Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩45,050, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 15x in the Consumer Durables industry in Asia. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩73,662 per share. New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Dividend per share is over 7x cash flows per share. Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). 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 ₩41,000, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Consumer Durables industry in Asia. Total loss to shareholders of 2.8% over the past three years. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩1.87b to ₩1.73b. EPS estimate also fell from ₩1,781 per share to ₩1,579 per share. Net income forecast to shrink 5.4% next year vs 21% growth forecast for Consumer Durables industry in South Korea . Consensus price target up from ₩49,115 to ₩50,423. Share price fell 2.9% to ₩47,200 over the past week. New Risk • Feb 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.009% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Dividend per share is over 7x cash flows per share. Earnings are forecast to decline by an average of 0.009% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Major Estimate Revision • Feb 14
Consensus EPS estimates increase by 17%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ₩1.87b to ₩1.76b. EPS estimate rose from ₩1,781 to ₩2,090. Net income forecast to grow 2.9% next year vs 22% growth forecast for Consumer Durables industry in South Korea. Consensus price target broadly unchanged at ₩49,731. Share price rose 9.5% to ₩48,600 over the past week. Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩3.00 loss per share (vs ₩5,646 profit in 3Q 2024) Third quarter 2025 results: ₩3.00 loss per share (down from ₩5,646 profit in 3Q 2024). Revenue: ₩441.4b (down 2.8% from 3Q 2024). Net loss: ₩54.5m (down 100% from profit in 3Q 2024). Profit margin: 0% (down from 21% in 3Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Consumer Durables industry in South Korea. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Nov 12
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩2,431 to ₩2,142 per share. Revenue forecast steady at ₩1.86b. Net income forecast to shrink 65% next year vs 27% growth forecast for Consumer Durables industry in South Korea . Consensus price target up from ₩48,583 to ₩50,000. Share price rose 3.0% to ₩46,450 over the past week. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩1,951 (vs ₩822 in 2Q 2024) Second quarter 2025 results: EPS: ₩1,951 (up from ₩822 in 2Q 2024). Revenue: ₩459.4b (down 3.9% from 2Q 2024). Net income: ₩32.2b (up 138% from 2Q 2024). Profit margin: 7.0% (up from 2.8% in 2Q 2024). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables industry in South Korea. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 13
Consensus EPS estimates increase by 85% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩1.90b to ₩1.92b. EPS estimate increased from ₩1,625 to ₩2,999 per share. Net income forecast to shrink 69% next year vs 13% growth forecast for Consumer Durables industry in South Korea . Consensus price target of ₩51,700 unchanged from last update. Share price fell 3.2% to ₩44,250 over the past week. Price Target Changed • May 24
Price target decreased by 8.2% to ₩53,545 Down from ₩58,300, the current price target is an average from 11 analysts. New target price is 32% above last closing price of ₩40,650. Stock is down 33% over the past year. The company is forecast to post earnings per share of ₩1,645 for next year compared to ₩9,171 last year. Major Estimate Revision • May 17
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩1,942 to ₩1,655 per share. Revenue forecast steady at ₩1.93b. Net income forecast to shrink 80% next year vs 29% growth forecast for Consumer Durables industry in South Korea . Consensus price target of ₩58,300 unchanged from last update. Share price was steady at ₩41,550 over the past week. Price Target Changed • Apr 16
Price target decreased by 8.4% to ₩57,364 Down from ₩62,654, the current price target is an average from 11 analysts. New target price is 48% above last closing price of ₩38,650. Stock is down 15% over the past year. The company is forecast to post earnings per share of ₩1,942 for next year compared to ₩9,171 last year. Upcoming Dividend • Mar 21
Upcoming dividend of ₩750 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 19 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 41%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 19
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₩9,171 (up from ₩3,810 loss in FY 2023). Revenue: ₩1.91t (down 3.0% from FY 2023). Net income: ₩151.1b (up ₩213.3b from FY 2023). Profit margin: 7.9% (up from net loss in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 44%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Consumer Durables industry in South Korea. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Feb 21
