# HMM (011200.KO)

Canonical: https://gigainvestors.com/s/011200.KO

Analysis as of: 2026-10-16T07:35:01.121Z. Financial observations: FY2000–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 23,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 44,262.95 per share, central KRW 48,654.38 per share, high KRW 54,500.31 per share. Buy at or below the central value KRW 48,654.38 per share. Valuation as of 2026-10-16T07:35:01.121Z; scenarios are not confidence intervals.

Expected annual return: 27.8% at the stated quote. About 27.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 1.87×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.18×

- FY2017: -0.08×

- FY2018: -0.11×

- FY2019: -0.05×

- FY2020: 0.15×

- FY2021: 0.53×

- FY2022: 0.54×

- FY2023: 0.07×

- FY2024: 0.30×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.8%

- ROIC, second-lowest year: -18.0%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 15.1%

- Recent gross margin (lower of latest and 3-year median): 18.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.5%

- ROIC including acquisitions, ten-year median: -10.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -22.3%

- FY2017: -14.6%

- FY2018: -18.0%

- FY2019: -4.2%

- FY2020: 14.4%

- FY2021: 75.9%

- FY2022: 83.1%

- FY2023: 4.2%

- FY2024: 20.8%

- FY2025: 7.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 16.75T

- Net income, five-year total: KRW 22.08T

- Return on incremental invested capital: 24.2%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.7 pp

- Working capital / revenue, final three-year average: 7.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.80×

- FY2022: 0.97×

- FY2023: -0.75×

- FY2024: 0.78×

- FY2025: 0.22×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -18.0% vs 7.5%

- Per-share earnings: -2539.91 to 1876.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 25.1%

- Market cap gain: KRW 19.34T

- Cumulative retained earnings: KRW 14.79T

- Diluted shares, 5-year annual growth: 25.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW -3K

- Per-share value, ending three-year median: KRW 2K

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 4.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 90B

- Cumulative net income, 10 years: KRW 19.18T

- ROIC, first three-year median: -18.0%

- ROIC, last three-year median: 7.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW -2K

- FY2017: KRW -5K

- FY2018: KRW -3K

- FY2019: KRW -2K

- FY2020: KRW 379.18

- FY2021: KRW 11K

- FY2022: KRW 10K

- FY2023: KRW 924.00

- FY2024: KRW 4K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.1%

- FY2017: -25.4%

- FY2018: -9.1%

- FY2019: -13.8%

- FY2020: -13.7%

- FY2021: -12.1%

- FY2022: -4.6%

- FY2023: -3.9%

- FY2024: -3.2%

- FY2025: -4.3%

## Holders

## Price story

Down 29% since May 2022 · sales -6.9%

Story as of 2026-10-16T10:00:03.348Z; price observation 2026-10-15.

