Hands핸즈코퍼레이션

Hands Corporation remains loss-making with heavy debt, and its Korean listing-eligibility review is the key issue to watch.

Hands, a Korean maker of aluminum wheels supplied mainly to carmakers, reported trailing twelve-month revenue of about ₩702B but an operating loss of about ₩30B and a net loss of about ₩120B through H1 2026. Borrowings of about ₩420B are far larger than cash of about ₩10B, and the shares closed at ₩1,199, down 19.3% over one year.

What stands out

• Revenue has been roughly flat to slightly up over 2021 to 2025, but operating losses have persisted in every year shown.
• Liabilities are about 6.8 times equity, and return on equity is deeply negative at -93% on a trailing basis.
• Recent filings include an August 2026 voluntary disclosure of a material improvement plan regarding a substantive review for listing eligibility, plus an improvement period determination.
• Trailing free cash flow is positive at about ₩63B, though this is not enough to offset the net loss or the debt load.
• Price-to-book is about 0.4, but the data gives no price-to-earnings figure because earnings are negative.

What to watch

• Progress on the listing-eligibility improvement plan and any further exchange notices, as named in the filings.
• The next periodic results and whether operating losses narrow from the current trailing levels.
• Debt refinancing and liquidity, given borrowings far above reported cash; the data does not include maturity details.