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JONBUR Research · Update note

Hanwha Vision · 489790 · Electronics

Hanwha Vision Shares Jump 26.7% in Five Days on Heavy Volume After Q3 Results

Why this report

Written after:

  • Big price moveShares up 26.7% over 5 trading days on 3.2× normal volumeOct 29, 2026

Hanwha Vision shares rose 26.7% over five trading days to ₩49,100 on 3.2× normal volume, following preliminary Q3 results showing a sharp rise in operating profit. The move closes much of the gap to the earlier price, while our model estimate stays well below the market price.

Written Oct 30, 2026 · Data as of Oct 29, 2026 · 0 views

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

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What happened

From 2026-10-23 to 2026-10-29, the shares rose 26.7% on volume 3.2 times normal. The close on 2026-10-29 was ₩49,100, for a market value of about ₩2.5T. The previous report put the price at ₩40,200 on 2026-10-28, before the results.

The rise coincided with the preliminary Q3 2026 results published on 2026-10-29: operating profit of ₩102.6B, up 183.3% year on year, on revenue of ₩573.4B. A news headline on the same day credited the security and semiconductor equipment businesses. No filing excerpts were provided for this note, so we cannot add details beyond what the previous report covered.

Foreign ownership was 24.6%, up from 23.1% sixty days earlier. Foreign investors were net buyers of about ₩11.5B over 20 days, while institutions were net sellers of about ₩8.3B. The short balance was 0.2%.

What it changes for the thesis

The price move reflects the operating strength described in the previous report, where Q3 operating margin of about 17.9% was well above the trailing 8.0%. That supports the profitability side of the thesis.

The earlier caveats are unchanged. Net income fell from the prior quarter without an explanation, and cash conversion and leverage were not addressed. Trailing free cash flow was ₩21.1B against borrowings of ₩678.8B, and liabilities were 136.8% of equity. The price move does not resolve these points.

What it changes for the valuation

The model estimate, based on the assumptions shown (discounted cash flow, 7.5% rate, trailing data to H1 2026), is ₩0 bear, ₩10,341 base and ₩43,047 bull per share. The previous report showed ₩0, ₩12,435 and ₩48,587 at a 7.1% rate. The lower values come from the higher rate, and the model still does not include the Q3 figures. It is a model estimate, not a price target.

At ₩49,100 the share price is above even the bull case, and the range remains very wide, so it is highly sensitive to its assumptions. Trailing P/E is 20.8x (17.0x in the previous report) and P/B is 2.6x (2.1x), still before the new quarter is included. The 52-week range is ₩30,950 to ₩97,900, and the shares are down 5.4% over one year but up 40.3% over three months.

Closing view

The rally is backed by a real improvement in operating profit, and foreign ownership has risen. But the price has moved further above our model estimate, whose trailing inputs do not yet capture the quarter. Weak net income and cash conversion, and moderate leverage, remain open. The evidence is mixed: strong operating momentum against a valuation that now relies more heavily on the earnings improvement continuing, which final figures and full statements should help test.

Model estimate of fair value

Bear
₩0
-100%
Base
₩10,341
-79%
Bull
₩43,047
-12%

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 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 30, 2026Update noteBig price moveHanwha Vision Shares Jump 26.7% in Five Days on Heavy Volume After Q3 Results
  2. Oct 29, 2026Update noteEarningsHanwha Vision Q3 2026 Preliminary Results: Operating Profit Nearly Triples Year on Year
  3. Oct 13, 2026InitiationHanwha Vision: Revenue Scaled Up After 2024 Listing, With Profit Margins Near 8%

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