Handok Clean Tech한독크린텍

Handok Clean Tech's trailing revenue is near ₩75.5B-equivalent scale but profits have slipped from their 2021-2023 peak, while the stock trades below book value.

Handok Clean Tech makes water purifier filters for major Korean appliance makers and is expanding into automotive air conditioner filters and overseas sales. On trailing twelve-month figures to H1 2026, revenue is ₩75.5B with operating income of ₩4.2B and net income of ₩4.4B, and the market value is about ₩40.1B. Annual revenue has grown since 2021, but operating margin has fallen from 9.2% in 2021 to 4.1% in 2025.

What stands out

• Revenue rose from ₩52.7B in 2021 to ₩69.4B in 2025, but operating income fell from ₩4.9B to ₩2.8B over the same period.
• Trailing net income of ₩4.4B is above trailing operating income of ₩4.2B, so non-operating items helped profit in the period.
• The price is ₩4,780, about 0.8 times book value, with a 9.2 P/E and a 5.2% dividend yield per the valuation data.
• Trailing free cash flow of ₩8.4B is well above net income, and borrowings of ₩1.4B are small against cash of ₩5.0B.
• Recent filings include an acquisition of tangible assets that was decided on and then withdrawn in September 2026, and a value-up plan from March 2026.

What to watch

• The half-year and full-year results, and whether operating margin recovers from the 2025 level of 4.1%.
• Whether the withdrawn tangible asset acquisition is replaced by another plan, and the outcome of the shareholders' meeting called in October 2026.
• Customer concentration in water purifier makers and the pace of growth in automotive filters and overseas sales, which the data does not quantify. Foreign ownership fell from 2.1% to 1.8% over the last 60 days.