HL D&I HallaHL D&I

HL D&I Halla trades near book value with thin margins, heavy debt, and a sharp drop over the past month.

HL D&I Halla is a Korean construction company whose trailing twelve-month revenue to H1 2026 was about ₩1.84T, with an operating margin of 5% and a net margin of 1.1%. Revenue has grown in 2024 and 2025 after a flat 2022 and 2023 period, but net income fell sharply from ₩98B in 2021 to ₩20B on a TTM basis. The share price was ₩2,390 on 2026-10-13, down 5.5% over one month and up 2.6% over one year.

What stands out

• Trailing revenue is about ₩1.84T, and operating income is about ₩91B, but net income is only about ₩20B, so profit is thin after costs and financing.
• Liabilities are about 250% of equity, and borrowings are about ₩594B against cash of about ₩186B.
• The stock trades at about 0.2x book value and 4.5x earnings, but the data gives a DCF fair value range of ₩623 to ₩124,297 that is too wide to be useful.
• Recent filings are mostly contract and guarantee disclosures: several major sales or supply contracts, amendments, and a decision on a debt guarantee for another party dated 2026-10-06.
• The data contains no news headlines, no company profile, and no foreign ownership or short-selling figures, so these areas cannot be assessed.

What to watch

• Detail on the 2026-10-06 debt guarantee for another party and its amendment, since guarantees add contingent liabilities on a highly leveraged balance sheet.
• The next annual or quarterly results, to see whether the 2025 revenue growth and the TTM margin level hold.
• Whether free cash flow of about ₩201B keeps covering borrowings of about ₩594B.