Hanshin Construction한신공영

Hanshin Construction's trailing profit has recovered from 2024 lows, but revenue has shrunk and debt remains high.

Hanshin Construction is a Seoul-listed general contractor with a market value of about ₩129.9B at ₩11,230 per share. Trailing twelve-month revenue to H1 2026 was ₩1.06T with net income of ₩83.6B, and 2025 revenue fell 22.9%. Borrowings of ₩801.6B are well above cash of ₩213.0B, and free cash flow was negative at -₩19.4B.

What stands out

• Trailing net income of ₩83.6B is well above operating income of ₩70.2B, so the data does not show what drove the gap; it may reflect non-operating items.
• Annual revenue fell from ₩1.49T in 2024 to ₩1.15T in 2025, while operating margin improved from 2.5% to 5.6%.
• The share price is up 42.7% over one year but down 1% over one month, and sits between a 52-week low of ₩7,280 and high of ₩19,510.
• Foreign ownership rose from 3.7% to 4.8% over 60 days, while retail and institutional investors were net sellers over the last 20 days.
• Recent filings include several major sales or supply contracts and a share cancellation decision dated 2026-10-22; the data does not give the contract values or the cancellation terms.

What to watch

• Details of the share cancellation decision, including how many shares and the timing, which are not in the data.
• The reason for the amended half-year report filed 2026-10-14, which the data does not explain.
• Whether the company can reduce its ₩801.6B in borrowings and turn negative free cash flow positive.