Hanla IMS한라IMS

Hanla IMS is profitable on a trailing basis, but its shares have fallen about 9% over the past year and free cash flow is negative.

Hanla IMS makes marine and industrial instrumentation and provides ship repair services. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩153B, an operating margin of 16.7% and net income of about ₩28B. The share price of ₩14,620 sits well below its 52-week high of ₩22,150.

What stands out

• Revenue grew 28.1% in 2025 to about ₩133B, following 32% growth in 2024, though 2023 revenue fell 20%.
• Trailing free cash flow is about -₩93B, while cash of ₩25B is below borrowings of ₩57B, so profits are not yet turning into cash.
• Net income of ₩28B is above operating income of ₩26B on a trailing basis, which the data does not explain.
• Valuation looks low on the numbers given: P/E 8.8, P/B 1.2 and a 4.2% dividend yield, and the DCF base value is ₩13,404 against the current price of ₩14,620.
• Foreign ownership fell from 0.9% to 0.8% over 60 days, while retail investors were net sellers of about ₩1.0B over the last 20 days.

What to watch

• Next quarterly and half-year results, given the negative free cash flow and rising borrowings relative to cash.
• Further 5%+ holding reports and the company's value-up plan follow-through, as listed in recent filings.
• The DCF bear case of ₩7,361 shows how sensitive the valuation is to assumptions; the data does not include news coverage explaining recent share price moves.