Hanwha Engine한화엔진

Hanwha Engine's trailing profits are strong, but the share price has fallen about 35% over the past year.

Hanwha Engine makes large marine engines, engine parts, after-sales service and emission-reduction systems for ships and power generation. On trailing twelve-month figures to H1 2026 it reports revenue of ₩1.37T, an operating margin of 11.9% and net income of ₩238B, a sharp improvement on 2023. The share price closed at ₩31,050 on 2026-10-26, near its 52-week low of ₩31,000 and well below its 52-week high of ₩94,400.

What stands out

• Trailing operating income rose to ₩163B from ₩130B in 2025 and a loss-making 2021-2022, with the operating margin up to 11.9%.
• Trailing net income of ₩238B is well above operating income, so a large share of profit is not from core operations in the data provided; the filings do not explain why.
• Balance sheet leverage is high: liabilities are 234.1% of equity, against cash of ₩164B and borrowings of ₩32B.
• Foreign ownership fell from 16.8% to 15.2% over 60 days, while institutions net sold about ₩60B over the last 20 days.
• Recent filings and news include a ₩132.2B ship engine supply contract with Samsung Heavy Industries and a new Shanghai subsidiary, while one brokerage note lowered its target price on 2026-10-14.

What to watch

• The company's next results and any update to its trailing figures, which the data does not yet include.
• Whether the shareholders' meeting and record-date filings made on 2026-10-26 lead to a dividend, since the current dividend yield is 0%.
• Contract progress and the wider share-price trend, given a discounted-cash-flow model range of ₩1,763 to ₩17,034 with a base case of ₩7,472, well below the current price.