Hanyang Securities한양증권

Hanyang Securities is profitable on a trailing basis but its shares are down over the past year and its balance sheet is heavily leveraged.

Trailing twelve-month revenue is about ₩1.79T with operating income of ₩79.6B and net income of ₩62.6B to H1 2026. The share price closed at ₩18,560 on 2026-10-23, well below its 52-week high of ₩31,500, and the stock trades at a low multiple of earnings and book value.

What stands out

• Trailing net income of ₩62.6B is up from ₩39.4B in 2024 and ₩56.6B in 2025 on a trailing basis, but 2025 operating margin of 8.3% has been compressed to 4.5% on a trailing basis to H1 2026.
• Liabilities are 962.3% of equity and borrowings are about ₩770.9B, which is typical of a securities firm funded by repurchase agreements and bonds but leaves little cushion in a downturn.
• Valuation is low: P/E 4.5, P/B 0.4 and a dividend yield of 8.6%, compared with peers at P/B 0.7 to 0.8.
• The internal fair value model gives a base of ₩36,193, a bear of ₩21,989 and a bull of ₩54,705; these are model outputs from the provided data, not forecasts.
• Recent filings include a rights offering amendment in July, a securities registration and prospectus in September, and a lawsuit filed or ruled in October; no news headlines were provided.

What to watch

• Details and outcome of the October 2026 lawsuit, which the filing title does not explain.
• Scope and pricing of the rights offering (paid-in capital increase) and any dilution it implies, plus the securities issuance results already reported.
• Foreign ownership fell from 12.5% to 9.9% over the last 60 days and the 20-day foreign flow was negative, so further selling pressure or the next results release are worth monitoring.