Hanwha Investment&Securities한화투자증권

Hanwha Investment & Securities shows thin profitability and a share price down sharply over the past year, with the data showing no dividend.

The company is a Korean brokerage and investment firm whose trailing twelve-month revenue reached ₩6.3T with operating income of ₩148B and net income of ₩119B to H1 2026. The shares trade at ₩3,835, about 28.6% lower over one year, with a market cap of about ₩1.0T and a P/E of 8.5 against a P/B of 0.4. Leverage is high, with liabilities at about 856% of equity, and trailing free cash flow is negative at -₩1.2T.

What stands out

• Trailing operating margin is 2.4%, down from 4.8% in 2025, while 2025 revenue grew 24% to ₩3.1T.
• Annual net income rose from ₩9.3B in 2023 to ₩102B in 2025, but ROE is still only about 6%.
• Trailing free cash flow is negative at -₩1.2T and borrowings stand at ₩533B against cash of ₩358B.
• The data shows no dividend yield, and the 20-day flows show retail and foreign investors net sellers while institutions were net buyers.
• Foreign ownership fell from 7.4% to 5% over 60 days, and a recent news headline says the company is lagging peers.

What to watch

• Next results and whether operating margin recovers from the trailing 2.4% level.
• The continuing flow of securities issuance and prospectus filings, including several derivative-linked bond filings dated 26 October 2026.
• The fair value model gives a base of ₩888 against the current ₩3,835 price, with a bear case of ₩0 and a bull case of ₩3,579; the data does not explain the assumptions behind this range.