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HMM's shares sit near the upper half of their 52-week range as profits have eased from the 2022 and 2024 peaks while it expands its fleet.

HMM is a Korean container shipping and logistics company, with containers making up most of its revenue. On trailing twelve-month figures to H1 2026 it reports revenue of ₩11.5T, operating income of ₩1.2T and a 10.7% operating margin, well below its 2024 peak. The shares closed at ₩22,550, about 10% below their 52-week high of ₩24,950 and above the low of ₩17,910.

What stands out

• Revenue fell 6.9% in 2025 to ₩10.9T, and operating income dropped from ₩3.5T in 2024 to ₩1.5T, showing how sensitive earnings are to shipping rates.
• Trailing net income of ₩1.4T is above operating income, and ROE is 5.1%, which is modest for the sector.
• The balance sheet looks conservative: liabilities are 29.4% of equity, cash is ₩1.1T and borrowings are ₩293B.
• Recent filings and news centre on fleet expansion, including an order for eight container ships from HD Hyundai reported at about ₩1.9T to ₩2.1T.
• The DCF model gives a base value of ₩29,573 against a ₩22,550 close, with bear and bull values of ₩18,378 and ₩48,929; these are model outputs, not forecasts.

What to watch

• Upcoming shareholder meeting and the record date set in October 2026, plus any dividend details, given a 3.1% dividend yield.
• Freight rate trends and how the new vessel orders affect capital spending and free cash flow, which was ₩119B on a trailing basis.
• Investor flows: retail investors sold about ₩296B over the last 20 days while foreign investors bought about ₩138B, and foreign ownership rose to 9.4% from 8.1%.