Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩2,230, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 5.7% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,350, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 7x in the Construction industry in South Korea. Total loss to shareholders of 13% over the past three years. New Risk • Jun 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.5% Last year net profit margin: 0.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Major Estimate Revision • Apr 18
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩2.02b to ₩1.98b. EPS estimate also fell from ₩1,195 per share to ₩1,019 per share. Net income forecast to grow 195% next year vs 38% growth forecast for Construction industry in South Korea. Consensus price target up from ₩4,400 to ₩5,250. Share price was steady at ₩3,600 over the past week. Reported Earnings • Mar 21
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₩234 (down from ₩432 in FY 2024). Revenue: ₩1.74t (up 10% from FY 2024). Net income: ₩15.2b (down 29% from FY 2024). Profit margin: 0.9% (down from 1.4% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 64%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 04
Now 25% undervalued Over the last 90 days, the stock has risen 19% to ₩3,165. The fair value is estimated to be ₩4,199, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 468% in the next 2 years. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩1.86b to ₩2.02b. EPS estimate increased from ₩975 to ₩1,195 per share. Net income forecast to grow 288% next year vs 31% growth forecast for Construction industry in South Korea. Consensus price target up from ₩3,500 to ₩4,400. Share price rose 6.0% to ₩3,685 over the past week. Announcement • Feb 27
HL D&I Halla Corporation, Annual General Meeting, Mar 26, 2026 HL D&I Halla Corporation, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 289, olympic-ro, songpa-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩3,935, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩5,883 per share. Announcement • Feb 05
HL D&I Halla Corporation to Report Fiscal Year 2025 Results on Feb 09, 2026 HL D&I Halla Corporation announced that they will report fiscal year 2025 results on Feb 09, 2026 Major Estimate Revision • Jan 15
Consensus EPS estimates fall by 34%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₩1.60b to ₩1.74b. EPS estimate fell from ₩717 to ₩470 per share. Net income forecast to grow 227% next year vs 33% growth forecast for Construction industry in South Korea. Consensus price target of ₩3,500 unchanged from last update. Share price rose 6.8% to ₩2,680 over the past week. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩106 (vs ₩67.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩106 (up from ₩67.00 in 2Q 2024). Revenue: ₩406.9b (up 3.4% from 2Q 2024). Net income: ₩8.80b (up 59% from 2Q 2024). Profit margin: 2.2% (up from 1.4% in 2Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Aug 07
HL D&I Halla Corporation to Report First Half, 2025 Results on Aug 08, 2025 HL D&I Halla Corporation announced that they will report first half, 2025 results on Aug 08, 2025 New Risk • Mar 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 202% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Announcement • Feb 25
HL D&I Halla Corporation, Annual General Meeting, Mar 25, 2025 HL D&I Halla Corporation, Annual General Meeting, Mar 25, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 289, olympic-ro, songpa-gu, seoul South Korea Announcement • Feb 06
HL D&I Halla Corporation to Report Fiscal Year 2024 Results on Feb 06, 2025 HL D&I Halla Corporation announced that they will report fiscal year 2024 results on Feb 06, 2025 Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ₩1.51b to ₩1.54b. EPS estimate fell from ₩912 to ₩753 per share. Net income forecast to shrink 15% next year vs 25% growth forecast for Construction industry in South Korea . Consensus price target of ₩3,500 unchanged from last update. Share price rose 3.2% to ₩2,405 over the past week. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,870, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 43% over the past three years. Announcement • Jul 24
HL D&I Halla Corporation to Report Q2, 2024 Results on Jul 25, 2024 HL D&I Halla Corporation announced that they will report Q2, 2024 results on Jul 25, 2024 Major Estimate Revision • Jun 01
Consensus EPS estimates fall by 45%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ₩1.38b to ₩1.50b. EPS estimate fell from ₩847 to ₩470 per share. Net income forecast to shrink 42% next year vs 19% growth forecast for Construction industry in South Korea . Consensus price target of ₩3,000 unchanged from last update. Share price was steady at ₩2,005 over the past week. Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ₩144 (vs ₩69.00 in 1Q 2023) First quarter 2024 results: EPS: ₩144 (up from ₩69.00 in 1Q 2023). Revenue: ₩398.5b (up 18% from 1Q 2023). Net income: ₩11.9b (up 108% from 1Q 2023). Profit margin: 3.0% (up from 1.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 9.2% p.a. on average during the next 2 years, while revenues in the Construction industry in South Korea are expected to grow by 2.8%. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 20
