Hanmi Semiconductor: High Margins and Strong Share Price Gains Meet Very Elevated Multiples

Hanmi Semiconductor (KOSPI: 042700) closed at ₩248,500 on 2026-10-12, up 108.6% over one year but below its 52-week high of ₩426,000. Filed statements show operating margins above 40.0% and a light balance sheet, while trailing multiples are very high at a P/E of 106.7 and a P/B of 31.7.

Written Oct 13, 2026 · Data as of Oct 12, 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 highly profitable company: trailing twelve-month operating margin is 42.5%, net margin 40.3% and ROE 34.5%. Liabilities are only 18.0% of equity, and free cash flow is ₩122.3B. However, revenue growth has slowed sharply, from 251.5% in 2024 to 3.2% in 2025, and trailing revenue of ₩551.3B is slightly below the 2025 figure of ₩576.7B. The share price has risen 20.9% over three months and 108.6% over one year, while earnings have not grown at that pace, so the multiple has expanded. The price is also about 41.7% below its 52-week high of ₩426,000. The data does not include investor flows, foreign ownership, short balance or news headlines, so it cannot show who is driving the moves.

Business overview

Hanmi Semiconductor is listed on KOSPI and classified in the Machinery sector. It was founded on 1980-12-24 and listed on 2005-07-22, with 95,312,200 listed shares. At the latest close, market capitalization is ₩23.7T and enterprise value is ₩23.6T. Revenue was ₩373.2B in 2021, ₩327.6B in 2022 and ₩159.0B in 2023. It then jumped to ₩558.9B in 2024 and ₩576.7B in 2025. The data does not describe products or customers.

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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).

Report history

Source: KRX statistical information