Hansol Chemical한솔케미칼

Hansol Chemical's first-half 2026 profits remain solid, but the shares are down sharply over the past year and trade well below their 52-week high.

Hansol Chemical makes fine chemicals for semiconductors and displays, along with paper and environmental products. On trailing figures to H1 2026 it reports revenue of ₩932B, operating income of ₩160B and a 17.2% operating margin. The share price of ₩204,000 sits far below its 52-week high of ₩346,500, and the data's discounted cash flow base value of ₩125,958 is well under the current price.

What stands out

• Trailing revenue of ₩932B is above the 2025 full-year figure of ₩884B, and trailing net income of ₩154B is close to 2025's ₩147B.
• Annual operating margin has eased from 25.7% in 2021 to 17.7% in 2025 and 17.2% on trailing figures.
• Borrowings of ₩302B exceed cash of ₩97B, while liabilities are 38.4% of equity; free cash flow over the trailing period was ₩125B.
• Shares are down 13.7% over one month, 9.5% over three months and 4% over one year, while foreign ownership rose from 40.4% to 42.1% over 60 days.
• Valuation is P/E 14.3 and P/B 2.0, with a 1.3% dividend yield; the data's own fair-value model gives a bear-to-bull range of ₩73,985 to ₩209,290.

What to watch

• Full-year 2026 results and any change to the margin trend seen since 2021.
• Further filings on large shareholder and 5%+ holding changes, which have been frequent since late July.
• Recent investor flows were net selling by foreign investors (−₩42B) and retail investors (−₩25B) over 20 days, offset by institutional buying (+₩67B); the data does not name specific risks beyond these figures.