HFR에치에프알

HFR's losses have deepened over the past year, and its shares have fallen sharply, with the trailing figures showing a large operating loss.

HFR is a Korean telecom network equipment maker selling mobile access and broadband products to carriers and enterprises. On trailing figures to H1 2026, revenue was about ₩113.9B with an operating loss of about ₩15.8B and a net loss of about ₩17.7B. The shares closed at ₩9,160 on 2026-10-26, near the 52-week low of ₩9,090 and well below the 52-week high of ₩39,700.

What stands out

• Trailing revenue of ₩113.9B is well below 2025's ₩142.0B and 2022's ₩366.3B peak, with 2025 revenue down 9.6%.
• The trailing operating margin is -13.9% and the net margin is -15.6%, a much weaker picture than the small loss in 2025 and the profits of 2021 and 2022.
• Borrowings of ₩68.1B exceed cash of ₩20.8B, and trailing free cash flow is about -₩12.2B; liabilities are 79.6% of equity.
• The stock is down 44% over three months and 41.9% over one year, and foreign ownership fell from 11.5% to 9% over the past 60 days.
• Recent filings include a half-year report, treasury share disposal reports, an extraordinary shareholders' meeting and a 5%+ holding report; no recent news headlines were provided.
• Valuation shows price-to-book of 0.9 and price-to-sales of 1.1, while P/E is not meaningful because earnings are negative; no dividend is paid.

What to watch

• The next full-year results and whether the operating loss narrows from the trailing level.
• Progress on the treasury share sale and any further filings on share sales or insider holdings.
• Debt levels against cash and whether free cash flow turns positive; the data gives no forecasts or analyst views.