JONBUR Research · Initiation
Heungkuk Fire & Marine Insurance · 000540 · Insurance
Heungkuk Fire & Marine: Low Multiples and a 16.9% One-Year Share Price Decline, With Several Data Gaps
Why this report
Start of coverage: written when a reader opened this company and there was no report yet.
Heungkuk Fire & Marine closed at ₩3,195 on 2026-10-23, down 16.9% over one year and well below its 52-week high of ₩7,480. The trailing P/E is 1.2, far below the listed peers shown, but several key figures, including revenue, book value multiple and the valuation model estimate, are not available.
Written Oct 25, 2026 · Data as of Oct 23, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a picture of a very low earnings multiple. The trailing P/E is 1.2 against 3.1 to 17.5 for the five peers listed, and the year-end P/B was 0.3 in both 2024 and 2025. Net income of ₩165.1B over the trailing period to H1 2026 is also above the full-year 2025 figure of ₩151.7B.
The data does not show why the market prices the shares this way. Operating income fell from ₩407.8B in 2023 to ₩187.5B in 2025, and the trailing figure of ₩56.9B is much lower than net income, so the link between operating and net profit is unclear from what is available. Dividend yield is shown as 0.0%. Revenue, margins and current P/B are not available, which limits any firm conclusion.
Business overview
Heungkuk Fire & Marine Insurance is an insurer listed on the KOSPI since 1974-12-05 and founded on 1948-03-15. The CEO listed in the data is 김대현. There are 64,242,645 listed shares and market capitalisation is about ₩205.3B. That is small next to peers such as DB Insurance (₩12.1T) and Samsung Fire & Marine (₩26.9T), and slightly below Hanwha Life (₩3.5T) and Hyundai Marine & Fire (₩3.6T) by a wide margin. Foreign ownership is 1.3%, down from 1.6% sixty days earlier, and the short balance is 0.1%.
Financial analysis
These figures come from filed financial statements. Revenue is not available for any period shown, so revenue growth and margins cannot be calculated.
Net income was ₩316.1B in 2023, ₩106.7B in 2024 and ₩151.7B in 2025. Operating income was ₩407.8B, ₩148.8B and ₩187.5B in the same years. Return on equity was 23.2%, 10.0% and 18.8%, showing large swings from year to year.
For the trailing period to H1 2026, operating income was ₩56.9B, net income ₩165.1B and free cash flow ₩377.1B. Balance sheet items such as cash, borrowings and the liabilities-to-equity ratio are not available.
Valuation
The current P/E is 1.2, compared with year-end P/E of 1.5 in 2025, 2.2 in 2024 and 0.6 in 2023, so the multiple is within its own recent range. Current P/B is not available; year-end P/B was 0.3 in 2025 and 2024 and 0.1 in 2023. Price-to-sales and EV/EBITDA are also not available.
Among peers, P/E ranges from 3.1 (Hyundai Marine & Fire) to 17.5 (Samsung Life), and P/B from 0.2 (Hanwha Life) to 0.9 (DB Insurance). The valuation model estimate per share could not be worked out, so there is no model estimate to compare with the ₩3,195 share price.
Catalysts
- The half-year report for June 2026 was filed on 2026-08-14 and amended twice, on 2026-08-18 and 2026-08-31, so the results and any changes are worth reviewing.
- Over 20 days, foreign investors were net sellers and retail investors net buyers, and foreign ownership slipped from 1.6% to 1.3%, so a change in that flow pattern could matter.
- A filing on 2026-10-15 covered financial transactions with affiliated financial companies involving beneficiary certificates, which is part of a recurring series.
- News on 2026-10-15 from Money Today reported that unused medical expenses will be carried over to next year, with a six-month exclusive use right.
- The next quarterly report will show whether trailing profit stays near current levels.
Risks
- Operating income has fallen from ₩407.8B in 2023 to ₩187.5B in 2025, and the trailing figure of ₩56.9B is lower still.
- Return on equity has swung between 10.0% and 23.2%, which shows earnings are volatile.
- The shares are 57.3% below their 52-week high and fell 6.9% in the past month, showing weak market sentiment.
- The dividend yield is shown as 0.0%, so there is no income return in the data.
- Missing revenue, balance sheet and model data limit how fully the company can be assessed, and the repeated amendments to the half-year report add some uncertainty.
Closing view
The data shows a small insurer trading at a very low earnings multiple, with trailing net income and free cash flow that look sizeable against its ₩205.3B market value. Against that, operating income has trended down, returns are volatile, no dividend is shown, and foreign holdings are declining. With revenue, current book value multiple and the model estimate not available, the evidence is incomplete and does not settle whether the low multiples reflect mispricing or real risks.
Model estimate of fair value
The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).
Filings and data used
- Financial Transactions with Affiliated Financial Companies Under Standard Terms – [Securities – Beneficiary Certificates]Oct 15, 2026
- Amended: Half-year report (Jun 2026)Aug 31, 2026
- Disclosure on Large Business Group Status [Quarterly Disclosure (For Individual Company)]Aug 28, 2026
- Amended: Half-year report (Jun 2026)Aug 18, 2026
- Half-year report (Jun 2026)Aug 14, 2026
- Matters Concerning Payment Amounts by Payment Method and Payment Period, and Dispute Mediation BodiesAug 14, 2026
- Financial Transactions with Affiliated Financial Companies Under Standard Terms – [Securities – Beneficiary Certificates]Jul 14, 2026
- [Corrected] Disclosure of Large Business Group Status [Annual Disclosure and Q1 Use (Individual Company)]Jun 5, 2026
- Disclosure of Large Business Group Status [Annual Disclosure and Q1 Use (Individual Companies)]Jun 1, 2026
- Amended: Quarterly report (Mar 2026)May 29, 2026
- [Amended] Large Business Group Status Disclosure [Quarterly Disclosure (For Individual Companies)]May 27, 2026
- [Amended] Large Business Group Status Disclosure [Quarterly Disclosure (For Individual Companies)]May 27, 2026
- WeBear Soft Officially Launches CertBear for Heungkuk Fire & Marine InsuranceOct 19, 2026
- Heungkuk Fire & Marine Insurance Carries Unused Medical Expenses Over to Next Year; Six-Month Exclusive Use RightOct 15, 2026
- Daily prices up to 2026-10-23
- Financial statements, trailing 12 months as of H1 2026
Report history
Source: KRX statistical information