New Risk • May 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Major Estimate Revision • May 19
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩2.05b to ₩2.03b. EPS estimate also fell from ₩1,582 per share to ₩1,201 per share. Net income forecast to shrink 16% next year vs 21% growth forecast for Luxury industry in South Korea . Consensus price target down from ₩14,556 to ₩13,667. Share price fell 8.3% to ₩9,750 over the past week. New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.8% net profit margin). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩12,290, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Luxury industry in South Korea. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩22,493 per share. Declared Dividend • Feb 14
Dividend of ₩600 announced Shareholders will receive a dividend of ₩600. Ex-date: 30th March 2026 Payment date: 1st January 1970 Dividend yield will be 4.7%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 62% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩12,990, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Luxury industry in South Korea. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩22,493 per share. Announcement • Feb 07
Hansae Co., Ltd., Annual General Meeting, Mar 26, 2026 Hansae Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 30, eunhaeng-ro, yeongdeungpo-gu, seoul South Korea Price Target Changed • Jan 05
Price target increased by 7.3% to ₩14,778 Up from ₩13,778, the current price target is an average from 9 analysts. New target price is 13% above last closing price of ₩13,060. Stock is down 5.8% over the past year. The company is forecast to post earnings per share of ₩1,383 for next year compared to ₩1,474 last year. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩14,870, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Luxury industry in South Korea. Total loss to shareholders of 1.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩23,161 per share. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩497 (vs ₩906 in 3Q 2024) Third quarter 2025 results: EPS: ₩497 (down from ₩906 in 3Q 2024). Revenue: ₩543.4b (up 1.8% from 3Q 2024). Net income: ₩19.6b (down 45% from 3Q 2024). Profit margin: 3.6% (down from 6.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Luxury 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 7% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 15
Price target increased by 8.4% to ₩12,889 Up from ₩11,889, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of ₩12,580. Stock is down 9.8% over the past year. The company is forecast to post earnings per share of ₩1,264 for next year compared to ₩1,474 last year. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩11,990, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩17,163 per share. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩557 (vs ₩561 in 2Q 2024) Second quarter 2025 results: EPS: ₩557 (down from ₩561 in 2Q 2024). Revenue: ₩475.0b (up 6.0% from 2Q 2024). Net income: ₩21.9b (flat on 2Q 2024). Profit margin: 4.6% (down from 4.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 16% per year. Price Target Changed • Aug 19
Price target decreased by 10% to ₩14,125 Down from ₩15,750, the current price target is an average from 8 analysts. New target price is 45% above last closing price of ₩9,730. Stock is down 42% over the past year. The company is forecast to post earnings per share of ₩991 for next year compared to ₩1,474 last year. Major Estimate Revision • Aug 16
Consensus EPS estimates fall by 52% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩1.92b to ₩1.83b. EPS estimate also fell from ₩1,669 per share to ₩804 per share. Net income forecast to shrink 0.3% next year vs 8.0% growth forecast for Luxury industry in South Korea . Consensus price target down from ₩15,750 to ₩14,750. Share price fell 2.6% to ₩10,190 over the past week. Price Target Changed • Aug 15
Price target decreased by 7.8% to ₩14,750 Down from ₩16,000, the current price target is an average from 8 analysts. New target price is 45% above last closing price of ₩10,190. Stock is down 42% over the past year. The company is forecast to post earnings per share of ₩804 for next year compared to ₩1,474 last year. Announcement • Jun 13
Hansae Co., Ltd.(KOSE:A105630) dropped from KOSPI 200 Index Hansae Co. Ltd has been dropped from the KOSPI 200 Index. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩11,700, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩21,102 per share. Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₩240 (vs ₩459 in 1Q 2024) First quarter 2025 results: EPS: ₩240 (down from ₩459 in 1Q 2024). Revenue: ₩467.3b (up 14% from 1Q 2024). Net income: ₩9.44b (down 48% from 1Q 2024). Profit margin: 2.0% (down from 4.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Luxury 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 23% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • May 17
