Haesung Industrial해성산업
034810 · KOSDAQ · ₩034810 · 해성산업
Valuation model · P/B vs ROE (excess return)
Banks, insurers and brokers don't suit a cash flow model (borrowing and lending is their business), so we value them on book value and return on equity: P/B vs ROE.
Fair value per share
With these assumptions the model gives no positive value.
- Cost of equity
- 9.6%
- Fair P/B
- 0.00×
- P/B now
- 0.27×
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- —
- Base
- —
- Bull
- —
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- -2.1%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 3 annual reports.
- 2%
How fast book value and profits grow over the long run.
Default: close to the economy's long-run growth.
Discount rate
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.6, but against a KOSPI dominated by chipmakers that understates a bank's or insurer's risk, so we use at least the market's.
- 5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Starting point
- Net debt (borrowings and leases − cash and deposits)
- ₩679B
- Equity (book value)
- ₩696B
- Book value per share ₩21,116
- Shares
- 32,957,605
- incl. 1,377,453 preferred
- Share price
- ₩5,710
- Market cap
- ₩188B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | −4.1% | −3.1% | −2.1% | −1.1% | −0.1% |
|---|---|---|---|---|---|
| 8.6% | — | — | — | — | — |
| 9.1% | — | — | — | — | — |
| 9.6% | — | — | — | — | — |
| 10.1% | — | — | — | — | — |
| 10.6% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩180B
- Enterprise value
- ₩860B
- P/E
- —
- P/B
- 0.3×
- P/S
- 0.1×
- EV/EBITDA
- 5.7×
- Dividend yield
- 4.4%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩8,390 | ₩5,710 | ₩8,060 | ₩9,900 | ₩13,800 |
| Market cap | ₩265B | ₩180B | ₩255B | ₩313B | ₩436B |
| P/E | — | 30.9× | — | 12.2× | 8.8× |
| P/B | 0.4× | 0.2× | 0.3× | 0.4× | 0.6× |
| P/S | 0.1× | 0.1× | 0.1× | 0.1× | 0.2× |
| EV/EBITDA | 7.9× | 5.8× | — | — | — |
| Dividend yield | 3.0% | 3.9% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Haesung Industrial | — | 0.3× | 0.1× | 5.7× | 4.4% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.9× | 0.8× | — | — | 5.3% |
| Samsung Securities | 5.1× | 0.9× | — | — | 4.8% |
| KIWOOM Securities | 3.6× | 0.8× | 0.2× | 21.7× | 4.9% |
| Samsung Card | 7.3× | 0.5× | — | 28.5× | 6.8% |
| kakaopay | 52.4× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.5× | 0.8× | 0.3× | 25.1× | 4.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Haesung Industrial / 해성산업 / 034810 / KRX:034810
Source: KRX statistical information