New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings have declined by 60% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 60% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Board Change • Apr 10
High number of new directors Independent Outside Director Choong-Ho Kim was the last director to join the board, commencing their role in 2026. Reported Earnings • Mar 18
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: ₩106 loss per share (improved from ₩296 loss in FY 2024). Revenue: ₩3.06t (up 1.6% from FY 2024). Net loss: ₩1.55b (loss narrowed 64% from FY 2024). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Mar 11
HANJIN Logistics Corporation, Annual General Meeting, Mar 24, 2026 HANJIN Logistics Corporation, Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 63, namdaemun-ro, jung-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 24 April 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.9%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.0%). Declared Dividend • Nov 08
Dividend of ₩600 announced Dividend of ₩600 is the same as last year. Ex-date: 29th December 2025 Payment date: 24th April 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (4% cash payout ratio). The dividend has increased by an average of 3.1% per year over the past 6 years and payments have been stable during that time. Announcement • Nov 07
HANJIN Logistics Corporation announces Annual dividend, payable on April 24, 2026 HANJIN Logistics Corporation announced Annual dividend of KRW 600.0000 per share payable on April 24, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Mar 24
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 3.1% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Mar 20
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: ₩296 loss per share (down from ₩1,805 profit in FY 2023). Revenue: ₩3.02t (up 7.4% from FY 2023). Net loss: ₩4.28b (down 116% from profit in FY 2023). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Mar 11
Hanjin Transportation Co., Ltd., Annual General Meeting, Mar 25, 2025 Hanjin Transportation Co., Ltd., Annual General Meeting, Mar 25, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 63, namdaemun-ro, jung-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.5%). New Risk • Nov 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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 (1.2x net interest cover). Minor Risk Large one-off items impacting financial results. Declared Dividend • Nov 16
Dividend of ₩600 announced Shareholders will receive a dividend of ₩600. Ex-date: 27th December 2024 Payment date: 21st April 2025 Dividend yield will be 3.4%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 122% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩1,805 (vs ₩3,290 in FY 2022) Full year 2023 results: EPS: ₩1,805 (down from ₩3,290 in FY 2022). Revenue: ₩2.81t (down 1.5% from FY 2022). Net income: ₩26.1b (down 45% from FY 2022). Profit margin: 0.9% (down from 1.7% in FY 2022). Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩24,800, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Logistics industry in Asia. Total loss to shareholders of 45% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share at 2.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩25,050, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Logistics industry in Asia. Total loss to shareholders of 42% over the past three years. Announcement • Jul 25
Hanjin Transportation Co., Ltd. announced that it has received KRW 30 billion in funding from Eugene Investment & Securities Co.,Ltd. On July 24, 2023, Hanjin Transportation Co., Ltd. closed the transaction. Reported Earnings • May 18
First quarter 2023 earnings released: ₩111 loss per share (vs ₩1,151 profit in 1Q 2022) First quarter 2023 results: ₩111 loss per share (down from ₩1,151 profit in 1Q 2022). Revenue: ₩675.1b (down 4.4% from 1Q 2022). Net loss: ₩1.60b (down 110% from profit in 1Q 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 18
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: ₩3,290 (down from ₩10,804 in FY 2021). Revenue: ₩2.85t (up 14% from FY 2021). Net income: ₩47.6b (down 70% from FY 2021). Profit margin: 1.7% (down from 6.3% in FY 2021). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 8.2%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.1%). Price Target Changed • Nov 25
Price target decreased to ₩35,000 Down from ₩42,500, the current price target is an average from 2 analysts. New target price is 67% above last closing price of ₩21,000. Stock is down 30% over the past year. The company is forecast to post earnings per share of ₩2,815 for next year compared to ₩10,804 last year. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ₩555 (vs ₩984 in 3Q 2021) Third quarter 2022 results: EPS: ₩555 (down from ₩984 in 3Q 2021). Revenue: ₩707.5b (up 9.0% from 3Q 2021). Net income: ₩8.04b (down 44% from 3Q 2021). Profit margin: 1.1% (down from 2.2% in 3Q 2021). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to ₩42,500 Down from ₩52,000, the current price target is an average from 2 analysts. New target price is 29% above last closing price of ₩32,900. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₩3,345 for next year compared to ₩10,804 last year. Price Target Changed • Apr 15
