# Hana Financial (086790.KO)

Canonical: https://gigainvestors.com/s/086790.KO

Analysis as of: 2026-10-16T07:34:33.575Z. Financial observations: FY2016–FY2025.

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 122,400.00 per share; close as of 2026-10-15.

Estimated value: low KRW 98,274.98 per share, central KRW 122,843.72 per share, high KRW 163,791.63 per share. Buy at or below the central value KRW 122,843.72 per share. Valuation as of 2026-10-16T07:34:33.575Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.12×

Chart: Net income; fiscal year observations.

- FY2016: KRW 1.31T

- FY2017: KRW 2.02T

- FY2018: KRW 2.23T

- FY2019: KRW 2.39T

- FY2020: KRW 2.52T

- FY2021: KRW 3.45T

- FY2022: KRW 3.44T

- FY2023: KRW 3.42T

- FY2024: KRW 3.74T

- FY2025: KRW 4.00T

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 8.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.4%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 6.1%

- FY2017: 8.8%

- FY2018: 8.7%

- FY2019: 8.7%

- FY2020: 8.4%

- FY2021: 10.3%

- FY2022: 9.7%

- FY2023: 8.9%

- FY2024: 9.0%

- FY2025: 9.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.0%

- Book return interval: 9 years

- Starting book value per share: KRW 68K

- Ending book value per share: KRW 152K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 14.0%

- FY2018: 10.2%

- FY2019: 12.0%

- FY2020: 15.7%

- FY2021: 13.9%

- FY2022: 5.9%

- FY2023: 12.0%

- FY2024: 13.1%

- FY2025: 11.3%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -0.3%

- Share growth excluding flagged crisis recapitalisations: -1.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.39×

- Book value created per share: KRW 83K

- Earnings retained per share after dividends and buybacks: KRW 60K

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 96

- FY2018: 99

- FY2019: 96

- FY2020: 93

- FY2021: 93

- FY2022: 96

- FY2023: 95

- FY2024: 94

- FY2025: 91

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6% a year forever · net income +7.1%

Story as of 2026-10-16T10:00:01.221Z; price observation 2026-10-15.

The price assumes profits grow 6% a year forever

### Net income · FY2025

net income +7.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 1.31T 

- FY2017: KRW 2.02T 

- FY2018: KRW 2.23T 

- FY2019: KRW 2.39T 

- FY2020: KRW 2.52T 

- FY2021: KRW 3.45T 

- FY2022: KRW 3.44T 

- FY2023: KRW 3.42T 

- FY2024: KRW 3.74T 

- FY2025: KRW 4.00T 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are KRW 14.4 trillion.

- Source: https://eodhd.com/api/fundamentals/086790.KO.json#2025-12-31 (filed 2026-10-16T07:34:33.575Z); FY2025: revenue 14390802000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 086790.KO: Hana Financial Group Inc., through its subsidiaries, provides financial services in South Korea, Hong Kong, Singapore, the United States, Japan, China, Indonesia, the United Kingdom, Canada, and internationally. It operates through five segments: Banking, Securities, Credit Card, Capital Financing, and Others. The company engages in banking services; financial investments; credit card business; installment credit financing; real estate trust; system development service; mutual savings banking; life and non-life insurance; transfer agent; asset management; investment and management service for non-performing loan asset-backed securities; private placed fund; trust account; special purpose vehicle; and trust and collective investment. It is also involved in seafood processing; payment processing; technology financial; asset securitization; other financial; real estate; and elderly care and welfare facilities businesses. The company was founded in 1971 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 8.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:33.575Z); 10-year return on tangible equity observations [[2016,0.06091544388031428],[2017,0.08753819712809224],[2018,0.08675311504407178],[2019,0.0870640728660832],[2020,0.08419170332693958],[2021,0.1029565078864849],[2022,0.09678197863033564],[2023,0.0890880685986918],[2024,0.08975780330858368],[2025,0.0920044976194887]]; median 0.08831313286339201. 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 754.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:33.575Z); Dividend observations: [[2016,222003000000],[2017,344701000000],[2018,490101000000],[2019,600359000000],[2020,673217000000],[2021,677788000000],[2022,1044213000000],[2023,1398041000000],[2024,1125116000000],[2025,1420588000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/086790.KO.json#2025-12-31 (filed 2026-10-16T07:34:33.575Z); FY2025: cash repurchases 754121000000 KRW.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 086790.KO SharesStats.PercentInsiders = 1.5779999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:33.575Z); Price 122400; FX 1; original perpetual distributable cash 4913.748987122364; discount 0.1; growth 0.059854991935274805. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: KRW 32,800.00 per share

