervalued
Compared against domestic listed cosmetics manufacturers/brand companies (AmorePacific, Kolmar Korea, LG Household & Health Care); It's Hanbul is a small- to mid-cap cosmetics stock structured around its own brands plus a consolidated dermo subsidiary (NeoPharm).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Amorepacific | 30.85x | 1.33x | 4.33% |
| Kolmar Korea | 19.40x | 2.67x | 13.74% |
| LG H&H | 0.00x | 0.68x | -1.84% |
A P/B of 0.55x is the lowest among the peer set (AmorePacific 1.14, Kolmar Korea 2.28, LG Household & Health Care 0.67), and the dividend yield is the highest, so it sits at a discount on both the asset and dividend fronts. The core reason for the discount is capital efficiency - ROE of 4.3%, below Kolmar Korea's 13.7% - and its small-to-mid size. On the other side, a debt-free, thick-cash safety net and the Q1 2026 reacceleration are factors that could narrow the discount. Last year's confirmed P/E (trailing 12.9x) has limits while earnings are at a recovery inflection, so on this year's expected earnings, which show rising operating profit, the multiple has room to come down. Still, improving ROE and the durability of core earnings after stripping out one-offs need to be confirmed before "cheap" turns into "realized," so a firm conclusion is not appropriate.
Price history Close · MA20 · MA60
The latest close is ₩10,380 and the market capitalization is ₩227.6 billion. The price sits above its 20-day moving average (₩9,613) and below its 60-day moving average (₩10,618). 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 55.4, a neutral level. The one-month change is +9.3%, the three-month change is +5.3%, and the position relative to the 52-week high is -29.0%. 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 16.7%. 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 -16.74% / 6M -44.03% / 12M -66.75%
Key metrics vs sector median
Valuation
The P/E of 13.61x is in line with the sector median (14.79x). The P/B of 0.58x is below the sector median (0.97x). 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 4.3%, in line with the sector average (4.0%). The operating margin is 12.5%. The debt ratio is 137.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $89.8M | $94.4M | $101.7M | +7.69% ↑ faster |
| Operating profit | $7.4M | $11.9M | $12.7M | +7.44% ↓ slower |
| Net profit | $2.3M | $10.9M | $11.1M | +1.26% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $92.9M | $86.6M | $89.8M | $94.4M | $101.7M |
| Operating profit | $500,232 | $3.2M | $7.4M | $11.9M | $12.7M |
| Net profit | -$11.6M | -$4.5M | $2.3M | $10.9M | $11.1M |
| Revenue CAGR | 4-yr avg 2.28% | ||||
Revenue rose 7.7% year over year (2023 ₩135.4 billion → 2024 ₩142.4 billion → 2025 ₩153.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 7.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.3%. The two-year revenue CAGR is 6.4%. In the most recent quarter (Q1 2026), revenue was 17.5% 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.
- 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
- 2026-03-27FilingVoluntary disclosure of a corporate value-up plan setting out a direction of stronger shareholder returnsA medium-term signal of intent to improve dividends and capital efficiency. That said, no revenue/profit target figures are stated in the body, so the effect must be confirmed through execution. Source
- 2026-03-12DividendCash dividend declared (₩275 per share, payout ratio about 29%, up from the prior year)Secures a near-term dividend yield of 2.8%. A consistent policy of returning recovered earnings to shareholders provides downside support. Source
- 2026-05-15EarningsQ1 2026 report - revenue ₩42.7 billion (+17.5%), operating profit ₩6.8 billion (+22.4%), double-digit growthConfirms a near-term reacceleration in the core-business recovery. Net profit includes non-operating gains, so one-offs must be stripped out when judging the trend. Source
- 2026-03-19Filing2025 annual report filed - revenue ₩153.4 billion (+7.7%), operating profit ₩19.2 billion, net profit ₩16.7 billionMedium-term confirmation that the recovery has stabilized since the turnaround. Reconfirms a debt-free balance sheet with a thick cash cushion. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩153.4 billion | ₩153.4 billion | Confirmed | link |
| Cash dividend per share (DPS) | ₩275 | ₩275 | Confirmed | link |
| Q1 2026 revenue/operating profit growth rate | revenue +17.5%, operating profit +22.4% | 1 (2026.03) | Confirmed | link |
| 2026 estimated net profit (in-house estimate) | approx. ₩20.5 billion | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-12DividendCash/stock dividend decision
- 2026-03-12Shareholders' meeting notice
📖 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.