Hanyang ENG한양이엔지

Hanyang ENG's trailing profits are still solid, but revenue and margins have eased from their 2023-2024 peak while the shares have fallen over the past three months.

Hanyang ENG, a Korean engineering firm serving semiconductor, display, industrial and environmental projects, reported trailing twelve-month revenue of about ₩1.26T and net income of about ₩64B to H1 2026. Revenue fell 5.7% in 2025 after a strong 2024, and operating margin has slipped from 8.3% in 2023 to 5.8% trailing. The share price closed at ₩27,450, roughly 14.6% lower over one month and 10.9% lower over three months, though up 39.8% over one year.

What stands out

• Trailing operating margin is 5.8% and net margin 5.1%, down from 8.3% operating margin in 2023 and 7.3% in 2024.
• Trailing free cash flow is negative at about -₩10.8B, while cash of about ₩136B exceeds borrowings of ₩24B.
• The shares trade at 7.5 times trailing earnings and 0.7 times book value, below the peers listed in the data, which trade at much higher multiples or are not profitable on a P/E basis.
• The company's internal DCF-based fair value model gives a base case of ₩54,580, with a bear case of ₩30,743 and a bull case of ₩94,386; these are model outputs, not forecasts.
• Recent filings include two major sales or supply contracts (May and September 2026) and several 5%+ holding reports, with no news headlines in the data.

What to watch

• The full-year 2026 results and whether margins recover from the trailing 5.8% level.
• Details of the September 2026 major sales or supply contract, including size and timing, which are not in the data.
• Continued negative free cash flow and whether it turns positive; the data includes no dividend (0% yield).