Price needs cash profits to shrink 14.6% a year for ten years

### Sales · FY2024–2025

sales -6.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 4.58T 

- FY2017: KRW 5.03T 

- FY2018: KRW 5.22T 

- FY2019: KRW 5.51T 

- FY2020: KRW 6.41T 

- FY2021: KRW 13.79T 

- FY2022: KRW 18.58T 

- FY2023: KRW 8.40T 

- FY2024: KRW 11.70T 

- FY2025: KRW 10.89T 

### Gross margin · FY2025

gross margin 18.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: 20.0% 

- FY2021: 56.2% 

- FY2022: 56.2% 

- FY2023: 11.6% 

- FY2024: 33.9% 

- FY2025: 18.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are KRW 10.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2025: revenue 10891443000000; grossProfit 2035072000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011200.KO: HMM Co.,Ltd, an integrated logistics company, provides shipping and logistics services in Japan and internationally. The company offers container services for general, reefer, oversized, and dangerous cargo; bulk liners; trampers that include Cape, Panamax, Supramax, and Handy; tankers, such as crude and product tankers, and LNG carriers; and heavy lifts and project carriers. It also operates container terminals and provides intermodal services using rails, barges, and trucks. In addition, the company offers digital solutions, such as Hi-Quote online reservation platform; HMM eBL; vendor partners; and invoice payments, as well as interfaces, including API, HMM EDI, HMM e-Service, and HMM Chatbot. The company was formerly known as Hyundai Merchant Marine Co.,Ltd. and changed its name to HMM Co.,Ltd in March 2020. HMM Co.,Ltd was founded in 1976 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 11.6% to 33.9% during 2023–25; it earns 5.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2023: grossProfit / revenue = 11.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2024: grossProfit / revenue = 33.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2025: grossProfit / revenue = 18.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); 10-year return on capital observations [[2016,-0.22329191470138157],[2017,-0.14580364912700983],[2018,-0.17963602943121815],[2019,-0.04197887636353449],[2020,0.14420915808891685],[2021,0.7594891594891595],[2022,0.8310177031210683],[2023,0.042304500734384826],[2024,0.2080302949083983],[2025,0.07468801695415687]]; median 0.05849625884427085. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 2.1 trillion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2021: growth capex 1054529000000; upkeep 654355000000; owner earnings 4284058000000. Growth capex / owner earnings = 0.24615189616947297.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2022: growth capex 0; upkeep 452056000000; owner earnings 9824067200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2024: growth capex 1641706000000; upkeep 902996000000; owner earnings 2959591400000. Growth capex / owner earnings = 0.5547069774564151.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2025: growth capex 0; upkeep 1598702000000; owner earnings 408645600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); Dividend observations: [[2016,1410000000],[2017,14910000000],[2018,19969000000],[2019,54469000000],[2020,87625000000],[2021,96218000000],[2022,326137000000],[2023,666943000000],[2024,527922000000],[2025,539354000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); FY2025: cash repurchases 2143343000000 KRW.

### Are managers owners

Insiders own 35.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011200.KO SharesStats.PercentInsiders = 35.088 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 14.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.121Z); Ten-year compound average after fade. Initial solved rate -0.2157323947387591. Price 23200; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 7,762.61 per share

