Harim하림

Harim's trailing results show thin margins and a stock near its 52-week low, with its valuation sitting well below the DCF-based model's base value.

Harim is a vertically integrated Korean poultry company whose trailing twelve-month revenue is about ₩1.48T with an operating margin of 3.4% and a net margin of 1.2% as of H1 2026. The share price of ₩2,625 is near its 52-week low of ₩2,550, down 9.5% over one year, and its market cap is about ₩279B. Debt is high relative to equity, with borrowings of about ₩408B against cash of about ₩93B.

What stands out

• Revenue grew 12% in 2025 to about ₩1.44T, but net income of ₩38.5B in 2025 followed a loss of ₩12.3B in 2024, and the trailing net margin is only 1.2%.
• Trailing P/E is 15.2 and P/B is 0.8, with a dividend yield of 1.5%; on the same data, the DCF base value is ₩4,615 and the bear case is listed as ₩0, a wide range the filings do not explain.
• Liabilities are 169.5% of equity, and trailing free cash flow of about ₩70B is positive.
• Recent headlines cover a US trademark registration for BUL SAUCE that raises possible dispute concerns with Samyang Foods, the split-off of Harim Foods, and the launch of an export-only ramen.
• Foreign ownership is 5.2%, down slightly from 5.3% sixty days earlier; over the last 20 days foreign investors were net buyers while retail investors were net sellers.

What to watch

• Whether the BUL SAUCE trademark situation with Samyang Foods develops into a formal dispute.
• Next quarterly or annual filings, given the amended half-year report filed in October 2026 and the Harim Foods split-off.
• Debt levels and margin pressure, since the data shows borrowings well above cash and a thin operating margin.