Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩66,000, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 13x in the Machinery industry in South Korea. Total returns to shareholders of 547% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩96,198 per share. New Risk • May 27
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 13% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩77,800, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 15x in the Machinery industry in South Korea. Total returns to shareholders of 771% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩89,449 per share. Buy Or Sell Opportunity • May 16
Now 20% undervalued Over the last 90 days, the stock has risen 33% to ₩71,600. The fair value is estimated to be ₩89,538, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩56,200, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 18x in the Machinery industry in South Korea. Total returns to shareholders of 609% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩81,066 per share. Buy Or Sell Opportunity • Apr 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.1% to ₩44,700. The fair value is estimated to be ₩37,048, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • Feb 27
Hanwha Engine Co., Ltd., Annual General Meeting, Mar 26, 2026 Hanwha Engine Co., Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 67, gongdan-ro, seongsan-gu, gyeongsangnam-do, changwon South Korea Announcement • Feb 10
Hanwha Engine Co., Ltd. (KOSE:A082740) agreed to acquire ESS Business Division for Civil Vessels from Hanwha Aerospace Co., Ltd. (KOSE:A012450) for KRW 15.5 billion. Hanwha Engine Co., Ltd. (KOSE:A082740) agreed to acquire ESS Business Division for Civil Vessels from Hanwha Aerospace Co., Ltd. (KOSE:A012450) for KRW 15.5 billion on February 9, 2026. A cash consideration of KRW 15.5 billion will be paid by Hanwha Engine Co., Ltd. As part of consideration, KRW 15.5 billion is paid towards business division of ESS Business Division for Civil Vessels of Hanwha Aerospace Co., Ltd.
The transaction is expected to complete in March 2026. Price Target Changed • Jan 21
Price target increased by 9.2% to ₩56,333 Up from ₩51,571, the current price target is an average from 6 analysts. New target price is 5.1% above last closing price of ₩53,600. Stock is up 130% over the past year. The company is forecast to post earnings per share of ₩127 next year compared to a net loss per share of ₩647 last year. Announcement • Dec 20
Hanwha Engine Co., Ltd. (KOSE:A082740) agreed to acquire Seam AS from Longship Fund II and Longship AS in a transaction valued at NOK 2 billion. Hanwha Engine Co., Ltd. (KOSE:A082740) agreed to acquire Seam AS from Longship Fund II and Longship AS in a transaction valued at NOK 2 billion on December 19, 2025. Following the acquisition, Seam will continue operating under its current brand and management, with key personnel remaining in their roles.
The transaction is subject to approval by the Norwegian Competition Authority. New Risk • Aug 29
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 8.7% 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. This is currently the only risk that has been identified for the company. Announcement • Apr 18
Hanwha Engine Co., Ltd. to Report Q1, 2025 Results on Apr 21, 2025 Hanwha Engine Co., Ltd. announced that they will report Q1, 2025 results on Apr 21, 2025 New Risk • Feb 28
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 9.5% 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 (9.5% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Feb 27
Hanwha Engine Co., Ltd., Annual General Meeting, Mar 26, 2025 Hanwha Engine Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 67, gongdan-ro, seongsan-gu, gyeongsangnam-do, changwon South Korea Price Target Changed • Jan 21
Price target increased by 15% to ₩21,583 Up from ₩18,783, the current price target is an average from 6 analysts. New target price is 11% below last closing price of ₩24,200. Stock is up 137% over the past year. The company is forecast to post earnings per share of ₩127 next year compared to a net loss per share of ₩647 last year. Price Target Changed • Nov 11
Price target increased by 9.2% to ₩17,957 Up from ₩16,443, the current price target is an average from 7 analysts. New target price is 10% above last closing price of ₩16,270. Stock is up 110% over the past year. The company is forecast to post earnings per share of ₩127 next year compared to a net loss per share of ₩647 last year. Announcement • Oct 17
Hanwha Engine Co., Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Hanwha Engine Co., Ltd. announced that they will report Q3, 2024 results on Oct 25, 2024 Price Target Changed • Oct 12
Price target increased by 11% to ₩16,443 Up from ₩14,850, the current price target is an average from 7 analysts. New target price is 13% above last closing price of ₩14,570. Stock is up 70% over the past year. The company is forecast to post earnings per share of ₩127 next year compared to a net loss per share of ₩647 last year. Buy Or Sell Opportunity • Sep 20
Now 22% overvalued Over the last 90 days, the stock has fallen 13% to ₩13,370. The fair value is estimated to be ₩10,949, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 59% per annum over the same time period. Price Target Changed • Aug 05
