Hankook Shell Oil한국쉘석유

Hankook Shell Oil's profits have grown strongly over recent years, though the stock has already risen sharply and pays no dividend.

Hankook Shell Oil makes and sells Shell-brand lubricants and greases for cars, ships and industrial machinery, mainly in South Korea. Trailing twelve-month revenue is about ₩351B with an operating margin of 15.8% and net income of about ₩51B for the period to H1 2026. At ₩527,000 the shares trade near the upper part of their 52-week range of ₩426,500 to ₩620,000.

What stands out

• Annual revenue rose from about ₩241B in 2021 to about ₩345B in 2025, and net income reached about ₩48B in 2025, versus about ₩29B in 2021.
• Trailing operating margin of 15.8% and ROE of 40.9% are high, though ROE is partly lifted by a modest equity base.
• The company carries about ₩30B in cash and reports no borrowings, with liabilities at 51.1% of equity.
• The 1-year share return is 20.3%, and the market values the stock at about 13.4 times earnings and 5.6 times book value.
• The company pays no dividend. A DCF-based fair value model gives a base case of ₩592,502, with a bear case of ₩384,997 and a bull case of ₩936,867; these are model outputs, not forecasts.

What to watch

• The full-year 2026 results and the next quarterly filings, to see whether revenue and margins hold up against the 2025 levels.
• Further 5%+ holding reports and foreign ownership, which has edged up to 58.9%.
• The corporate value-up plan filed in March 2026; the data does not say what specific actions it includes or when they will happen.