Han Kook Capital한국캐피탈

Han Kook Capital is a small Korean specialty lender trading at a deep discount to book value, with heavy borrowings and a share price down over the past year.

Han Kook Capital, a KOSDAQ-listed specialty finance firm, reported trailing operating income of about ₩134.5B and net income of about ₩102.3B to H1 2026, with ROE of roughly 14%. The shares closed at ₩1,407 on 2026-10-16, a market cap of about ₩222B, and are down 12.7% over one year. Borrowings of about ₩3.59T against thin cash of ₩122.6B make leverage the central feature of the balance sheet.

What stands out

• Profit has grown each year in the data: net income rose from ₩66.2B in 2023 to ₩100.5B in 2025, and trailing figures to H1 2026 are about ₩102.3B.
• The stock trades at about 2.2x earnings and 0.3x book value, well below peers such as Mirae Asset Securities (0.9x book) and Samsung Card (0.6x book).
• Liabilities are about 572% of equity, and trailing free cash flow is negative at about -₩384B, which is normal for a lender but adds to balance-sheet risk.
• The company pays no dividend, and the data shows a base-case fair value model of ₩6,809 against the ₩1,407 close, though this is a model output and not a forecast.
• Recent filings cluster in September 2026 and cover debt securities issuance and a shelf registration, which means more funding activity is under way. News headlines in the data are empty.

What to watch

• Upcoming results and whether revenue data, which is missing here, is disclosed, since operating margin cannot currently be calculated.
• Further filings on debt issuance under the shelf registration, and how they affect the borrowing load of about ₩3.6T.
• The 52-week trading history shows a very low reported low, so price volatility and liquidity are worth checking before relying on the valuation figures.