# Hankuk Carbon (017960.KO)

Canonical: https://gigainvestors.com/s/017960.KO

Analysis as of: 2026-10-16T07:45:39.450Z. Financial observations: FY2011–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

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

Share price: KRW 17,550.00 per share; close as of 2026-10-15.

Estimated value: low KRW 6,655.42 per share, central KRW 7,063.75 per share, high KRW 7,301.52 per share. Buy at or below the central value KRW 7,063.75 per share. Valuation as of 2026-10-16T07:45:39.450Z; scenarios are not confidence intervals.

Expected annual return: 3.8% at the stated quote. About 3.8% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.65×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.03×

- FY2019: 0.09×

- FY2020: 0.18×

- FY2021: 0.09×

- FY2022: 0.07×

- FY2023: 0.03×

- FY2024: 0.06×

- FY2025: 0.14×

- LTM to Jun 2026: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.1%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 16.2%

- Recent gross margin (lower of latest and 3-year median): 15.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.7%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.5%

- FY2017: 1.6%

- FY2018: 2.8%

- FY2019: 7.5%

- FY2020: 21.1%

- FY2021: 7.0%

- FY2022: 4.4%

- FY2023: 2.7%

- FY2024: 7.3%

- FY2025: 23.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.66×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 95B

- Net income, five-year total: KRW 143B

- Return on incremental invested capital: 23.3%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.5 pp

- Working capital / revenue, final three-year average: 34.0%

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

- FY2021: -0.87×

- FY2022: 0.07×

- FY2023: 1.04×

- FY2024: 0.95×

- FY2025: 0.99×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.8% vs 7.3%

- Per-share earnings: 18.16 to 413.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.0%

- Market cap gain: KRW 1.24T

- Cumulative retained earnings: KRW 228B

- Diluted shares, 5-year annual growth: 3.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 56.3%

- Per-share value change: KRW 394.84

- Per-share value, starting three-year median: KRW 18.16

- Per-share value, ending three-year median: KRW 413.00

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.4%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 42B

- Cumulative net income, 10 years: KRW 233B

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 7.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 401.51

- FY2017: KRW 18.16

- FY2018: KRW -72.61

- FY2019: KRW 449.28

- FY2020: KRW 1K

- FY2021: KRW 333.52

- FY2022: KRW 471.00

- FY2023: KRW -305.00

- FY2024: KRW 413.00

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.2%

- FY2017: 4.4%

- FY2018: -12.7%

- FY2019: 4.6%

- FY2020: -2.5%

- FY2021: -2.2%

- FY2022: 4.8%

- FY2023: -8.8%

- FY2024: -14.8%

- FY2025: -2.9%

## Holders

## Price story

Down 65% since Apr 2026 · sales -0.1%

Story as of 2026-10-16T10:00:13.465Z; price observation 2026-10-15.

Price needs cash profits to grow 35.3% a year for ten years

### Sales · FY2025–2026

sales -0.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 239B 

- FY2018: KRW 227B 

- FY2019: KRW 273B 

- FY2020: KRW 412B 

- FY2021: KRW 368B 

- FY2022: KRW 369B 

- FY2023: KRW 594B 

- FY2024: KRW 742B 

- FY2025: KRW 909B 

- FY2026: KRW 908B 

### Gross margin · FY2025

gross margin 23.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.4% 

- FY2017: 11.3% 

- FY2018: 11.3% 

- FY2019: 17.9% 

- FY2020: 25.4% 

- FY2021: 16.5% 

- FY2022: 15.2% 

- FY2023: 10.6% 

- FY2024: 15.9% 

- FY2025: 23.4% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are KRW 908.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2025: revenue 908810220280; grossProfit 212914264840; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 017960.KO: Hankuk Carbon Co., Ltd. produces and sells carbon fiber, synthetic resin, and glass paper related products in South Korea. The company offers carbon, glass, hybrid, unidirectional prepreg fabric (UPF), and continuous strand mat (CSM) fabrics to serve aerospace, railway, automobile, and sports and leisure industries; prepreg, a semi-cured composite material that impregnates resin into reinforcing materials such as fibers; glass and carbon papers used in flooring, electrical insulation, and heat-resistant boards; foams; aramid honeycomb core, serving aviation, ships, and construction industries; sheet molding compounds; photosensitive dry films and structural adhesive films; multilayer sheets; and thermoplastic prepregs, as well as carbon, glass, and pultruded plates. Hankuk Carbon Co., Ltd. was incorporated in 1984 and is headquartered in Miryang-si, South Korea.