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩1.91b to ₩1.88b. EPS estimate also fell from ₩2,461 per share to ₩1,877 per share. Net income forecast to grow 29% next year vs 46% growth forecast for Luxury industry in South Korea. Consensus price target broadly unchanged at ₩18,250. Share price fell 4.4% to ₩10,630 over the past week. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩9,790, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Luxury industry in South Korea. Total loss to shareholders of 61% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₩1,474 (down from ₩2,850 in FY 2023). Revenue: ₩1.80t (up 5.2% from FY 2023). Net income: ₩58.0b (down 48% from FY 2023). Profit margin: 3.2% (down from 6.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 12
Price target decreased by 16% to ₩19,125 Down from ₩22,667, the current price target is an average from 8 analysts. New target price is 48% above last closing price of ₩12,920. Stock is down 40% over the past year. The company is forecast to post earnings per share of ₩2,473 for next year compared to ₩2,850 last year. Announcement • Feb 11
Hansae Co., Ltd., Annual General Meeting, Mar 26, 2025 Hansae Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 29, eunhaeng-ro, yeongdeungpo-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 16 April 2025. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (3.0%). New Risk • Dec 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 43% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (43% accrual ratio). Price Target Changed • Nov 23
Price target decreased by 9.9% to ₩23,700 Down from ₩26,300, the current price target is an average from 10 analysts. New target price is 68% above last closing price of ₩14,070. Stock is down 36% over the past year. The company is forecast to post earnings per share of ₩2,593 for next year compared to ₩2,850 last year. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₩561 (vs ₩746 in 2Q 2023) Second quarter 2024 results: EPS: ₩561 (down from ₩746 in 2Q 2023). Revenue: ₩448.0b (up 4.1% from 2Q 2023). Net income: ₩22.1b (down 25% from 2Q 2023). Profit margin: 4.9% (down from 6.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩23,200, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Luxury industry in South Korea. Total returns to shareholders of 1.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩37,000 per share. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩459 (vs ₩611 in 1Q 2023) First quarter 2024 results: EPS: ₩459 (down from ₩611 in 1Q 2023). Revenue: ₩411.8b (flat on 1Q 2023). Net income: ₩18.1b (down 25% from 1Q 2023). Profit margin: 4.4% (down from 5.8% in 1Q 2023). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Major Estimate Revision • May 17
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₩3,162 to ₩3,539. Revenue forecast steady at ₩1.84b. Net income forecast to grow 26% next year vs 26% growth forecast for Luxury industry in South Korea. Consensus price target broadly unchanged at ₩29,111. Share price rose 2.3% to ₩22,300 over the past week. Reported Earnings • Mar 22
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ₩2,850 (up from ₩2,182 in FY 2022). Revenue: ₩1.71t (down 23% from FY 2022). Net income: ₩112.0b (up 31% from FY 2022). Profit margin: 6.6% (up from 3.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 1.9%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Announcement • Feb 15
Hansae Co., Ltd., Annual General Meeting, Mar 28, 2024 Hansae Co., Ltd., Annual General Meeting, Mar 28, 2024, at 09:00 Korea Standard Time. Location: Eroom Hall, Eroom Center, 22 Uisadang-daero, Yeongdeungpo-gu, Seoul Seoul South Korea Agenda: To consider Financial Statements, Statement of Comprehensive Income, and Statement of Appropriation of Retained Earnings(draft); to consider Appointment of Inside Directors; to consider Changes in executive severance pay provisions; to consider Changes in some Articles; to consider Approval of the directors’ remuneration limit (KRW 3.5 billion). Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 2.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 10 April 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.7%). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩1,012 (vs ₩749 in 3Q 2022) Third quarter 2023 results: EPS: ₩1,012 (up from ₩749 in 3Q 2022). Revenue: ₩512.0b (down 13% from 3Q 2022). Net income: ₩39.9b (up 36% from 3Q 2022). Profit margin: 7.8% (up from 5.0% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Price Target Changed • Nov 16
