HanWool Semiconductor한울반도체

HanWool Semiconductor's shares have fallen sharply and losses are deep, though a small rights offering drew strong demand.

The company makes inspection equipment for electronic components and displays. Trailing twelve-month revenue is about ₩33.3B, with an operating loss of about ₩9.2B and a net loss of about ₩30.9B through H1 2026. Shares closed at ₩8,710 on 2026-10-16, down about 33% over three months and about 24% over one year.

What stands out

• Trailing revenue is ₩33.3B, but operating income is -₩9.2B and net income is -₩30.9B, with free cash flow of about -₩17.9B.
• Full-year 2025 revenue grew 21.3% to ₩11.5B, yet the operating loss widened to ₩5.0B from ₩4.4B in 2024.
• Liabilities are 326.6% of equity, with cash of ₩4.9B against borrowings of ₩4.0B.
• Filings in October 2026 include a small-scale rights offering whose subscription drew a 5.24-to-1 competition ratio, according to news reports.
• News reports say the company won an order for MLCC inspection equipment from a Delta Electronics affiliate, a market the reports describe as dominated by Japanese suppliers.

What to watch

• Whether the rights offering completion and conversion price adjustments add new shares, given about 6.9M listed shares and recent dilution-related filings.
• Whether the MLCC inspection order turns into meaningful revenue and narrows operating losses in upcoming results, which are not in the data.
• Cash burn against ₩4.9B of cash and the company's large liabilities relative to equity.