Hankook Cosmetics Manufacturing한국화장품제조

Hankook Cosmetics is a contract cosmetics maker whose profits have grown sharply, though its share price has swung widely over the past year.

The company makes cosmetics to order for other brands, reporting mainly domestic sales from its Eumseong plant. Trailing twelve-month revenue to H1 2026 was ₩216B with operating income of ₩39B and net income of ₩30B, a clear step up from 2023. The share price closed at ₩14,950 on 2026-10-22, up 95.2% over three months but down 0.7% over one month.

What stands out

• Profitability has improved strongly: operating margin rose from 8.3% in 2023 to 17.8% in 2025 and the trailing figure, and ROE is 30.3%.
• Revenue was ₩184.6B in 2025 with 10.2% growth, after a 53.2% jump in 2024, so growth has slowed from its recent peak.
• The balance sheet carries more debt than the cash it holds: borrowings of ₩60.5B against cash of ₩62.0B, and liabilities at 96.1% of equity.
• Trailing free cash flow was ₩24.0B, and the dividend yield is 2.0%.
• Filings in September and October 2026 show repeated notices on exercising conversion and preemptive rights for new shares, and several 5%+ holding reports. The data does not explain these in detail.
• A 15 October news item attributed share gains to strong K-Beauty exports and the OEM/ODM business, but the data does not give the underlying figures.

What to watch

• The valuation model's base value is ₩21,176 against the ₩14,950 close, while the bear and bull values are ₩12,892 and ₩35,068; these are model outputs, not forecasts.
• Details of the new share issuance and conversion rights in the recent filings, including any dilution effect, which the data does not quantify.
• Foreign ownership fell from 2.4% to 1.3% over 60 days, and retail investors were net sellers over the last 20 days, while institutions were net buyers.