### Why customers stay

Margins ranged from 10.6% to 23.4% during 2023–25; it earns 7.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2023: grossProfit / revenue = 10.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2024: grossProfit / revenue = 15.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2025: grossProfit / revenue = 23.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); 10-year return on capital observations [[2016,0.11537096204393076],[2017,0.015944032772151055],[2018,0.028277202703026517],[2019,0.07509498840886779],[2020,0.21127686842216578],[2021,0.06950473232766827],[2022,0.044139346574739655],[2023,0.026875798777761757],[2024,0.0729126505426583],[2025,0.23620251193722125]]; median 0.07120869143516328. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 18.1% of cash earnings on expansion; earns 23.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2016: growth capex 0; upkeep 12567535340; owner earnings 47432640400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2019: growth capex 23051453601.843956; upkeep 7762789798.156044; owner earnings 15809955987.843956. Growth capex / owner earnings = 1.4580340147415896.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2020: growth capex 22663996370; upkeep 8478286000; owner earnings 57241098626. Growth capex / owner earnings = 0.3959392274785163.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2022: growth capex 716539939.5657768; upkeep 31743417310.434223; owner earnings 1472735149.5657768. Growth capex / owner earnings = 0.48653686290915404.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2024: growth capex 40421846650; upkeep 26490645000; owner earnings 19286540360. Growth capex / owner earnings = 2.095857831186474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); FY2025: growth capex 18220552470; upkeep 30589664000; owner earnings 100573142070. Growth capex / owner earnings = 0.1811671793779526.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); Incremental return on capital 0.23277188617757813, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); Dividend observations: [[2016,4953895310],[2017,5332881450],[2018,4102216500],[2019,4102216500],[2020,4922659800],[2021,7743989700],[2022,6453324750],[2023,5592881450],[2024,5413952060],[2025,6398306980]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 35.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 017960.KO SharesStats.PercentInsiders = 35.357 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 35.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:39.450Z); Ten-year compound average after fade. Initial solved rate 0.5080536651335652. Price 17550; 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 6,100.00 per share

