Hansung Enterprise한성기업

Hansung Enterprise is a small seafood and processed food maker whose shares have fallen sharply over three months, with thin margins and heavy borrowing.

The company, which sells seafood and processed foods such as imitation crab and ham, reported trailing twelve-month revenue of ₩314B to H1 2026 but a net margin of just 0.9%. Borrowings of ₩111B sit against cash of ₩8.8B, and liabilities are about 2.4 times equity. The share price closed at ₩4,270 on 2026-10-19, down 58% over three months and 19.9% over one year.

What stands out

• Trailing revenue of ₩314B is slightly below 2025's ₩318B, and 2025 revenue fell 4.2% after growth in 2022 to 2024.
• Operating margin was 2.2% on a trailing basis, versus 3.3% in 2024, and 2025 net income was only ₩0.17B compared with ₩2.8B in 2024.
• Trailing free cash flow of ₩9.6B is positive, but borrowings of ₩111B are large relative to cash and equity.
• Valuation metrics are low on the data given (P/E 9.8, P/B 0.4), but the DCF base value of ₩36,058 is far below the current price and the bear case is ₩0, so the model range is very wide.
• Foreign ownership rose from 0.7% to 5.1% over about 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• The Q3 2026 quarterly report, which the filing history suggests is due around mid-November based on past timing.
• Whether margins recover from the trailing 2.2% operating level and whether borrowings are reduced.
• The data contains no recent news headlines, so the reason for the sharp three-month share price decline is not explained here.