- 2016-11: KRW 32,150.00 per share

- 2016-12: KRW 31,250.00 per share

- 2017-01: KRW 34,450.00 per share

- 2017-02: KRW 35,250.00 per share

- 2017-03: KRW 36,950.00 per share

- 2017-04: KRW 39,200.00 per share

- 2017-05: KRW 41,050.00 per share

- 2017-06: KRW 45,250.00 per share

- 2017-07: KRW 51,000.00 per share

- 2017-08: KRW 49,000.00 per share

- 2017-09: KRW 47,350.00 per share

- 2017-10: KRW 47,950.00 per share

- 2017-11: KRW 47,450.00 per share

- 2017-12: KRW 49,800.00 per share

- 2018-01: KRW 52,100.00 per share

- 2018-02: KRW 49,150.00 per share

- 2018-03: KRW 45,750.00 per share

- 2018-04: KRW 47,750.00 per share

- 2018-05: KRW 41,600.00 per share

- 2018-06: KRW 42,850.00 per share

- 2018-07: KRW 44,900.00 per share

- 2018-08: KRW 42,700.00 per share

- 2018-09: KRW 44,550.00 per share

- 2018-10: KRW 38,300.00 per share

- 2018-11: KRW 37,600.00 per share

- 2018-12: KRW 36,250.00 per share

- 2019-01: KRW 39,950.00 per share

- 2019-02: KRW 38,850.00 per share

- 2019-03: KRW 36,400.00 per share

- 2019-04: KRW 36,800.00 per share

- 2019-05: KRW 36,300.00 per share

- 2019-06: KRW 37,400.00 per share

- 2019-07: KRW 34,750.00 per share

- 2019-08: KRW 32,500.00 per share

- 2019-09: KRW 35,250.00 per share

- 2019-10: KRW 33,700.00 per share

- 2019-11: KRW 35,750.00 per share

- 2019-12: KRW 36,900.00 per share

- 2020-01: KRW 33,200.00 per share

- 2020-02: KRW 31,400.00 per share

- 2020-03: KRW 23,100.00 per share

- 2020-04: KRW 27,600.00 per share

- 2020-05: KRW 29,750.00 per share

- 2020-06: KRW 27,000.00 per share

- 2020-07: KRW 29,500.00 per share

- 2020-08: KRW 28,200.00 per share

- 2020-09: KRW 28,100.00 per share

- 2020-10: KRW 30,400.00 per share

- 2020-11: KRW 33,850.00 per share

- 2020-12: KRW 34,500.00 per share

- 2021-01: KRW 32,650.00 per share

- 2021-02: KRW 37,050.00 per share

- 2021-03: KRW 42,800.00 per share

- 2021-04: KRW 45,650.00 per share

- 2021-05: KRW 46,550.00 per share

- 2021-06: KRW 46,050.00 per share

- 2021-07: KRW 43,450.00 per share

- 2021-08: KRW 45,050.00 per share

- 2021-09: KRW 46,400.00 per share

- 2021-10: KRW 45,000.00 per share

- 2021-11: KRW 39,500.00 per share

- 2021-12: KRW 42,050.00 per share

- 2022-01: KRW 45,000.00 per share

- 2022-02: KRW 48,700.00 per share

- 2022-03: KRW 48,600.00 per share

- 2022-04: KRW 47,000.00 per share

- 2022-05: KRW 49,500.00 per share

- 2022-06: KRW 39,350.00 per share

- 2022-07: KRW 37,200.00 per share

- 2022-08: KRW 39,250.00 per share

- 2022-09: KRW 35,450.00 per share

- 2022-10: KRW 41,250.00 per share

- 2022-11: KRW 44,550.00 per share

- 2022-12: KRW 42,050.00 per share

- 2023-01: KRW 48,750.00 per share

