Hanilcementco한일시멘트

Hanilcementco shows a mixed picture: profits fell sharply in 2025 but trailing results have recovered, and the shares sit well below their 52-week high.

Hanilcementco makes cement, ready-mixed mortar and concrete, and runs a construction business, mainly serving domestic builders. Trailing revenue to H1 2026 is about ₩1.4T with operating income of about ₩147B, a 10.6% operating margin. At ₩16,700 the shares are about 35% below their 52-week high of ₩20,750, and the company reports a 6% dividend yield.

What stands out

• 2025 revenue fell 18.2% to ₩1.42T and net income dropped to ₩74B from ₩184B in 2024.
• Trailing net income of ₩102B and free cash flow of ₩63B are above the 2025 full-year net income figure.
• Borrowings of ₩625B are about 5.7 times cash of ₩110B, and liabilities are 62.1% of equity.
• Return on equity is 5.7% on a trailing basis, well below the 11% to 12% seen in 2023 and 2024.
• A corporate value-up plan was filed on 2026-10-08, but the data does not include its contents.

What to watch

• Full-year 2026 results and the next quarterly report, which the data does not yet show.
• Details of the value-up plan and any dividend policy changes, since the 6% yield is a key part of the investment case.
• Borrowing levels against thin cash, and the sale of property, plant and equipment noted in amended filings.