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JONBUR Research · Initiation

Hana Materials · 166090 · Semiconductors

Hana Materials: Profit Rebound in H1 2026 Meets a Higher Share Price and Ownership Changes

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Hana Materials' trailing twelve-month operating margin rose to 24.0% by H1 2026 from 18.3% in 2025, and the shares are up 48.6% over one year to ₩64,100. Filings show a change of largest shareholder and a shareholders' meeting, while the valuation model estimate is not available.

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 recovery in earnings. Trailing revenue of ₩334.2B compares with ₩273.5B in 2025, and operating income of ₩80.2B compares with ₩50.1B. Return on equity rose to 13.3% from 9.4%. The share price has risen 22.8% in one month, 17.4% in three months and 48.6% in one year, and sits below the 52-week high of ₩87,900 and well above the low of ₩36,200.

What the data does not settle: the margins are still below the 30% levels of 2021 and 2022, and the reasons for the recent improvement are not in the data. Several filings show a change of largest shareholder and 5%+ holding reports, but the data does not say who the holders are or what the changes mean for the business. Investor flow, foreign ownership, short balance and news data are not available.

Business overview

Hana Materials is a KOSDAQ-listed semiconductor-sector company, founded in January 2007 and listed on 28 April 2017. It has 19,777,674 listed shares and a market capitalization of about ₩1.27T. The CEO is listed as 김현주. Revenue was ₩271.1B in 2021 and ₩307.3B in 2022, fell 24.0% to ₩233.6B in 2023, then grew to ₩251.6B in 2024 and ₩273.5B in 2025. Product and customer details are not in the data.

Financial analysis

Figures come from filed financial statements (DART). Trailing twelve months to H1 2026: revenue ₩334.2B, operating income ₩80.2B (24.0% margin), net income ₩64.2B (19.2% margin), ROE 13.3%.

Annual operating margin was 30.3% in 2021, 30.5% in 2022, 17.7% in 2023, 17.3% in 2024 and 18.3% in 2025. Net income was ₩80.1B in 2022, ₩34.2B in 2023, ₩31.8B in 2024 and ₩38.4B in 2025.

The balance sheet looks light on leverage: liabilities to equity of 40.7%, cash of ₩47.1B, and borrowings not available. Trailing free cash flow is ₩67.7B. Enterprise value is about ₩1.22T.

Valuation

At ₩64,100 the shares trade at a P/E of 19.7, P/B of 2.1, P/S of 3.8 and a dividend yield of 0.5%. EV/EBITDA is not available. At the end of 2025 the P/E was 22.2 and P/B 1.8, so the P/E is lower now because earnings rose, while P/B is higher. Earlier year-end multiples are not available.

Among the peers, DB HiTek has a P/E of 16.9 and P/B of 2.4, HanaMicronInc has 18.8 and 5.8, and SK hynix has 7.2 and 4.5. Others lack a P/E. The valuation model estimate per share is not available (null) for this company, so no comparison with the share price can be made.

Catalysts

  • The notice of shareholders' meeting filed on 2026-10-13, and the earlier call of a meeting and record-date setting on 2026-09-09, point to shareholder decisions that may matter.
  • Repeated filings on a change of largest shareholder (2026-09-21 and 2026-09-29, both amended) and 5%+ holding reports through 2026-09-30 show ownership is shifting.
  • A Major Matters Report on a transfer of equity securities of another company, filed 2026-09-14, may change the company's asset holdings.
  • A new facility investment filing on 2026-08-12 could affect future capacity and capital spending.
  • The half-year report filed 2026-08-13 confirmed the trailing profit recovery to a 24.0% operating margin.

Risks

  • Earnings have been cyclical: revenue fell 24.0% in 2023 and operating margin fell from 30.5% to 17.7%.
  • The share price has risen 48.6% in a year, so the recent recovery may already be reflected in the multiples.
  • The change in largest shareholder creates uncertainty about governance and strategy, and the data gives no details.
  • No model estimate, investor flow, foreign ownership or short-selling data is available, which limits cross-checks.
  • New facility investment and equity transfers could affect cash flow, and borrowings data is not available.

Closing view

The filed numbers show a clear earnings recovery, with a low-leverage balance sheet and solid free cash flow. The P/E of 19.7 is within the range of listed peers, but the model estimate is not available and the share price has already moved sharply. Ownership changes and the upcoming shareholders' meeting are the main open items, and the data does not explain their impact. The picture is mixed, with strong recent results alongside cyclical history and incomplete information.

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

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Hana Materials: Profit Rebound in H1 2026 Meets a Higher Share Price and Ownership Changes

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