Ask Warren

JONBUR Research · Update note

Hanmi Science · 008930 · Holding companies

Hanmi Science: Reports of Share Seizure and Tender Offer Rule Controversy Involving Shin Dong-kook

Why this report

Written after:

News on 2026-10-16 reported controversy over a seizure of Hanmi Science shares tied to Shin Dong-kook and a possible capital markets law violation, with lenders watching closely. This adds to the ownership uncertainty flagged in our initiation, but no filing excerpt confirms details and the model estimate sits well below the share price.

Written Oct 20, 2026 · Data as of Oct 19, 2026 · 0 views

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

XfWATGr/in@

What happened

Etoday reported on 2026-10-16 that Shin Dong-kook faces controversy over a seizure of Hanmi Science shares and an alleged capital markets law violation, and that a lending syndicate is watching closely. Related headlines from 2026-10-15 and 2026-10-16 (Etoday, Maeil Business Newspaper, Herald Business) discuss a suspected breach of public tender offer obligations in the share purchase and whether his voting rights could be restricted. A later headline from Edaily (2026-10-20) says a complaint against Shin Dong-kook and his son, described as the largest shareholders, was referred to the Seoul Metropolitan Police Agency's financial investigation unit. Chosun Biz had reported on 2026-10-13 a provisional seizure and a ₩500B mortgage loan. No filing excerpts were provided, so share counts, amounts and legal outcomes are not available. As background, a 5%+ holder, Song Young-sook, was reported at 71.2% combined, unchanged (0.0 pts). The share price closed at ₩45,550 on 2026-10-19, down 6.1% over one month, and the market cap is about ₩3.1T.

What it changes for the thesis

The initiation noted improving profitability (operating margin 7.7% in 2024, 10.2% in 2025, 12.1% trailing to H1 2026) and a price that had run ahead of it, and flagged many ownership-related filings and a reported share seizure that the data could not explain. The new reports add detail on the ownership side: a tender offer dispute, possible voting rights limits and a police referral. These are reports, not confirmed findings, and the filed financials are unchanged: trailing revenue of ₩1.41T, operating income of ₩169.7B and borrowings of only ₩13.7B. The operating picture is not altered, but governance and control uncertainty has become more prominent. Foreign ownership of 0.9% (1.2% sixty days ago) and 20-day foreign net selling of about ₩16.3B are consistent with caution, though the data does not link them to this news.

What it changes for the valuation

The initiation had no model estimate. The model now gives a net asset value based estimate of ₩12,736 (bear), ₩19,105 (base) and ₩26,746 (bull) per share, using a 40% rate, on trailing data to H1 2026. This is a model estimate based on the assumptions shown, not a target. The share price of ₩45,550 is well above even the bull value, so the model does not support the current price under those assumptions; the high rate and method may be conservative for an operating holding company, so the gap should be read with care. Multiples have eased with the price: P/E 20.6x (23.4x at the initiation), P/B 2.9x (3.3x), EV/EBITDA 17.3x (19.7x). The price remains about 28.6% below the 52-week high of ₩63,800. Peers shown trade at lower multiples (P/E 3.1x to 9.2x), though they are mostly financial or large holding companies.

Closing view

The latest news raises questions about control of the company, but it is based on press reports and the data does not show how or whether they will be resolved. The financial results remain solid and the balance sheet light, while the model estimate is far below the market price and the shares still carry higher multiples than the listed peers. Outcomes to watch include filings on ownership, any regulatory or legal developments, and upcoming earnings, while recognizing that these are uncertainties the data cannot settle.

Model estimate of fair value

Bear
₩12,736
-70%
Base
₩19,105
-55%
Bull
₩26,746
-37%

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

Base case of the sum-of-the-parts (net asset value) model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 40%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 20, 2026Update noteNewsHanmi Science: Reports of Share Seizure and Tender Offer Rule Controversy Involving Shin Dong-kook
  2. Oct 13, 2026InitiationHanmi Science: Sharp 3-Month Rally, Improving Profits and Ownership-Related Filings

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