HDC HoldingsHDC

HDC Holdings' trailing earnings have recovered strongly and the shares trade at a low multiple, but the stock is down 20% over the past month and the balance sheet carries heavy borrowings.

HDC Holdings is a Korean holding company with interests in construction, real estate, power generation, plastics, home services, retail leasing and pianos. Trailing twelve-month revenue to H1 2026 was ₩5.98T with operating income of ₩736B and net income of ₩441B, well above 2025 levels. The share price of ₩20,350 sits well below its 52-week high of ₩30,650, and the data includes a wide range of valuation outcomes from the fair value model.

What stands out

• Trailing net income of ₩441B is well above the 2025 full-year figure of ₩301B, and trailing operating margin of 12.3% compares with 9.9% in 2025.
• Valuation metrics are low: P/E 2.8, P/B 0.4, dividend yield 2.2%, against peers with P/B of roughly 0.5 to 0.8.
• Liabilities are 120.5% of equity and borrowings are ₩2.5T against cash of ₩1.1T, so leverage is a key feature of the balance sheet.
• The fair value model gives a base of ₩35,507 with a bear case of ₩18,807 and a bull case of ₩57,320; these are model outputs, not forecasts, and the wide range reflects sensitivity to assumptions.
• Recent filings include a debt guarantee for a third party by a subsidiary, a rehabilitation proceedings decision, several major sales contracts, and an advance notice of earnings results.

What to watch

• The advance notice of earnings results filed on 2026-10-27 and the full results once released, which will show whether the recovery holds.
• The subsidiary debt guarantee and the rehabilitation proceedings decision, including any follow-up filings on their financial effects.
• A news report from 2026-10-13 on a former executive's alleged payments tied to a dispatch arrangement with Nonghyup and a call for a tax investigation; the data does not show any outcome.