Hansol Iones한솔아이원스

Hansol Iones has returned to solid profitability on a trailing basis but its shares are down sharply over the past year, and it is raising ₩60B in a rights offering.

Hansol Iones makes precision machined parts and cleaning and coating services for semiconductor and display equipment makers. Trailing twelve-month revenue to H1 2026 was ₩205.9B with a 12.6% operating margin, below the 2025 full-year margin of 16.8%. The company announced a ₩60B rights offering and a ₩156B investment agreement with Chungbuk Province and Cheongju City on the same day as its preliminary earnings.

What stands out

• Trailing revenue is ₩205.9B and operating income is ₩26.0B, versus full-year 2025 revenue of ₩198.8B and operating income of ₩33.3B, so margins have compressed from 2025 levels.
• Trailing free cash flow is negative at -₩3.8B, and borrowings of ₩11.0B exceed cash of ₩2.6B, although liabilities to equity is a modest 21.3%.
• The share price is ₩11,800, down 19.1% over one year and 20.1% over one month, but up 18.2% over three months; it sits between a 52-week low of ₩7,050 and high of ₩19,900.
• The DCF-based fair value model gives a base of ₩10,714, with a bear case of ₩6,516 and a bull case of ₩17,467; these are model outputs, not forecasts.
• Recent headlines cover the rights offering, a ₩156B regional investment agreement, and an affiliate buying additional shares for ₩24.3B.

What to watch

• Terms, pricing and timing of the ₩60B rights offering and the shareholder register closure date, which may affect existing holders' stakes.
• Full details of the preliminary consolidated earnings and whether margins recover toward 2025 levels, since the filing content is not included in the data.
• Foreign investors net sold ₩1.7B over the last 20 days while institutions net bought ₩1.2B; foreign ownership rose from 4.8% to 5.6% over 60 days.