- 2016-11: KRW 5,900.00 per share

- 2016-12: KRW 6,050.00 per share

- 2017-01: KRW 6,420.00 per share

- 2017-02: KRW 6,580.00 per share

- 2017-03: KRW 6,650.00 per share

- 2017-04: KRW 6,660.00 per share

- 2017-05: KRW 6,630.00 per share

- 2017-06: KRW 6,590.00 per share

- 2017-07: KRW 6,000.00 per share

- 2017-08: KRW 5,920.00 per share

- 2017-09: KRW 5,840.00 per share

- 2017-10: KRW 5,860.00 per share

- 2017-11: KRW 5,700.00 per share

- 2017-12: KRW 5,360.00 per share

- 2018-01: KRW 7,140.00 per share

- 2018-02: KRW 6,460.00 per share

- 2018-03: KRW 6,260.00 per share

- 2018-04: KRW 5,990.00 per share

- 2018-05: KRW 6,340.00 per share

- 2018-06: KRW 6,290.00 per share

- 2018-07: KRW 5,600.00 per share

- 2018-08: KRW 6,350.00 per share

- 2018-09: KRW 7,020.00 per share

- 2018-10: KRW 6,790.00 per share

- 2018-11: KRW 7,050.00 per share

- 2018-12: KRW 7,040.00 per share

- 2019-01: KRW 7,690.00 per share

- 2019-02: KRW 7,950.00 per share

- 2019-03: KRW 8,150.00 per share

- 2019-04: KRW 8,460.00 per share

- 2019-05: KRW 7,920.00 per share

- 2019-06: KRW 8,980.00 per share

- 2019-07: KRW 7,260.00 per share

- 2019-08: KRW 7,250.00 per share

- 2019-09: KRW 8,360.00 per share

- 2019-10: KRW 8,350.00 per share

- 2019-11: KRW 7,460.00 per share

- 2019-12: KRW 7,830.00 per share

- 2020-01: KRW 7,600.00 per share

- 2020-02: KRW 8,140.00 per share

- 2020-03: KRW 5,560.00 per share

- 2020-04: KRW 6,890.00 per share

- 2020-05: KRW 8,170.00 per share

- 2020-06: KRW 7,510.00 per share

- 2020-07: KRW 8,340.00 per share

- 2020-08: KRW 9,070.00 per share

- 2020-09: KRW 9,540.00 per share

- 2020-10: KRW 9,510.00 per share

- 2020-11: KRW 13,150.00 per share

- 2020-12: KRW 13,450.00 per share

- 2021-01: KRW 11,750.00 per share

- 2021-02: KRW 11,750.00 per share

- 2021-03: KRW 12,300.00 per share

- 2021-04: KRW 12,850.00 per share

- 2021-05: KRW 12,300.00 per share

- 2021-06: KRW 11,900.00 per share

- 2021-07: KRW 11,600.00 per share

- 2021-08: KRW 10,650.00 per share

- 2021-09: KRW 11,850.00 per share

- 2021-10: KRW 12,550.00 per share

- 2021-11: KRW 9,330.00 per share

- 2021-12: KRW 10,750.00 per share

- 2022-01: KRW 10,800.00 per share

- 2022-02: KRW 11,950.00 per share

- 2022-03: KRW 11,750.00 per share

- 2022-04: KRW 13,150.00 per share

- 2022-05: KRW 13,000.00 per share

- 2022-06: KRW 14,600.00 per share

- 2022-07: KRW 13,950.00 per share

- 2022-08: KRW 14,500.00 per share

- 2022-09: KRW 11,900.00 per share

- 2022-10: KRW 11,100.00 per share

- 2022-11: KRW 11,900.00 per share

- 2022-12: KRW 11,050.00 per share

- 2023-01: KRW 12,000.00 per share

- 2023-02: KRW 11,230.00 per share

- 2023-03: KRW 12,280.00 per share

- 2023-04: KRW 11,450.00 per share

- 2023-05: KRW 11,310.00 per share

- 2023-06: KRW 11,650.00 per share

- 2023-07: KRW 14,380.00 per share

- 2023-08: KRW 14,490.00 per share

- 2023-09: KRW 12,550.00 per share

- 2023-10: KRW 11,390.00 per share

- 2023-11: KRW 12,390.00 per share

- 2023-12: KRW 11,640.00 per share

- 2024-01: KRW 10,690.00 per share

- 2024-02: KRW 10,340.00 per share

- 2024-03: KRW 10,730.00 per share

- 2024-04: KRW 11,390.00 per share

- 2024-05: KRW 10,790.00 per share

- 2024-06: KRW 10,730.00 per share

- 2024-07: KRW 12,310.00 per share

- 2024-08: KRW 12,000.00 per share

- 2024-09: KRW 10,810.00 per share

- 2024-10: KRW 10,900.00 per share

- 2024-11: KRW 10,630.00 per share

- 2024-12: KRW 11,750.00 per share

- 2025-01: KRW 13,880.00 per share

- 2025-02: KRW 15,370.00 per share

- 2025-03: KRW 13,540.00 per share

- 2025-04: KRW 19,490.00 per share

- 2025-05: KRW 22,000.00 per share

- 2025-06: KRW 26,000.00 per share

- 2025-07: KRW 30,000.00 per share

- 2025-08: KRW 32,900.00 per share

- 2025-09: KRW 32,700.00 per share

- 2025-10: KRW 36,600.00 per share

- 2025-11: KRW 27,300.00 per share

- 2025-12: KRW 29,850.00 per share

- 2026-01: KRW 33,850.00 per share

- 2026-02: KRW 41,900.00 per share

- 2026-03: KRW 38,850.00 per share

- 2026-04: KRW 49,550.00 per share

- 2026-05: KRW 32,250.00 per share

- 2026-06: KRW 26,700.00 per share

- 2026-07: KRW 21,350.00 per share

- 2026-08: KRW 24,150.00 per share

- 2026-09: KRW 20,050.00 per share

- 2026-10: KRW 18,540.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 6,470.62 per share, central KRW 6,957.79 per share, high KRW 7,606.31 per share

- FY2020: low KRW 8,856.17 per share, central KRW 9,690.05 per share, high KRW 10,800.13 per share

- FY2022: low KRW 1,979.82 per share, central KRW 2,110.40 per share, high KRW 2,204.98 per share

- FY2023: low KRW 2,349.97 per share, central KRW 2,430.99 per share, high KRW 2,538.85 per share

- FY2024: low KRW 2,240.64 per share, central KRW 2,553.36 per share, high KRW 2,745.70 per share

- FY2025: low KRW 5,636.61 per share, central KRW 6,060.61 per share, high KRW 6,307.51 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

Prior published observations retained from 2026-10-15T06:51:08.444Z where newer inputs omit a numeric field or fiscal period.

## 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.