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You're reading an earlier report from Oct 20, 2026. See the latest report

Hansol Paper · 213500 · Wood & Paper

Hansol Paper: Thin Margins and Low Book Multiple, With Profit Recovering From a Weak Base

Why this report

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

Hansol Paper (KOSPI, Wood & Paper) has a market cap of ₩170.9B and trades at 0.2x book value, with trailing operating margin of 3.1% as of H1 2026. Profit has recovered from a 2024 loss, but returns remain low and free cash flow is negative.

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.

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Thesis

The data supports a picture of a low-margin paper maker whose earnings are recovering. Trailing operating income of ₩72.3B is above the ₩49.9B for 2025 and ₩22.0B for 2024, and net income of ₩22.1B compares with ₩3.9B in 2025. A recent Korea Economic Daily headline says profit jumped 70%, helped by packaging boxes, though the data does not give the underlying detail.

What the data does not support is a strong earnings base. ROE is 3.1%, net margin is 1.0%, free cash flow is negative at ₩61.8B, and liabilities are 192.4% of equity. The share price is down 14.1% over one year and 4.4% over one month, though up 5.7% over three months. The dividend yield of 7.0% is notable, but the data does not show how well covered it is.

Business overview

Hansol Paper is listed on KOSPI in the Wood & Paper sector and was founded on 2015-01-02 and listed on 2015-01-26. It has 23,800,576 listed shares and a market cap of ₩170.9B. Co-CEOs are 한경록 and 고민혁.

Revenue was ₩1.83T in 2021, peaked at ₩2.46T in 2022 after 34.0% growth, fell 10.7% in 2023 to ₩2.19T, and reached ₩2.29T in 2025. Trailing revenue is ₩2.30T. Recent news mentions a ₩12.2B AI factory project over four years, a Daejeon factory expansion investment and a top ESG rating for the fourth straight year.

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Model estimate of fair value

Bear
₩0
-100%
Base
₩31,889
+368%
Bull
₩123,955
+1720%

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 5.4%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeHansol Paper: Model Fair Value Estimate Falls 60% to ₩12,838 Per Share
  2. Oct 20, 2026InitiationStart of coverage (reader request)Hansol Paper: Thin Margins and Low Book Multiple, With Profit Recovering From a Weak Base

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