Price target increased by 11% to ₩14,850 Up from ₩13,350, the current price target is an average from 6 analysts. New target price is 24% above last closing price of ₩12,000. Stock is up 5.6% over the past year. The company is forecast to post earnings per share of ₩127 next year compared to a net loss per share of ₩647 last year. Announcement • Jul 16
Hanwha Engine Co., Ltd. to Report Q2, 2024 Results on Jul 24, 2024 Hanwha Engine Co., Ltd. announced that they will report Q2, 2024 results on Jul 24, 2024 New Risk • May 24
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 7.6% 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: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Major Estimate Revision • May 04
Consensus EPS estimates increase by 53% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₩428 to ₩657. Revenue forecast steady at ₩1.05b. Net income forecast to grow 1,757% next year vs 37% growth forecast for Machinery industry in South Korea. Consensus price target up from ₩11,850 to ₩13,020. Share price fell 9.5% to ₩12,030 over the past week. Price Target Changed • May 02
Price target increased by 12% to ₩12,680 Up from ₩11,350, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₩12,270. Stock is up 59% over the past year. The company is forecast to post earnings per share of ₩127 next year compared to a net loss per share of ₩647 last year. Announcement • Feb 02
HSD Engine Co., Ltd. to Report Fiscal Year 2023 Results on Feb 06, 2024 HSD Engine Co., Ltd. announced that they will report fiscal year 2023 results on Feb 06, 2024 New Risk • Aug 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Buying Opportunity • Aug 14
Now 23% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be ₩13,436, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 33%. Reported Earnings • Mar 18
Full year 2022 earnings released: ₩647 loss per share (vs ₩778 loss in FY 2021) Full year 2022 results: ₩647 loss per share. Revenue: ₩764.2b (up 28% from FY 2021). Net loss: ₩40.3b (loss widened 1.3% from FY 2021). 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. 4 experienced directors. 2 highly experienced directors. Independent Outside Director Jae-Ho Chung was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 03
HSD Engine Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 90.042 billion. HSD Engine Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 90.042 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 12,900,000
Price\Range: KRW 6980
Transaction Features: ESOP Related Offering; Rights Offering Announcement • May 26
HSD Engine Co., Ltd. announced that it expects to receive KRW 29.04640467 billion in funding HSD Engine Co., Ltd. announced a private placement of 4,143,567 common shares at a price of KRW 7,010 per share for gross proceeds of KRW 29,046,404,670 on May 24, 2022. The transaction has been approved by board of directors of the company and is expected to close on August 8, 2022. Reported Earnings • May 19
First quarter 2022 earnings released: ₩101 loss per share (vs ₩195 loss in 1Q 2021) First quarter 2022 results: ₩101 loss per share (up from ₩195 loss in 1Q 2021). Revenue: ₩177.8b (up 55% from 1Q 2021). Net loss: ₩4.73b (loss narrowed 32% from 1Q 2021). Over the next year, revenue is forecast to grow 24%, compared to a 23% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ₩11,000 Up from ₩6,500, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₩10,800. Stock is up 16% over the past year. The company posted a net loss per share of ₩934 last year. 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. 4 experienced directors. 2 highly experienced directors. Independent Outside Director Jae-Ho Chung was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 25% share price gain to ₩11,300, the stock trades at a trailing P/E ratio of 61.5x. Average forward P/E is 12x in the Machinery industry in South Korea. Total returns to shareholders of 167% over the past three years. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS ₩184 (vs ₩1,258 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩830.0b (up 23% from FY 2019). Net income: ₩6.05b (up ₩47.5b from FY 2019). Profit margin: 0.7% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Mar 10
HSD Engine Co., Ltd., Annual General Meeting, Mar 25, 2021 HSD Engine Co., Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 23
New 90-day low: ₩6,760 The company is down 2.0% from its price of ₩6,920 on 25 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 2.0% over the same period. Announcement • Feb 04
HSD Engine Co., Ltd. to Report Fiscal Year 2020 Results on Feb 08, 2021 HSD Engine Co., Ltd. announced that they will report fiscal year 2020 results on Feb 08, 2021 Is New 90 Day High Low • Dec 12
New 90-day high: ₩9,860 The company is up 71% from its price of ₩5,780 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 Machinery industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 23
New 90-day high: ₩6,510 The company is up 35% from its price of ₩4,820 on 25 August 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 15% over the same period. Announcement • Jul 26
HSD Engine Co., Ltd. to Report First Half, 2020 Results on Jul 24, 2020 HSD Engine Co., Ltd. announced that they will report first half, 2020 results on Jul 24, 2020 