Hanssem Co., Ltd., Annual General Meeting, Mar 21, 2025 Hanssem Co., Ltd., Annual General Meeting, Mar 21, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 179, seongam-ro, mapo-gu, seoul South Korea New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 30% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 30% per year for the foreseeable future. High level of non-cash earnings (41% accrual ratio). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 30x cash flows per share). Major Estimate Revision • Nov 16
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₩5,074 to ₩5,692. Revenue forecast steady at ₩1.92b. Net income forecast to grow 362% next year vs 22% growth forecast for Consumer Durables industry in South Korea. Consensus price target broadly unchanged at ₩66,250. Share price fell 2.7% to ₩50,300 over the past week. Major Estimate Revision • Nov 08
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₩4,580 to ₩5,074. Revenue forecast steady at ₩1.92b. Net income forecast to grow 336% next year vs 22% growth forecast for Consumer Durables industry in South Korea. Consensus price target of ₩67,107 unchanged from last update. Share price was steady at ₩52,200 over the past week. Buy Or Sell Opportunity • Sep 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.2% to ₩58,000. The fair value is estimated to be ₩72,559, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 5.5% in 2 years. Earnings are forecast to grow by 279% in the next 2 years. Upcoming Dividend • Sep 20
Upcoming dividend of ₩3,000 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 25 November 2024. The company is paying out more than 100% of its profits and is paying out 90% of its cash flow. Trailing yield: 33%. Within top quartile of South Korean dividend payers (3.8%). Higher than average of industry peers (2.7%). Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩2.00b to ₩1.98b. EPS estimate also fell from ₩3,319 per share to ₩2,304 per share. Net income forecast to grow 5,930% next year vs 19% growth forecast for Consumer Durables industry in South Korea. Consensus price target broadly unchanged at ₩67,667. Share price fell 3.4% to ₩51,600 over the past week. New Risk • Jul 08
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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 91x earnings per share. Cash payout ratio: 247% Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Buy Or Sell Opportunity • May 29
Now 20% undervalued Over the last 90 days, the stock has risen 19% to ₩57,700. The fair value is estimated to be ₩72,347, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 5,640% in the next 2 years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩2,944 (vs ₩923 loss in 1Q 2023) First quarter 2024 results: EPS: ₩2,944 (up from ₩923 loss in 1Q 2023). Revenue: ₩485.9b (up 3.5% from 1Q 2023). Net income: ₩48.5b (up ₩63.1b from 1Q 2023). Profit margin: 10.0% (up from net loss in 1Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables 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 78 percentage points per year, which is a significant difference in performance. Price Target Changed • May 18
Price target increased by 7.9% to ₩63,038 Up from ₩58,423, the current price target is an average from 13 analysts. New target price is 6.5% above last closing price of ₩59,200. Stock is up 25% over the past year. The company is forecast to post earnings per share of ₩3,718 next year compared to a net loss per share of ₩3,810 last year. Buy Or Sell Opportunity • May 10
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to ₩63,400. The fair value is estimated to be ₩50,778, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: ₩3,810 loss per share (improved from ₩4,412 loss in FY 2022). Revenue: ₩1.97t (down 1.7% from FY 2022). Net loss: ₩62.2b (loss narrowed 13% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Consumer Durables 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 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: ₩793 loss per share (further deteriorated from ₩512 loss in 3Q 2022). Revenue: ₩480.9b (flat on 3Q 2022). Net loss: ₩13.1b (loss widened 62% from 3Q 2022). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables 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 82 percentage points per year, which is a significant difference in performance. Buying Opportunity • Nov 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ₩58,835, 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. Meanwhile, the company became loss making. New Risk • Aug 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 216% Dividend yield: 5.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 216% Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding). Price Target Changed • Aug 10
Price target increased by 7.6% to ₩55,682 Up from ₩51,773, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of ₩54,800. Stock is down 0.5% over the past year. The company is forecast to post a net loss per share of ₩390 next year compared to a net loss per share of ₩4,412 last year. Major Estimate Revision • Aug 06
Consensus estimates of losses per share improve by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₩1.97b to ₩2.02b. EPS estimate increased from -₩960 per share to -₩771 per share. Consumer Durables industry in South Korea expected to see average net income growth of 26% next year. Consensus price target up from ₩51,773 to ₩53,318. Share price rose 9.4% to ₩48,800 over the past week. New Risk • Aug 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Jul 15
