Han Jung NCS한중엔시에스

Han Jung NCS shows a sharp share-price rally while trailing results have slipped to a small operating loss.

Han Jung NCS makes energy storage cooling and thermal components plus some EV air-conditioning modules. Trailing twelve-month revenue is about ₩203B, but operating income is slightly negative and free cash flow is negative, after a profitable 2024 and a weaker 2025. The share price has risen sharply over three months, while valuation multiples are high against recent earnings.

What stands out

• Trailing revenue is about ₩203B, up from ₩175B in 2025, but operating income is about -₩1.2B against ₩4.0B in 2025.
• Net income is positive at about ₩3.4B on a trailing basis, yet free cash flow is about -₩55B, and borrowings (₩150B) exceed cash (₩36B).
• Valuation is high: P/E about 123 and P/B about 4.2, versus 2024 year-end P/E of 12.4; the company pays no dividend.
• The share price is ₩45,900, up 51% over three months and 14% over one month, but well below its 52-week high of ₩73,000.
• Filings in recent weeks include several 5%+ holding reports, a merger completion report, a rights offering decision and a convertible bond result; news coverage is limited to two Money Today pieces comparing it with peers.

What to watch

• Next quarterly results, to see whether operating profit returns after the trailing loss and whether free cash flow improves.
• Details of the rights offering (paid-in capital increase) and the merger, including dilution and effects on the balance sheet, as shown in later filings.
• Foreign ownership, which fell from 4.7% to 1.2% over 60 days, and any further 5%+ holding reports.