Price target increased by 8.7% to ₩29,625 Up from ₩27,250, the current price target is an average from 8 analysts. New target price is 28% above last closing price of ₩23,200. Stock is up 46% over the past year. The company is forecast to post earnings per share of ₩2,905 for next year compared to ₩2,182 last year. Price Target Changed • Nov 14
Price target increased by 7.7% to ₩28,000 Up from ₩26,000, the current price target is an average from 8 analysts. New target price is 26% above last closing price of ₩22,250. Stock is up 33% over the past year. The company is forecast to post earnings per share of ₩2,890 for next year compared to ₩2,182 last year. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ₩746 (vs ₩625 in 2Q 2022) Second quarter 2023 results: EPS: ₩746 (up from ₩625 in 2Q 2022). Revenue: ₩430.2b (down 30% from 2Q 2022). Net income: ₩29.3b (up 19% from 2Q 2022). Profit margin: 6.8% (up from 4.0% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Price Target Changed • Aug 14
Price target increased by 8.5% to ₩23,500 Up from ₩21,667, the current price target is an average from 8 analysts. New target price is 7.8% above last closing price of ₩21,800. Stock is up 24% over the past year. The company is forecast to post earnings per share of ₩2,542 for next year compared to ₩2,182 last year. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩18,760, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Luxury industry in South Korea. Total returns to shareholders of 89% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩30,818 per share. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩611 (vs ₩799 in 1Q 2022) First quarter 2023 results: EPS: ₩611 (down from ₩799 in 1Q 2022). Revenue: ₩410.8b (down 29% from 1Q 2022). Net income: ₩24.0b (down 24% from 1Q 2022). Profit margin: 5.8% (up from 5.4% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Major Estimate Revision • May 17
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₩2.09b to ₩2.11b. EPS estimate increased from ₩2,563 to ₩2,900 per share. Net income forecast to grow 15% next year vs 16% growth forecast for Luxury industry in South Korea. Consensus price target broadly unchanged at ₩21,333. Share price was steady at ₩16,720 over the past week. Buying Opportunity • May 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.2%. The fair value is estimated to be ₩21,511, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Buying Opportunity • Apr 28
Now 22% undervalued Over the last 90 days, the stock is up 2.9%. The fair value is estimated to be ₩21,584, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Reported Earnings • Mar 24
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₩2,182 (up from ₩1,716 in FY 2021). Revenue: ₩2.20t (up 32% from FY 2021). Net income: ₩85.6b (up 27% from FY 2021). Profit margin: 3.9% (down from 4.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jan 05
Now 22% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be ₩18,927, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 1.9% in 2 years. Earnings is forecast to grow by 22% in the next 2 years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 11 April 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.1%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩749 (vs ₩68.00 loss in 3Q 2021) Third quarter 2022 results: EPS: ₩749 (up from ₩68.00 loss in 3Q 2021). Revenue: ₩588.3b (up 41% from 3Q 2021). Net income: ₩29.4b (up ₩32.1b from 3Q 2021). Profit margin: 5.0% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 12% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be ₩19,959, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 9.7% in 2 years. Earnings is forecast to grow by 69% in the next 2 years. Price Target Changed • Nov 16
Price target decreased to ₩24,250 Down from ₩31,750, the current price target is an average from 8 analysts. New target price is 44% above last closing price of ₩16,850. Stock is down 32% over the past year. The company is forecast to post earnings per share of ₩2,873 for next year compared to ₩1,716 last year. Board Change • Nov 16
Less than half of directors are independent 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. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Nov 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ₩19,334, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 9.7% in 2 years. Earnings is forecast to grow by 69% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₩13,400, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Luxury industry in South Korea. Total loss to shareholders of 21% over the past three years. Price Target Changed • Aug 18