- 2023-02: KRW 45,400.00 per share

- 2023-03: KRW 40,700.00 per share

- 2023-04: KRW 41,950.00 per share

- 2023-05: KRW 41,450.00 per share

- 2023-06: KRW 39,200.00 per share

- 2023-07: KRW 39,300.00 per share

- 2023-08: KRW 39,550.00 per share

- 2023-09: KRW 42,450.00 per share

- 2023-10: KRW 39,200.00 per share

- 2023-11: KRW 41,650.00 per share

- 2023-12: KRW 43,400.00 per share

- 2024-01: KRW 47,800.00 per share

- 2024-02: KRW 56,600.00 per share

- 2024-03: KRW 57,700.00 per share

- 2024-04: KRW 58,700.00 per share

- 2024-05: KRW 61,700.00 per share

- 2024-06: KRW 60,700.00 per share

- 2024-07: KRW 64,700.00 per share

- 2024-08: KRW 61,900.00 per share

- 2024-09: KRW 58,800.00 per share

- 2024-10: KRW 59,900.00 per share

- 2024-11: KRW 62,400.00 per share

- 2024-12: KRW 56,800.00 per share

- 2025-01: KRW 60,500.00 per share

- 2025-02: KRW 59,500.00 per share

- 2025-03: KRW 59,600.00 per share

- 2025-04: KRW 64,500.00 per share

- 2025-05: KRW 72,700.00 per share

- 2025-06: KRW 86,300.00 per share

- 2025-07: KRW 85,400.00 per share

- 2025-08: KRW 82,200.00 per share

- 2025-09: KRW 87,200.00 per share

- 2025-10: KRW 85,500.00 per share

- 2025-11: KRW 93,300.00 per share

- 2025-12: KRW 94,100.00 per share

- 2026-01: KRW 100,100.00 per share

- 2026-02: KRW 121,800.00 per share

- 2026-03: KRW 106,600.00 per share

- 2026-04: KRW 127,900.00 per share

- 2026-05: KRW 115,100.00 per share

- 2026-06: KRW 114,600.00 per share

- 2026-07: KRW 125,400.00 per share

- 2026-08: KRW 136,300.00 per share

- 2026-09: KRW 130,000.00 per share

- 2026-10: KRW 124,400.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 41,743.98 per share, central KRW 45,918.38 per share, high KRW 51,020.42 per share

- FY2018: low KRW 57,200.88 per share, central KRW 62,920.97 per share, high KRW 69,912.19 per share

- FY2019: low KRW 48,637.29 per share, central KRW 60,796.61 per share, high KRW 81,062.15 per share

- FY2020: low KRW 55,050.38 per share, central KRW 68,812.97 per share, high KRW 91,750.63 per share

- FY2021: low KRW 61,779.94 per share, central KRW 77,224.92 per share, high KRW 102,966.56 per share

- FY2022: low KRW 63,585.74 per share, central KRW 79,482.17 per share, high KRW 105,976.23 per share

- FY2023: low KRW 70,316.09 per share, central KRW 87,895.12 per share, high KRW 117,193.49 per share

- FY2024: low KRW 79,284.19 per share, central KRW 99,105.23 per share, high KRW 132,140.31 per share

- FY2025: low KRW 87,139.71 per share, central KRW 108,924.64 per share, high KRW 145,232.85 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 2026-10-15T06:40:20.104Z 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.

## Reported holder observations