Hana Technology (299030) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Hana Technology is a secondary-battery manufacturing equipment company whose strength is full-line turnkey delivery, supplying at once the assembly process that builds the battery, the formation process that raises its performance, and the pack process that bundles cells; its revenue is directly linked to battery makers' capital spending, giving it a strong order-based industry character. In June 2026 it filed a single supply contract worth ₩161.5 billion, equal to 172.1% of recent revenue, and earlier in May there was a correction filing for a supply contract worth ₩12.4 billion (10.9% of recent revenue). What stands out recently is that it has secured a large order equal to 1.7 times annual revenue, the loss has narrowed quickly so operating profit has climbed near breakeven, and the stock trades at a P/B of 1.01x, roughly at book value. On the other hand, with a debt ratio of 162% and a current ratio of 92.3%, its funding position is not comfortable, so execution in turning the large order into revenue and cash flow is the crux.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Battery Equipment” (Secondary Batteries · Battery Materials, Parts & Equipment), a type typically read first through forward P/E.
Battery equipment makers hinge on the capacity expansions of cell producers, so profit swings widely between order-rich and order-lean years. Because booked orders turn into future revenue and earnings, forward price-to-earnings (P/E on expected profit) is the first lens rather than trailing results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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 is somewhat higher than equity (debt ratio 281.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 93.6%).
- The most recent full-year net result was a loss.
- Revenue fell 0.4% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 42.4% lower than a year earlier.
- ROE is -5.8% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.0%.
- 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 Oh Tae-bong 28.43% (individual)
Controlling bloc incl. related parties 29.32%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Hana Technology makes secondary-battery (battery) manufacturing equipment. It highlights a 'full-line turnkey' approach that supplies at once the entire process: the assembly process that builds the battery, the formation process that raises performance through charge and discharge, and the pack process that bundles cells into packs. It can handle equipment for nearly every battery form (pouch, cylindrical, prismatic), and having completed development of the isostatic press and stacking equipment that are central to next-generation solid-state batteries, it is at a stage of widening its market. In other words, revenue is directly linked to battery makers' capital spending (expansions and new lines), and it has a strong order-based industry character in which orders lead directly to future revenue. Because the market cap is not large, each individual supply contract has a relatively large effect on results and the stock.
The latest close is ₩13,300 and the market capitalization is ₩106.3 billion. The price sits above its 20-day moving average (₩12,152) and below its 60-day moving average (₩16,160). 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 51.6, a neutral level. The one-month change is +2.4%, the three-month change is -55.5%, and the position relative to the 52-week high is -62.5%. Relative strength versus the KOSDAQ is 13 (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 12% of all stocks. Over the past three months it lagged the index by 30.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/B ratio (how many times book value the stock is priced at) is 1.10x, so the stock trades at almost the same level as the company's net asset value. The P/E ratio (how many times a year's profit the stock is priced at) is not calculated because profit is not yet positive. 2025 revenue was ₩93.8 billion and operating profit was about -₩40 million, essentially right at breakeven (the point where revenue and costs nearly match), with net profit of -₩5.8 billion. The loss narrowed markedly from 2024's operating profit of -₩26.4 billion and net profit of -₩15.5 billion to 2025's operating loss of about -₩40 million and net loss of -₩5.8 billion, indicating an improving cost structure. The debt ratio (debt relative to equity) is 262.0% and the current ratio (assets that can be turned into cash right away versus debt due within a year) is 92.3%, so financial headroom is not ample, and the pace of turning orders into revenue and profit is the crux of financial improvement. A P/B of around 1x can be read to mean that, should profit turn positive, the price is not heavy relative to asset value.
Revenue shrank in shape, from ₩119.9 billion in 2023 to ₩94.2 billion in 2024 and ₩93.8 billion in 2025, and Q1 2026 revenue of ₩8.3 billion fell 42.4% from a year earlier. Given the order-based nature of the industry, one has to allow for large swings in quarterly results depending on the timing of line deliveries. The most notable change is the single supply contract worth ₩161.5 billion signed in June 2026, an amount equal to about 1.7 times the past year's revenue (₩93.8 billion). Once this contract and May's ₩12.4 billion contract begin to be recognized as future revenue, a foundation is laid to refill the shrinking top line. On the earnings side as well, operating profit has recovered to near breakeven, so if the newly booked large-scale revenue lifts capacity utilization, there is room for it to connect to earnings improvement. Ultimately, the key driver of growth is the next-generation battery investment cycle, including solid-state, and the progress of the secured large orders turning into actual line deliveries.
On June 9, 2026, the company filed a single supply contract worth ₩161.5 billion, a contract very large relative to the company's size at 172.1% of recent revenue. On the same day, a trading suspension related to that supply contract was also filed, so the detailed terms and schedule of the contract need to be checked in the original text. Earlier, on May 12, there was a correction filing for a supply contract worth ₩12.4 billion (10.9% of recent revenue). For supply contracts, the timing and amount recognized as revenue vary with the contract amount, the delivery period, and whether the transaction is one-off or repeatable, so it is best to follow the recognition schedule of each contract.