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩1.54b to ₩1.38b. EPS estimate fell from ₩904 to ₩847 per share. Net income forecast to grow 4.3% next year vs 1.4% decline forecast for Construction industry in South Korea. Consensus price target of ₩3,350 unchanged from last update. Share price was steady at ₩1,998 over the past week. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩370 (vs ₩301 in FY 2022) Full year 2023 results: EPS: ₩370 (up from ₩301 in FY 2022). Revenue: ₩1.57t (up 6.8% from FY 2022). Net income: ₩30.7b (up 22% from FY 2022). Profit margin: 2.0% (up from 1.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Construction 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 38 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩2,975, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 3.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩4,040 per share. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ₩69.00 (vs ₩315 in 1Q 2022) First quarter 2023 results: EPS: ₩69.00 (down from ₩315 in 1Q 2022). Revenue: ₩336.7b (up 13% from 1Q 2022). Net income: ₩5.72b (down 79% from 1Q 2022). Profit margin: 1.7% (down from 8.9% in 1Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Mar 19
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₩301 (down from ₩817 in FY 2021). Revenue: ₩1.47t (flat on FY 2021). Net income: ₩25.1b (down 65% from FY 2021). Profit margin: 1.7% (down from 4.9% in FY 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 61%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 13 April 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 3.5%. Within top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (3.2%). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Vice-Chairperson Hong-Du Kim was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩3,100, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 4x in the Construction industry in South Korea. Total loss to shareholders of 4.2% over the past three years. Major Estimate Revision • Jul 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₩1.42b to ₩1.43b. EPS estimate fell from ₩1,536 to ₩1,272 per share. Net income forecast to shrink 36% next year vs 17% growth forecast for Construction industry in South Korea . Consensus price target down from ₩8,100 to ₩7,267. Share price was steady at ₩3,855 over the past week. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Vice-Chairperson Hong-Du Kim was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 04 April 2022. Payout ratio is a comfortable 8.6% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (2.1%). Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₩276 (vs ₩382 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩341.7b (down 12% from 3Q 2020). Net income: ₩24.5b (down 28% from 3Q 2020). Profit margin: 7.2% (down from 8.7% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 30% share price gain to ₩6,950, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 5x in the Construction industry in South Korea. Total returns to shareholders of 20% over the past three years. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩191 (vs ₩150 in 1Q 2020) The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ₩345.2b (flat on 1Q 2020). Net income: ₩16.9b (up 27% from 1Q 2020). Profit margin: 4.9% (up from 3.9% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 14
Full year 2020 earnings released: EPS ₩1,239 (vs ₩9.80 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩1.57t (up 20% from FY 2019). Net income: ₩109.9b (up ₩109.0b from FY 2019). Profit margin: 7.0% (up from 0.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Halla Corporation, Annual General Meeting, Mar 19, 2021 Halla Corporation, Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Announcement • Feb 03
Halla Corporation to Report Fiscal Year 2020 Results on Feb 04, 2021 Halla Corporation announced that they will report fiscal year 2020 results on Feb 04, 2021 Is New 90 Day High Low • Jan 19
New 90-day high: ₩5,410 The company is up 64% from its price of ₩3,295 on 21 October 2020. The South Korean market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 31% over the same period. Is New 90 Day High Low • Dec 11
New 90-day high: ₩5,290 The company is up 55% from its price of ₩3,410 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 24% share price gain to ₩4,960, the stock is trading at a trailing P/E ratio of 6x, up from the previous P/E ratio of 4.8x. This compares to an average P/E of 10x in the Construction industry in South Korea. Total returns to shareholders over the past three years are 26%. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 15% share price gain to ₩4,375, the stock is trading at a trailing P/E ratio of 9.9x, up from the previous P/E ratio of 8.6x. This compares to an average P/E of 10x in the Construction industry in South Korea. Total returns to shareholders over the past three years are 12%. Is New 90 Day High Low • Nov 17
New 90-day high: ₩3,655 The company is up 3.0% from its price of ₩3,555 on 19 August 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 7.0% over the same period.