HS HwasungHS화성

HS Hwasung's trailing earnings are thinner than in 2025, though the shares trade at a low multiple to book value.

HS Hwasung is a Korean construction company working across buildings, civil engineering and apartment sales. Over the twelve months to H1 2026 it reported revenue of about ₩543B and net income of about ₩25B, below its 2025 full-year net income of about ₩28B. The shares closed at ₩10,600 on 23 October 2026, down 3.9% over one month and 5.8% over three months.

What stands out

• Trailing operating margin is 4.6%, down from 6.6% in 2025, while 2025 revenue grew 7.6% to about ₩659B.
• The data shows a price-to-book ratio of 0.2 and a dividend yield of 7.1%, but the reasons behind the discount are not covered in the data.
• Borrowings of about ₩191B exceed cash of about ₩69B, and liabilities are 71% of equity.
• Recent filings are mostly major sales or supply contracts and their amendments, with a half-year report published on 14 August 2026.
• News in mid-October covered a landscaping tie-up with Samsung C&T on a Daegu reconstruction project and a second-half experienced hiring round.

What to watch

• The next full-year and quarterly results, to see whether margins recover from the trailing 4.6%.
• The contract disclosures and amendments in the filings, including their size and terms, which the data does not show in detail.
• The fair value model in the data shows a very wide range from ₩5,124 (bear) to ₩85,544 (bull), so valuation estimates are highly uncertain.