Buy Or Sell Opportunity • Jun 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to ₩1,735. The fair value is estimated to be ₩2,255, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 21
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: ₩279 loss per share (down from ₩266 profit in FY 2024). Revenue: ₩92.1b (down 12% from FY 2024). Net loss: ₩7.73b (down 205% from profit in FY 2024). Revenue missed analyst estimates by 18%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Commercial Services industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Annonce • Mar 12
Hancom Lifecare Inc., Annual General Meeting, Mar 25, 2026 Hancom Lifecare Inc., Annual General Meeting, Mar 25, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 53, jungbu-daero 1960beon-gil, cheoin-gu, gyeonggi-do, yongin South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩2,410, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Commercial Services industry in South Korea. Total loss to shareholders of 59% over the past three years. New Risk • Dec 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (₩94.9b market cap, or US$64.6m). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₩3,430, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Commercial Services industry in South Korea. Total loss to shareholders of 39% over the past three years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩83.00 (vs ₩2.00 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩83.00 (up from ₩2.00 loss in 3Q 2024). Revenue: ₩23.6b (flat on 3Q 2024). Net income: ₩2.30b (up ₩2.34b from 3Q 2024). Profit margin: 9.7% (up from net loss in 3Q 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Commercial Services industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 24% per year. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₩4.00 (vs ₩188 in 2Q 2024) Second quarter 2025 results: EPS: ₩4.00 (down from ₩188 in 2Q 2024). Revenue: ₩27.1b (down 25% from 2Q 2024). Net income: ₩100.2m (down 98% from 2Q 2024). Profit margin: 0.4% (down from 14% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Commercial Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩3,030, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Commercial Services industry in South Korea. Total loss to shareholders of 58% over the past three years. Buy Or Sell Opportunity • Mar 31
Now 26% undervalued The stock has been flat over the last 90 days, currently trading at ₩3,110. The fair value is estimated to be ₩4,183, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 8.5% in the next 2 years. Reported Earnings • Mar 21
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₩266 (up from ₩30.00 in FY 2023). Revenue: ₩104.8b (down 7.1% from FY 2023). Net income: ₩7.37b (up ₩6.55b from FY 2023). Profit margin: 7.0% (up from 0.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 33%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Commercial Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Annonce • Mar 13
Hancom Lifecare Inc., Annual General Meeting, Mar 26, 2025 Hancom Lifecare Inc., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 53, jungbu-daero 1960beon-gil, yangji-myeon, cheoin-gu, gyeonggi-do, yongin South Korea Reported Earnings • Nov 11
Third quarter 2024 earnings released: ₩2.00 loss per share (vs ₩2.00 loss in 3Q 2023) Third quarter 2024 results: ₩2.00 loss per share (in line with 3Q 2023). Revenue: ₩23.6b (up 14% from 3Q 2023). Net loss: ₩46.0m (loss narrowed 32% from 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Commercial Services industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. New Risk • Aug 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (5.4% net profit margin). Market cap is less than US$100m (₩106.8b market cap, or US$80.7m). Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩4,115, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Commercial Services industry in South Korea. Total loss to shareholders of 67% over the past three years. New Risk • Jul 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩137.0b (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (₩137.0b market cap, or US$99.2m). Reported Earnings • May 18
First quarter 2024 earnings released: ₩14.00 loss per share (vs ₩68.00 loss in 1Q 2023) First quarter 2024 results: ₩14.00 loss per share (improved from ₩68.00 loss in 1Q 2023). Revenue: ₩13.6b (up 58% from 1Q 2023). Net loss: ₩386.2m (loss narrowed 80% from 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Commercial Services industry in South Korea. New Risk • Apr 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩30.00 (vs ₩333 in FY 2022) Full year 2023 results: EPS: ₩30.00 (down from ₩333 in FY 2022). Revenue: ₩112.8b (up 13% from FY 2022). Net income: ₩824.7m (down 91% from FY 2022). Profit margin: 0.7% (down from 9.2% in FY 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Commercial Services industry in South Korea. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩6,300, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 20x in the Commercial Services industry in South Korea. Total returns to shareholders of 9.4% over the past year. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩5,710, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 19x in the Commercial Services industry in South Korea. Total loss to shareholders of 1.7% over the past year. Buying Opportunity • Sep 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.0%. The fair value is estimated to be ₩5,701, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Annonce • Aug 18
HANCOM LIFECARE Inc. has completed an IPO in the amount of KRW 113.71 billion. HANCOM LIFECARE Inc. has completed an IPO in the amount of KRW 113.71 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 8,300,000
Price\Range: KRW 13700 