Hanssem Co., Ltd. Appoints Eugene Kim as CEO Hanssem Co., Ltd. appointed Eugene Kim as the new CEO to improve profitability and foster a rebound. It has only been a year and a half since former CEO Kim Jin-tae took over the office, brought in to rescue the faltering business. The biggest reason for the CEO change can be attributed to the company losing money despite the former CEO's efforts to revive it. The new CEO, Kim, is a young female leader in her 40s, who was born in 1981. She is currently the CEO of Able C&C, a cosmetics company, which is operated by IMM Private Equity (PE). IMM PE is the largest shareholder of Hanssem with a 35.4% stake. Upcoming Dividend • Jun 22
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 28 August 2023. The company last paid an ordinary dividend in March 2015. The average dividend yield among industry peers is 1.4%. Major Estimate Revision • May 06
Consensus EPS estimates upgraded to ₩20.20 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -₩361 to -₩20.20 per share. Revenue forecast steady at ₩2.02b. Consumer Durables industry in South Korea expected to see average net income growth of 23% next year. Consensus price target of ₩50,818 unchanged from last update. Share price was steady at ₩44,950 over the past week. Buying Opportunity • Apr 07
Now 21% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be ₩61,003, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 2.4% in a year. Earnings is forecast to grow by 98% in the next year. Upcoming Dividend • Mar 23
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 May 2023. The company last paid an ordinary dividend in March 2015. The average dividend yield among industry peers is 1.5%. Reported Earnings • Mar 17
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: ₩4,412 loss per share (down from ₩3,266 profit in FY 2021). Revenue: ₩2.00t (down 10% from FY 2021). Net loss: ₩71.3b (down 228% from profit in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Consumer Durables industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩853 to ₩740 per share. Revenue forecast steady at ₩2.05b. Net income forecast to grow 13% next year vs 42% growth forecast for Consumer Durables industry in South Korea. Consensus price target of ₩51,291 unchanged from last update. Share price rose 20% to ₩53,600 over the past week. Major Estimate Revision • Feb 12
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩2.17b to ₩2.12b. EPS estimate also fell from ₩1,878 per share to ₩1,642 per share. Net income forecast to grow 288% next year vs 36% growth forecast for Consumer Durables industry in South Korea. Consensus price target down from ₩54,500 to ₩52,200. Share price fell 11% to ₩47,100 over the past week. Major Estimate Revision • Jan 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩862 to ₩577 per share. Revenue forecast steady at ₩2.06b. Net income forecast to grow 376% next year vs 64% growth forecast for Consumer Durables industry in South Korea. Consensus price target of ₩53,833 unchanged from last update. Share price rose 5.6% to ₩51,200 over the past week. Major Estimate Revision • Jan 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩993 to ₩862. Revenue forecast unchanged from ₩2.06b at last update. Net income forecast to grow 407% next year vs 64% growth forecast for Consumer Durables industry in South Korea. Consensus price target of ₩53,833 unchanged from last update. Share price rose 15% to ₩48,500 over the past week. Price Target Changed • Jan 05
Price target decreased to ₩53,833 Down from ₩58,455, the current price target is an average from 12 analysts. New target price is 21% above last closing price of ₩44,400. Stock is down 49% over the past year. The company is forecast to post earnings per share of ₩996 for next year compared to ₩3,266 last year. Price Target Changed • Dec 19
Price target decreased to ₩53,500 Down from ₩58,455, the current price target is an average from 12 analysts. New target price is 18% above last closing price of ₩45,200. Stock is down 54% over the past year. The company is forecast to post earnings per share of ₩636 for next year compared to ₩3,266 last year. Major Estimate Revision • Nov 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩1,305 to ₩1,060 per share. Revenue forecast steady at ₩2.08b. Net income forecast to shrink 4.5% next year vs 22% growth forecast for Consumer Durables industry in South Korea . Consensus price target down from ₩65,231 to ₩58,250. Share price fell 3.2% to ₩44,300 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Independent Outside Director Yun-Taek Oh was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be ₩47,612, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 8.0% in 2 years. Earnings is forecast to grow by 94% in the next 2 years. Major Estimate Revision • Oct 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩1,843 to ₩1,641 per share. Revenue forecast steady at ₩2.08b. Net income forecast to grow 45% next year vs 51% growth forecast for Consumer Durables industry in South Korea. Consensus price target down from ₩77,000 to ₩71,846. Share price fell 6.7% to ₩41,650 over the past week. Price Target Changed • Oct 04
