Hancom한컴

Hancom's share price has fallen sharply over the past year, while its latest filings show revenue growing and profitability holding up.

Hancom, the maker of the Hancom Office software suite, trades at ₩16,070, down 35.8% over the past year and well below its 52-week high of ₩26,750. Trailing twelve-month revenue to H1 2026 was ₩363B with a 9.5% operating margin, and the company's cash of ₩153B exceeds its borrowings of ₩40B. The data does not explain the share price decline.

What stands out

• Revenue for 2025 was ₩327B, up 7.2% from 2024, and trailing revenue to H1 2026 reached ₩363B.
• Net income in 2025 was ₩34B, far above 2024's ₩14B, though 2022 was higher at ₩47B.
• Operating margin has eased from 13.3% in 2024 to 11.1% in 2025 and 9.5% on a trailing basis.
• At ₩16,070 the stock trades at about 9.9 times earnings and 1.0 times book, and the dividend yield is 2.5%.
• The company's fair value model gives a base value of ₩27,246, with a bear case of ₩16,936 and a bull case of ₩44,533; these are model outputs, not forecasts.

What to watch

• The next earnings release and whether margins stabilise after the decline from 13% to under 10%.
• Follow-up to the corporate value-up plan and the name change filed in July 2026.
• Foreign ownership is 4.7%, up slightly over 60 days, while foreign investors have been net sellers over the past 20 days.