Hanbit Soft한빛소프트

Hanbit Soft returned to a sizeable profit on trailing numbers to H1 2026, but revenue and operating margin are thin and the shares are well below their 52-week high.

Hanbit Soft is a Korean game developer and publisher that also distributes DJI drones through a subsidiary. Trailing results to H1 2026 show revenue of about ₩33.0B... see note: revenue is ₩33.0B with operating income of ₩2.7B and net income of ₩7.8B, though the net figure is well above operating income and the data does not explain why. At ₩1,125 the shares trade around 3.6 times earnings and 1.3 times book, but they are down 11.1% over one year and roughly 42% below the 52-week high.

What stands out

• Trailing operating margin is 8.1%, a clear improvement from a 0.8% operating margin in 2025 and losses in 2023 and 2024.
• Trailing net income of ₩7.8B is roughly three times operating income, so non-operating or one-off items likely matter; the data does not break this down.
• Revenue fell from ₩37.9B in 2025 to ₩33.0B on a trailing basis to H1 2026, and 2025 revenue growth was 13.8% after a 28.4% rise in 2024.
• The company reports ₩5.6B in cash, no borrowings, and liabilities at 18.2% of equity, with trailing free cash flow of ₩6.0B.
• The model's DCF base value is ₩425 against a close of ₩1,125, a bear case of ₩233 and a bull case of ₩797; these are model outputs, not forecasts, and the price sits far above the base case.

What to watch

• Full-year 2026 results and the next quarterly report, to see whether the H1 margin improvement holds and whether revenue keeps declining.
• Insider shareholding reports, which have been filed frequently since mid-2026 and show insider holding changes.
• The 2025 profit of ₩5.2B against a small operating income of ₩0.3B; the source of the gap has not been explained in the data, and no news headlines were available.