Price target decreased to ₩73,231 Down from ₩81,286, the current price target is an average from 13 analysts. New target price is 68% above last closing price of ₩43,650. Stock is down 61% over the past year. The company is forecast to post earnings per share of ₩1,867 for next year compared to ₩3,266 last year. Buying Opportunity • Aug 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be ₩67,023, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 125% in the next 2 years. Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩2.24b to ₩2.12b. EPS estimate also fell from ₩2,674 per share to ₩2,211 per share. Net income forecast to grow 11% next year vs 34% growth forecast for Consumer Durables industry in South Korea. Consensus price target down from ₩89,504 to ₩87,667. Share price was steady at ₩58,300 over the past week. Price Target Changed • Jul 21
Price target decreased to ₩87,667 Down from ₩95,000, the current price target is an average from 15 analysts. New target price is 56% above last closing price of ₩56,300. Stock is down 53% over the past year. The company is forecast to post earnings per share of ₩2,674 for next year compared to ₩3,266 last year. Buying Opportunity • Jul 12
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be ₩75,035, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 51% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩62,300, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Consumer Durables industry in South Korea. Total loss to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩50,601 per share. Price Target Changed • May 25
Price target decreased to ₩102,938 Down from ₩112,667, the current price target is an average from 16 analysts. New target price is 51% above last closing price of ₩68,000. Stock is down 39% over the past year. The company is forecast to post earnings per share of ₩3,288 for next year compared to ₩3,266 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Independent Outside Director Yun-Taek Oh was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₩103,275, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings is also forecast to grow by 25% per annum over the same time period. Price Target Changed • Feb 23
Price target decreased to ₩124,611 Down from ₩134,737, the current price target is an average from 17 analysts. New target price is 74% above last closing price of ₩71,800. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₩3,686 for next year compared to ₩3,766 last year. Major Estimate Revision • Feb 10
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩2.48b to ₩2.41b. EPS estimate also fell from ₩4,524 per share to ₩3,960 per share. Net income forecast to grow 12% next year vs 54% growth forecast for Consumer Durables industry in South Korea. Consensus price target down from ₩134,737 to ₩130,150. Share price was steady at ₩74,300 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 04 April 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.1%). Announcement • Jul 15
IMM Private Equity, Inc. signed a memorandum of understanding to acquire Hanssem Co., Ltd. (KOSE:A009240) from group of shareholders. IMM Private Equity, Inc. signed a memorandum of understanding to acquire Hanssem Co., Ltd. (KOSE:A009240) from group of shareholders on July 14, 2021. Sellers include Jo Chang-geol, the largest shareholder, and 7 related parties. After signing this MOU, the final contents of the share transfer contract will be determined through due diligence and negotiations on specific transaction conditions. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 38% share price gain to ₩146,500, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 12x in the Consumer Durables industry in South Korea. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩96,448 per share. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS ₩3,766 (vs ₩2,423 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩2.07t (up 22% from FY 2019). Net income: ₩65.1b (up 52% from FY 2019). Profit margin: 3.1% (up from 2.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Feb 27
Hanssem Co., Ltd., Annual General Meeting, Mar 19, 2021 Hanssem Co., Ltd., Annual General Meeting, Mar 19, 2021, at 11:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Oct 19
Market pulls back on stock over the past week After last week's 17% share price decline to ₩98,400, the stock is trading at a trailing P/E ratio of 33.1x, down from the previous P/E ratio of 39.8x. This compares to an average P/E of 14x in the Consumer Durables industry in South Korea. Total return to shareholders over the past three years is a loss of 39%. Price Target Changed • Oct 13
Price target raised to ₩122,833 Up from ₩114,722, the current price target is an average from 17 analysts. The new target price is 11% above the current share price of ₩110,500. As of last close, the stock is up 86% over the past year. Is New 90 Day High Low • Oct 12
New 90-day high: ₩118,500 The company is up 1.0% from its price of ₩117,500 on 14 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩47,095 per share. 
