Hanjin Heavy IND. & Const. Holdings한진중공업홀딩스

Hanjin Heavy IND. & Const. Holdings trades near book value with improving profit, but its share price has fallen over the past year and debt is high.

The company is a holding company whose subsidiaries supply city gas and power in the Seoul area and northern Gyeonggi Province, and run a golf course. For the twelve months to H1 2026, filed revenue was about ₩1.2T with operating income of ₩86.7B (7.2% margin) and net income of ₩67.0B. At ₩4,245 the shares are near their 52-week low of ₩4,230 and sit well below their 52-week high of ₩6,650.

What stands out

• Trailing profit is higher than in 2025: operating income of ₩86.7B against ₩73.3B for the full year 2025, and the trailing operating margin of 7.2% compares with 6.1% in 2025.
• Valuation metrics are low, with a P/E of 1.9, P/B of 0.3 and a 2.8% dividend yield, but the data gives no reason for the discount.
• Leverage is high: liabilities are 232.2% of equity and borrowings are ₩584.6B against cash of ₩160.0B.
• Trailing free cash flow was ₩83.0B and ROE was 15.5%.
• Recent filings include two major sales or supply contract disclosures dated 2026-08-20, plus the half-year report for June 2026; the data does not describe their terms.
• Investor flows over the last 20 days were net negative for foreign and institutional investors, and foreign ownership fell from 2.8% to 2.5%.

What to watch

• The next quarterly results and whether operating margin holds near the trailing 7.2%.
• The terms and financial effect of the recent major contracts, which the data does not give.
• Debt levels and interest costs relative to cash flow; the data includes no news headlines to explain recent share price weakness.