Korea Electronic Power Industrial Development한전산업

Hanjeon Industrial Development's shares have fallen sharply, while its filings show thin margins and a recent serious accident report.

The company runs operation and maintenance services for power plants, mainly coal-fired units, with customers among major Korean power generators. Trailing results to H1 2026 show revenue of about ₩427B but an operating margin of only 1.8% and net income of about ₩4.8B. The share price is ₩10,350, down 18% over one year and about 63% below its 52-week high of ₩27,800.

What stands out

• Trailing revenue to H1 2026 is about ₩427B, above the 2025 full-year figure of about ₩395B, but profit has shrunk: 2025 net income was about ₩4.1B versus ₩11.6B in 2024 and ₩16.3B in 2022.
• Operating margin has fallen from 7.2% in 2023 to 1.8% on a trailing basis, and ROE is 4.3%.
• Liabilities are 117% of equity, with borrowings of about ₩7.7B against cash of about ₩25.3B.
• At ₩10,350 the trailing P/E is about 69.6x and P/B about 3.1x; the data shows no dividend yield.
• The company's own DCF-based fair value estimates in the data range from ₩3,341 (bear) to ₩15,063 (bull), with a base of ₩7,693; this is a model output, not a forecast or recommendation.
• Recent filings include a series of amended major supply contract disclosures from August to September 2026 and an 'Occurrence of Serious Accident' filing on 2026-10-19; the data does not give details of the accident. Foreign ownership fell from 4.5% to 2.9% over about 60 days.

What to watch

• Details of the serious accident filing from 2026-10-19, including any operational, financial or legal impact, which the data does not describe.
• The next periodic results and any change to the thin operating margin, given the trailing decline in profit.
• Further amendments or updates to the major sales or supply contracts, and continued foreign ownership trends.