Hanpass한패스

Hanpass is a profitable remittance and wallet business for foreign residents in Korea, but its shares have fallen sharply over the past three months.

Hanpass, a KOSDAQ-listed firm founded in 2017, runs digital remittance, mobile wallet and prepaid card services mainly for foreign residents in Korea. Its trailing results to H1 2026 show revenue of about ₩66.4B, operating income of about ₩8.2B and net income of about ₩6.6B, with ₩66.7B in cash against ₩7.0B of borrowings. The share price is ₩4,025, down 23% over three months, and the latest news describes a broader app push.

What stands out

• Trailing operating margin is 12.4% and net margin is 9.9%, with ROE of 11.4% to H1 2026, down from 15.7% for 2025.
• Valuation metrics are low: P/E of 6.4, P/B of 0.7 and P/S of 0.6, with a dividend yield of 0%.
• The company's own discounted cash flow model gives a base value of ₩15,424, but this is a model output, not a forecast, and it sits well above the current price.
• Foreign ownership fell from 4.5% to 4% over 60 days, while institutions and foreign investors were net sellers over the last 20 days and retail investors were net buyers.
• Filings include several 5%+ holding reports, a change of CEO on 30 April 2026 and the half-year report for June 2026.

What to watch

• The next quarterly and half-year results, to see whether margins hold after the share price decline.
• Further 5%+ holding reports, given several have been filed in 2026 and shareholder changes could affect the stock.
• The company's app expansion and its reliance on domestic offline and online sales to foreign residents, which the data does not quantify further.