Price target decreased to ₩27,875 Down from ₩31,750, the current price target is an average from 8 analysts. New target price is 56% above last closing price of ₩17,900. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of ₩2,911 for next year compared to ₩1,716 last year. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₩625 (vs ₩772 in 2Q 2021) Second quarter 2022 results: EPS: ₩625 (down from ₩772 in 2Q 2021). Revenue: ₩610.6b (up 49% from 2Q 2021). Net income: ₩24.5b (down 19% from 2Q 2021). Profit margin: 4.0% (down from 7.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.8%, compared to a 19% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 09
Price target decreased to ₩33,375 Down from ₩36,500, the current price target is an average from 8 analysts. New target price is 97% above last closing price of ₩16,900. Stock is down 23% over the past year. The company is forecast to post earnings per share of ₩2,681 for next year compared to ₩1,716 last year. Major Estimate Revision • May 18
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₩1.94b to ₩2.04b. EPS estimate increased from ₩2,404 to ₩2,831 per share. Net income forecast to grow 68% next year vs 21% growth forecast for Luxury industry in South Korea. Consensus price target up from ₩34,571 to ₩35,875. Share price was steady at ₩25,050 over the past week. Board Change • Apr 27
Less than half of directors are independent 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. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 18% share price gain to ₩24,350, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 3.9% over the past three years. Buying Opportunity • Feb 15
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 4.9%. The fair value is estimated to be ₩30,699, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.5% per annum over the last 3 years. Earnings per share has grown by 92% per annum over the last 3 years. Buying Opportunity • Jan 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be ₩30,832, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.5% per annum over the last 3 years. Earnings per share has grown by 92% per annum over the last 3 years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 2.4%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 16% share price gain to ₩24,450, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Luxury industry in South Korea. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩23,507 per share. Major Estimate Revision • May 18
Consensus EPS estimates increase to ₩2,353 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₩1.69b to ₩1.79b. EPS estimate increased from ₩1,797 to ₩2,353 per share. Net income forecast to grow 8.4% next year vs 73% growth forecast for Luxury industry in South Korea. Consensus price target up from ₩24,556 to ₩26,667. Share price fell 6.1% to ₩25,350 over the past week. Price Target Changed • May 18
Price target increased to ₩26,667 Up from ₩24,556, the current price target is an average from 9 analysts. New target price is 5.2% above last closing price of ₩25,350. Stock is up 117% over the past year. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 16% share price gain to ₩26,150, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Luxury industry in South Korea. Total returns to shareholders of 36% over the past three years. Is New 90 Day High Low • Mar 03
New 90-day high: ₩21,150 The company is up 27% from its price of ₩16,600 on 03 December 2020. The South Korean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩4,659 per share. Announcement • Feb 19
Hansae Co., Ltd., Annual General Meeting, Mar 30, 2021 Hansae Co., Ltd., Annual General Meeting, Mar 30, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 10
New 90-day high: ₩18,700 The company is up 5.0% from its price of ₩17,750 on 12 November 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩4,788 per share. Price Target Changed • Jan 14
Price target raised to ₩20,778 Up from ₩18,875, the current price target is an average from 9 analysts. The new target price is 31% above the current share price of ₩15,900. As of last close, the stock is down 6.2% over the past year. Is New 90 Day High Low • Jan 08
New 90-day low: ₩15,850 The company is down 15% from its price of ₩18,700 on 08 October 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩16,919 per share. Price Target Changed • Nov 18
Price target raised to ₩19,500 Up from ₩18,125, the current price target is an average from 8 analysts. The new target price is 14% above the current share price of ₩17,150. As of last close, the stock is down 3.9% over the past year. Is New 90 Day High Low • Oct 07
New 90-day high: ₩19,100 The company is up 74% from its price of ₩10,950 on 09 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩18,365 per share.