Hanjinkal한진칼

Hanjinkal's half-year 2026 profit turned to a net loss, though its operating margin is still slightly positive and the stock is well off its 52-week high.

Hanjinkal is a Korean holding company whose earnings depend mainly on its stakes in Korean Air and Hanjin. On a trailing twelve-month basis to H1 2026 it reported revenue of about ₩306B, an operating profit of about ₩5.6B and a net loss of about ₩30.5B, with borrowings of about ₩414B against cash of about ₩108B. The shares closed at ₩120,100 on 2026-10-23, down 14.3% over one month but up 20.5% over one year.

What stands out

• The 2025 full year swung to an operating loss of about ₩7.5B after a ₩49B operating profit in 2024, while 2025 net income was still positive at about ₩155B.
• Trailing net margin is -10% and ROE is -0.9%, so the holding company is currently reporting losses on a trailing basis.
• The data shows a P/B of 2.4 but no usable P/E, and an EV/EBITDA of about 554, which reflects thin earnings rather than a clear valuation signal.
• The model fair value range is ₩470 to ₩986 per the data's own NAV-based estimate, which is in units the data labels only as 'base 705'; the data does not clearly state the currency unit, so it should not be read as a target.
• Foreign ownership rose slightly to 18.9% from 18.5% sixty days earlier, and 20-day flows were net positive across foreign, institutional and retail investors.

What to watch

• The half-year filing notes and the amended share acquisition filings from August and September 2026, which may give more detail on the holding's investments.
• The 5%+ holding report filed on 2026-10-19 and the share cancellation decisions from August, which relate to the shareholder base and capital.
• The data does not include upcoming earnings dates, analyst estimates or any news headlines, so near-term catalysts are not visible in the pack.