The strengths are clear. On the business base of full-process turnkey secondary-battery equipment, it has secured a large ₩161.5 billion order equal to 1.7 times recent annual revenue, and the loss has narrowed quickly so operating profit has climbed near breakeven. The stock has corrected to -64% versus the 52-week high, trading at a P/B of 1.01x, that is, at book value, a price band where the burden is not heavy should profit turn positive. What to examine together is financial headroom. With a debt ratio of 162% and a current ratio of 92.3%, the funding position is not comfortable, so execution in turning the large order into revenue and cash flow is important. In sum, in a phase where the secured large supply contract is recognized as revenue and profit on schedule and the turn to positive earnings comes into view, the appeal relative to asset value can come to the fore, whereas if contract recognition is delayed or further losses continue, the financial burden can come back into focus. The key is the pace of progress on the ₩161.5 billion order and whether earnings turn positive.
🔎 Valuation vs peers Undervalued
A market-cap-adjacent peer set within machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Everdigm | 24.90x | 0.60x | 2.42% |
| CNG Hitech | 6.49x | 0.91x | 11.55% |
| HB Solution | 4.90x | 0.50x | 14.35% |
We first looked at a public-data peer set with nearby market cap within machinery and equipment. The current P/E ratio (how many times a year's profit the stock is priced at) is not available, and the P/B ratio (how many times book value the stock is priced at) is 1.10x. Because lower-market-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩33.3 billion | — | — |
| Next quarter | Q2 2026 | ₩7.0 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩13,300 and the market capitalization is ₩106.3 billion. The price sits above its 20-day moving average (₩12,152) and below its 60-day moving average (₩16,160). 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 51.6, a neutral level. The one-month change is +2.4%, the three-month change is -55.5%, and the position relative to the 52-week high is -62.5%. Relative strength versus the KOSDAQ is 13 (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 12% of all stocks. Over the past three months it lagged the index by 30.9%. 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 -30.92% / 6M -38.95% / 12M -43.74%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.10x is in line with the sector median (1.01x).
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 -5.8%, below the sector average (2.0%). The operating margin is -0.0%. The debt ratio is 281.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $84.3M | $66.2M | $65.9M | -0.41% ↑ faster |
| Operating profit | -$4.4M | -$18.5M | -$27,967 | — |
| Net profit | -$2.7M | -$10.9M | -$4.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $79.4M | $80.0M | $84.3M | $66.2M | $65.9M |
| Operating profit | -$3.5M | $7.9M | -$4.4M | -$18.5M | -$27,967 |
| Net profit | -$2.0M | $1.1M | -$2.7M | -$10.9M | -$4.1M |
| Revenue CAGR | 4-yr avg -4.54% | ||||
Revenue fell 0.4% year over year (2023 ₩119.9 billion → 2024 ₩94.2 billion → 2025 ₩93.8 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -4.5%. The two-year revenue CAGR is -11.6%. In the most recent quarter (Q1 2026), revenue was 42.4% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Debt is somewhat higher than equity (debt ratio 281.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 93.6%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 0.4% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-09ContractSingle sale/supply contract signed: contract value ₩161.5 billion, 172.1% of recent revenueThe contract amount and period are central to future revenue recognition. Whether it is one-off or a repeatable transaction drives the medium-term interpretation. Source
- 2026-06-09ContractTrading suspension (single sale/supply contract): check the detailed terms in the original filingThe contract amount and period are central to future revenue recognition. Whether it is one-off or a repeatable transaction drives the medium-term interpretation. Source
- 2026-05-12Contract[Correction] Single sale/supply contract signed: contract value ₩12.4 billion, 10.9% of recent revenueThe contract amount and period are central to future revenue recognition. Whether it is one-off or a repeatable transaction drives the medium-term interpretation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩13,300 | ₩13,300 | Confirmed | link |
| Latest quarterly results | revenue ₩8.3 billion, operating profit -₩3.7 billion | revenue ₩8.3 billion, operating profit -₩3.7 billion | Confirmed | link |
| Annual results | revenue ₩93.8 billion, operating profit -3,981 | revenue ₩93.8 billion, operating profit -3,981 | Confirmed | link |
| Contract filing (original text) | single supply contract signed: contract value ₩161.5 billion · vs recent revenue 172.1% | single supply contract signed: contract value ₩161.5 billion · vs recent revenue 172.1% | Confirmed | link |
| Contract filing (original text) | see the filing for detailed terms | see the filing for detailed terms | Confirmed | link |
| Contract filing (original text) | [amended] single supply contract signed: contract value ₩12.4 billion · vs recent revenue 10.9% | [amended] single supply contract signed: contract value ₩12.4 billion · vs recent revenue 10.9% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-09Single supply/sales contract
- 2026-06-09Supply contract disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Single supply/sales contract (amended)
- 2026-05-12Single supply/sales contract (amended)
- 2026-05-07OwnershipOwnership-change filing
- 2026-05-04Single supply/sales contract
- 2026-04-30Convertible-bond issuance
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-26OwnershipOwnership-change filing
- 2026-03-23PeriodicAnnual 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.