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JONBUR Research · Initiation

Hanjin Logistics · 002320 · Transport & Logistics

Hanjin Logistics: Thin Margins and Small Losses, Trading Well Below Book Value

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Hanjin Logistics closed at ₩16,510 on 2026-10-28, up 11.6% over one month but down 17.7% over one year, with a market value of about ₩256.2B. Filed numbers show steady revenue near ₩3T, a 3.0% operating margin and a small net loss over the trailing twelve months.

Written Oct 29, 2026 · Data as of Oct 28, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a large-revenue, low-margin business that trades at 0.2x book value and 0.1x sales, with a 3.6% dividend yield. Operating profit has stayed positive every year since 2021, and free cash flow over the trailing twelve months was ₩142.3B.

The data does not show a clear earnings recovery. Net income was negative in 2024, 2025 and the trailing period, return on equity is -0.8%, and borrowings of ₩1.20T are large relative to the ₩199.1B of cash. The share price has risen 14.9% over three months but remains well below its 52-week high of ₩23,650. No news headlines are available in the data.

Business overview

Hanjin Logistics (code 002320) is listed on the KOSPI in the Transport & Logistics sector. It was founded on 1958-03-10 and listed on 1974-08-12. The CEO is listed as 노삼석, and there are 15,518,616 listed shares.

Revenue grew from ₩2.50T in 2021 to ₩3.06T in 2025. Growth was 13.8% in 2022, -1.5% in 2023, 7.4% in 2024 and 1.6% in 2025. Enterprise value is about ₩1.25T, much of it from borrowings rather than equity value.

Financial analysis

These figures come from filed financial statements. Trailing twelve-month revenue to H1 2026 was ₩3.24T, with operating income of ₩97.6B (3.0% margin) and a net loss of ₩10.9B (-0.3% margin). Return on equity was -0.8%.

Annual operating income was ₩99.4B in 2021, ₩114.5B in 2022, ₩122.5B in 2023, ₩100.1B in 2024 and ₩112.2B in 2025. Operating margin ranged from 3.3% to 4.4%. Net income fell from ₩158.7B in 2021 to ₩47.6B in 2022 and ₩26.1B in 2023, then turned to losses of ₩4.3B in 2024 and ₩1.6B in 2025.

Liabilities to equity stood at 185.9%. Cash was ₩199.1B against borrowings of ₩1.20T. Free cash flow over the trailing period was ₩142.3B.

Valuation

The price-to-earnings ratio and EV/EBITDA are not available because of net losses or missing data. Price-to-book is 0.2x, the same as at the end of 2024 and 2025 and below 0.4x at the end of 2021. Price-to-sales is 0.1x. The dividend yield is 3.6%.

Among peers, price-to-book is 0.7x for HMM, 1.3x for Hyundai Glovis, 0.5x for Pan Ocean, 0.4x for CJ Logistics and 0.2x for Korea Line. Hanjin Logistics sits at the low end. Peer P/E ratios range from 3.4x to 14.6x, with no comparison possible for Hanjin.

The valuation model (5-year discounted cash flow, 4.4% rate, TTM to H1 2026) gives a model estimate based on the assumptions shown of ₩85,549 per share in the base case, ₩0 in the bear case and ₩548,082 in the bull case. The range is extremely wide, which shows how sensitive the result is to assumptions given thin margins and high debt. The base case is well above the ₩16,510 share price, but it is not a target or a reason to buy or sell.

Catalysts

  • Preliminary consolidated earnings were filed on 2026-10-12, and full results could clarify whether the net loss is narrowing.
  • A conversion price, warrant exercise price and exchange price adjustment was disclosed on 2026-10-26, which relates to the company's convertible securities.
  • A 5%+ holding report (2026-10-06) and an insider shareholding report (2026-10-13) were filed, showing ownership activity.
  • An amended Forward-Looking Business and Management Plans disclosure was filed on 2026-09-30.
  • The largest shareholder's holdings changed (filing on 2026-07-27), after a Securities Issuance Results Report on 2026-07-23.

Risks

  • Net income has been negative for the last two fiscal years and in the trailing period, so profitability at the bottom line is not established.
  • Borrowings of ₩1.20T and liabilities-to-equity of 185.9% leave the company exposed to financing costs.
  • Operating margins of 3.0% to 4.4% leave little cushion against cost increases or weaker volumes.
  • Foreign ownership fell from 5.7% to 4.8% over 60 days, and 20-day flows were net negative for foreign and retail investors, suggesting limited buying support.
  • Convertible and warrant-related adjustments and issuance filings point to possible share dilution, though the data does not give the size.

Closing view

The data shows a large, steadily operating business whose valuation multiples sit at the low end of its peer group and its own history, with positive operating profit and free cash flow. Against that, bottom-line losses, heavy borrowings and falling foreign ownership explain why the market has not assigned a higher book multiple. The model estimate is highly assumption-dependent, as its bear-to-bull range shows, so it is better read as an illustration of uncertainty than a precise measure of worth.

Model estimate of fair value

Bear
₩0
-100%
Base
₩85,549
+415%
Bull
₩548,082
+3202%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 4.4%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 29, 2026InitiationStart of coverage (reader request)Hanjin Logistics: Thin Margins and Small Losses, Trading Well Below Book Value

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information