Hansol Paper한솔제지

Hansol Paper returned to a small TTM profit on higher margins, but its debt load is heavy and the shares are down over the past year.

Hansol Paper is a Korean paper maker making industrial, printing and specialty paper, plus packaging and waste-related operations. On trailing twelve-month figures to H1 2026 it shows revenue of about ₩2.30T, operating income of about ₩72B and net income of about ₩22B, and its latest news flow centres on packaging growth and an AI factory investment. The balance sheet carries about ₩883B of borrowings against ₩24B of cash, and trailing free cash flow is negative.

What stands out

• Trailing operating margin is 3.1% and net margin is 1.0%, against 2.2% and 0.2% in 2023 and a net loss in 2024, but 2025 net income was only about ₩3.9B.
• Liabilities are about 192% of equity and borrowings are large relative to cash, which the filings and data highlight as a key financial strain.
• Trailing free cash flow is about -₩62B, so the business is currently spending more than it generates after investment.
• The share price is ₩6,920, down 17.3% over one year and 7.5% over one month, sitting between a 52-week low of ₩5,930 and high of ₩9,370.
• Headlines in October 2026 cite a 70% profit jump driven by packaging boxes and a ₩12.2B AI factory project, and the company reports a 7.2% dividend yield on the data provided.

What to watch

• Whether the packaging and AI factory projects lift margins and cash flow in the coming quarters, since the data does not give segment detail.
• Debt levels and refinancing needs given the large borrowings and negative free cash flow.
• Dividend sustainability: a cash dividend decision was filed in August 2026, and the data does not show the amount or payout ratio.