- 2016-11: KRW 6,409.50 per share

- 2016-12: KRW 6,017.81 per share

- 2017-01: KRW 6,836.80 per share

- 2017-02: KRW 7,566.77 per share

- 2017-03: KRW 7,344.22 per share

- 2017-04: KRW 7,700.30 per share

- 2017-05: KRW 8,100.89 per share

- 2017-06: KRW 7,789.32 per share

- 2017-07: KRW 6,934.72 per share

- 2017-08: KRW 7,922.85 per share

- 2017-09: KRW 7,344.22 per share

- 2017-10: KRW 6,587.54 per share

- 2017-11: KRW 5,850.00 per share

- 2017-12: KRW 5,020.00 per share

- 2018-01: KRW 4,620.00 per share

- 2018-02: KRW 4,365.00 per share

- 2018-03: KRW 4,375.00 per share

- 2018-04: KRW 6,070.00 per share

- 2018-05: KRW 5,910.00 per share

- 2018-06: KRW 5,030.00 per share

- 2018-07: KRW 4,785.00 per share

- 2018-08: KRW 4,550.00 per share

- 2018-09: KRW 4,920.00 per share

- 2018-10: KRW 3,780.00 per share

- 2018-11: KRW 3,780.00 per share

- 2018-12: KRW 3,695.00 per share

- 2019-01: KRW 4,005.00 per share

- 2019-02: KRW 4,000.00 per share

- 2019-03: KRW 3,640.00 per share

- 2019-04: KRW 4,020.00 per share

- 2019-05: KRW 3,260.00 per share

- 2019-06: KRW 3,705.00 per share

- 2019-07: KRW 3,305.00 per share

- 2019-08: KRW 3,395.00 per share

- 2019-09: KRW 3,625.00 per share

- 2019-10: KRW 3,295.00 per share

- 2019-11: KRW 3,610.00 per share

- 2019-12: KRW 3,550.00 per share

- 2020-01: KRW 3,475.00 per share

- 2020-02: KRW 3,255.00 per share

- 2020-03: KRW 3,100.00 per share

- 2020-04: KRW 3,610.00 per share

- 2020-05: KRW 4,725.00 per share

- 2020-06: KRW 4,685.00 per share

- 2020-07: KRW 5,880.00 per share

- 2020-08: KRW 5,760.00 per share

- 2020-09: KRW 7,210.00 per share

- 2020-10: KRW 8,970.00 per share

- 2020-11: KRW 13,350.00 per share

- 2020-12: KRW 13,950.00 per share

- 2021-01: KRW 13,650.00 per share

- 2021-02: KRW 19,000.00 per share

- 2021-03: KRW 29,000.00 per share

- 2021-04: KRW 39,200.00 per share

- 2021-05: KRW 47,900.00 per share

- 2021-06: KRW 43,900.00 per share

- 2021-07: KRW 40,000.00 per share

- 2021-08: KRW 42,000.00 per share

- 2021-09: KRW 33,700.00 per share

- 2021-10: KRW 26,650.00 per share

- 2021-11: KRW 23,600.00 per share

- 2021-12: KRW 26,900.00 per share

- 2022-01: KRW 21,900.00 per share

- 2022-02: KRW 28,850.00 per share

- 2022-03: KRW 29,150.00 per share

- 2022-04: KRW 28,400.00 per share

- 2022-05: KRW 32,450.00 per share

- 2022-06: KRW 24,600.00 per share

- 2022-07: KRW 24,850.00 per share

- 2022-08: KRW 22,250.00 per share

- 2022-09: KRW 18,500.00 per share

- 2022-10: KRW 19,100.00 per share

- 2022-11: KRW 22,300.00 per share

- 2022-12: KRW 19,550.00 per share

- 2023-01: KRW 21,750.00 per share

- 2023-02: KRW 22,550.00 per share

- 2023-03: KRW 20,350.00 per share

- 2023-04: KRW 20,400.00 per share

- 2023-05: KRW 17,750.00 per share

- 2023-06: KRW 18,850.00 per share

- 2023-07: KRW 17,490.00 per share

- 2023-08: KRW 16,660.00 per share

- 2023-09: KRW 16,260.00 per share

- 2023-10: KRW 14,570.00 per share

- 2023-11: KRW 15,490.00 per share

- 2023-12: KRW 19,580.00 per share

- 2024-01: KRW 19,290.00 per share

- 2024-02: KRW 18,270.00 per share

- 2024-03: KRW 15,720.00 per share

- 2024-04: KRW 15,850.00 per share

- 2024-05: KRW 18,000.00 per share

- 2024-06: KRW 19,630.00 per share

- 2024-07: KRW 18,200.00 per share

- 2024-08: KRW 16,970.00 per share

- 2024-09: KRW 18,530.00 per share

- 2024-10: KRW 17,120.00 per share

- 2024-11: KRW 17,960.00 per share

- 2024-12: KRW 17,660.00 per share

- 2025-01: KRW 19,040.00 per share

- 2025-02: KRW 19,590.00 per share

- 2025-03: KRW 19,560.00 per share

- 2025-04: KRW 18,260.00 per share

- 2025-05: KRW 21,300.00 per share

- 2025-06: KRW 22,500.00 per share

- 2025-07: KRW 23,450.00 per share

- 2025-08: KRW 22,100.00 per share

- 2025-09: KRW 20,050.00 per share

- 2025-10: KRW 20,550.00 per share

- 2025-11: KRW 19,140.00 per share

- 2025-12: KRW 20,500.00 per share

- 2026-01: KRW 20,000.00 per share

- 2026-02: KRW 21,350.00 per share

- 2026-03: KRW 19,570.00 per share

- 2026-04: KRW 20,500.00 per share

- 2026-05: KRW 19,560.00 per share

- 2026-06: KRW 18,610.00 per share

- 2026-07: KRW 20,950.00 per share

- 2026-08: KRW 21,450.00 per share

- 2026-09: KRW 20,850.00 per share

- 2026-10: KRW 22,050.00 per share

## Annual estimated value (KRW per share)

- FY2024: low KRW 46,788.08 per share, central KRW 51,139.61 per share, high KRW 56,932.43 per share

- FY2025: low KRW 43,184.70 per share, central KRW 47,331.23 per share, high KRW 52,851.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.