Hankuk Carbon한국카본

Hankuk Carbon has strong trailing profits and a low P/E, but its shares have fallen sharply over the past year.

Hankuk Carbon is a Korean composite materials maker, with LNG cargo tank insulation and other industrial products. On trailing twelve-month figures to H1 2026 it reported revenue of ₩908B, an operating margin of 17.6% and net income of ₩103B. The share price, at ₩16,100 on 2026-10-23, is down 56.2% over one year and sits near its 52-week low of ₩15,870.

What stands out

• Revenue in 2025 was ₩909B, up 22.5% on 2024, after a weak 2023 when net income was negative at ₩-13B.
• Trailing operating margin of 17.6% is well above the 14.4% reported for 2025 and the 6.1% reported for 2024.
• Valuation metrics are low: P/E of 8.1, P/B of 1.2 and a 2% dividend yield, while the in-house DCF base value of ₩41,054 sits well above the share price (bear ₩26,069, bull ₩66,162); the data does not explain the model's assumptions.
• Recent filings include a cash dividend decision (2026-10-01), 5%+ holding reports and several responses to news reports, and the news headline covers a K-Shipbuilding acquisition MOU with Taekwang Industrial.
• Foreign ownership fell slightly to 13.3% from 13.9% over 60 days, while institutions were net sellers of about ₩3.7B over the last 20 days.

What to watch

• The merger and acquisition activity referenced in August filings and the October K-Shipbuilding MOU; the data does not give deal terms or timing.
• Upcoming results and the dividend record date, which are not included in the data.
• Reasons behind the sharp share price decline, which the data does not explain; liabilities-to-equity is 68.9% and borrowings are ₩23B against cash of ₩111B.