Hantop한탑

Hantop's trailing revenue is shrinking and it has posted losses, though its shares have risen sharply over three months.

Hantop is a Korean flour miller that also makes animal feed and has several smaller subsidiaries. On a trailing basis to H1 2026 it reported revenue of ₩78.6B, an operating loss and a net loss of ₩29.9B, with negative free cash flow and high leverage. The share price is ₩2,920, up 64.5% over three months but down 25.6% over one year.

What stands out

• Trailing net loss of ₩29.9B on revenue of ₩78.6B, a net margin of -38%, compared with a small profit of ₩2.1B in 2025.
• Operating income is only slightly negative on a trailing basis (-₩0.8B), so the larger loss is driven by items below operating profit that the data does not break down.
• Liabilities are 6.2 times equity and free cash flow is about -₩1.7B; the data shows cash of ₩3.3B and no borrowings figure.
• Valuation metrics are mixed: price-to-book is 1.3 and price-to-sales 0.3, but P/E is not meaningful because earnings are negative. The DCF base value in the data is ₩1,589, well below the current price, and the bear case is shown as zero.
• Foreign ownership rose from 0% to 1.2% over 60 days, while 20-day flows show foreign net selling of about ₩21M and retail net buying of about ₩12M.

What to watch

• The next full-year or quarterly filings, to see whether the trailing losses continue and whether operating income improves.
• Filings on insider and major-shareholder share activity, which appear frequently in the recent filing list.
• Fines imposed on the company (listed as amended in September 2026); the data does not give the amount or reason.