HB InvestmentHB인베스트먼트

HB Investment is a small Korean venture capital firm whose TTM profits are strong on paper, but its shares have fallen 22.7% over the past year.

HB Investment runs venture investment funds that take equity stakes in early-stage Korean technology companies and manages 19 such funds. For the twelve months to H1 2026 it reported revenue of ₩16.1B, operating income of ₩6.7B and net income of ₩5.2B, with a 41.6% operating margin. At ₩1,678 the shares trade near the bottom of their 52-week range of ₩1,581 to ₩2,490.

What stands out

• Revenue rose 14.8% in 2025 to ₩17.4B after falling 26.1% in 2024, while net income grew to ₩6.1B from ₩6.0B.
• Operating margin has eased from 51.7% in 2023 to 41.6% on a trailing basis, and ROE has fallen from 15.2% to 6%.
• Valuation metrics are low: P/E of 8.8, P/B of 0.5 and a 7.2% dividend yield, though the company's own fair value model gives a base value of ₩3,473, which is an internal estimate rather than a forecast.
• Liabilities are 5.2% of equity and the filings show no borrowings, with cash of ₩3.0B.
• Headlines were absent from the data, and the filings list includes a corporate value-up plan from May 2026 and its amendment, with the half-year report filed on 14 August 2026.

What to watch

• The next quarterly and annual filings, to see whether revenue and margins keep recovering from the 2024 dip.
• Details of the value-up plan and the dividend, since the 7.2% yield depends on continued payouts.
• Foreign and institutional investor flows, which were mixed over the last 20 days, and the share price's position within its wide 52-week range.