Hanwha한화

Hanwha's shares have fallen sharply over the past year, while filed results show a much weaker profit picture than the revenue jump in 2025 suggests.

Hanwha is a large South Korean holding-type group with many consolidated subsidiaries spanning defense, energy storage and solar, shipping, food services, silicon materials and asset management. Based on the data, the stock closed at ₩91,200 on 2026-10-26, down about 30% over one month and about 20% over one year, with a market value of about ₩4.9T. The trailing results to H1 2026 show revenue of ₩89.0T, operating income of ₩5.4T and net income of ₩0.8T, with high leverage.

What stands out

• Trailing revenue is ₩89.0T with a 6.1% operating margin, but net income is only ₩0.8T, a 0.9% net margin.
• Liabilities are about 4.6 times equity and borrowings stand at ₩72.0T against cash of ₩15.8T, so debt is a major feature of the balance sheet.
• The price-based valuation looks low (P/E about 6.1, P/B about 0.4), and the data includes a DCF fair value range of ₩196,000 to ₩1,690,628 with a base of ₩725,742; this model output is not a forecast and sits far above the current price.
• Recent filings are mostly investor relations events, related-party transactions and an insider shareholding report, plus amendments to a serious accident disclosure from September.
• News headlines are mostly about subsidiaries, including a ₩3T additional India export approval for Hanwha's K9 howitzer and a Hanwha Semitech trade show launch in China.

What to watch

• Further updates or amendments to the serious accident disclosure filed in September 2026.
• Trend in borrowings and net income in upcoming filings, given the high liabilities-to-equity ratio.
• Recent 20-day flows show net foreign and institutional selling, while foreign ownership edged up to 21.5%; the data does not say what drove these moves.