Price target decreased to ₩41,500 Down from ₩52,000, the current price target is an average from 2 analysts. New target price is 24% above last closing price of ₩33,450. Stock is down 17% over the past year. The company is forecast to post earnings per share of ₩2,245 for next year compared to ₩10,804 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 4.3% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.3%). Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩575 (vs ₩252 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩2.22t (up 7.4% from FY 2019). Net income: ₩7.43b (up ₩10.6b from FY 2019). Profit margin: 0.3% (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 11% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Mar 15
Hanjin Transportation Co., Ltd. Announces Executive Changes Hanjin Transportation Co., Ltd. announced that Vice President Emily Lee Cho, left, and HYK Partners CEO Hahn Woo-jaeBy Park Jae-hyukEmily Lee Cho's bid to become an executive director of Hanjin Transportation has hit a barrier, as HYK Partners, has succeeded in blocking discussion of her possible appointment during Hanjin Transportation's general shareholders meeting scheduled for March 25. Announcement • Mar 11
Hanjin Transportation Co., Ltd., Annual General Meeting, Mar 25, 2021 Hanjin Transportation Co., Ltd., Annual General Meeting, Mar 25, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 26
New 90-day low: ₩42,300 The company is down 13% from its price of ₩48,400 on 27 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 Logistics industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩61,168 per share. Is New 90 Day High Low • Jan 27
New 90-day low: ₩44,700 The company is down 9.0% from its price of ₩49,000 on 29 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩59,885 per share. Major Estimate Revision • Jan 06
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from ₩1,225 to ₩845. Revenue estimate was approximately flat at ₩2.19b. Net income is expected to grow by 717% next year compared to 25% growth forecast for the Logistics industry in South Korea. The consensus price target of ₩58,000 was unchanged from the last update. Share price is up 3.5% to ₩49,450 over the past week. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩500 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.1% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (1.0%). Price Target Changed • Nov 18
Price target raised to ₩58,000 Up from ₩53,175, the current price target is an average from 2 analysts. The new target price is 18% above the current share price of ₩49,250. As of last close, the stock is up 69% over the past year. Is New 90 Day High Low • Nov 13
New 90-day high: ₩55,500 The company is up 25% from its price of ₩44,400 on 14 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Logistics industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩26,389 per share. Announcement • Oct 31
Hanjin Transportation Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 108.364829 billion. Hanjin Transportation Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 108.364829 billion.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 2,972,972
Price\Range: KRW 36450
Discount Per Security: KRW 182.25
Transaction Features: ESOP Related Offering; Rights Offering Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 17% share price gain to ₩49,550, the stock is trading at a trailing P/E ratio of 48x, up from the previous P/E ratio of 40.9x. This compares to an average P/E of 10x in the Logistics industry in South Korea. Total returns to shareholders over the past three years are 83%. Major Estimate Revision • Oct 09
Analysts increase EPS estimates to ₩1,255 The 2020 consensus revenue estimate increased from ₩2.20b to ₩2.23b. The earnings per share estimate also received an upgrade from ₩925 to ₩1,255 for the same period. Net income is expected to grow by 567% next year compared to 14% growth forecast for the Logistics industry in South Korea. The consensus price target was lowered from ₩53,175 to ₩52,175. Share price is down by 1.7% to ₩42,300 over the past week. Announcement • Jul 23
Hanjin Transportation Co., Ltd. announced that it has received KRW 20 billion in funding from Eugene Investment & Securities Co.,Ltd. On July 22, 2020, Hanjin Transportation Co., Ltd. (KOSE:A002320) closed the transaction. Announcement • Jul 22
Hanjin Transportation Co., Ltd. announced that it expects to receive KRW 20 billion in funding from Eugene Investment & Securities Co.,Ltd. Hanjin Transportation Co., Ltd. (KOSE:A002320) announced a private placement of round 93 non-guaranteed private convertible bonds for the gross proceeds of KRW 20,000,000,000 on July 20, 2020. The transaction will include participation from new investor Eugene Investment & Securities Co.,Ltd. (KOSE:A001200). The bonds carry a coupon rate of 1% and interest rate 2.5%. The bond expiration date is July 22, 2025. The bonds are 100% convertible into 389,863 share at a price KRW 51,300 per share. The bonds are convertible from July 22, 2021 to June 22, 2025. The transaction is approved by board of directors. The payment date is July 22, 2020. 
