# Hanjinkal (180640.KO)

Canonical: https://gigainvestors.com/s/180640.KO

Analysis as of: 2026-10-16T07:36:58.313Z. Financial observations: FY2013–FY2026.

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 124,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 15,036.61 per share, central KRW 16,339.83 per share, high KRW 18,074.68 per share. Buy at or below the central value KRW 16,339.83 per share. Valuation as of 2026-10-16T07:36:58.313Z; scenarios are not confidence intervals.

Expected annual return: 3.6% at the stated quote. About 3.6% 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)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 5.27×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.08×

- FY2019: -0.00×

- FY2020: -0.54×

- FY2021: -0.49×

- FY2022: 0.07×

- FY2023: 0.16×

- FY2024: 0.17×

- FY2025: -0.03×

- LTM to Jun 2026: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 0.8%

- ROIC, second-lowest year: -5.5%

- Typical minus recent gross margin: -20.4 pp

- Typical gross margin (annual median): 19.6%

- Recent gross margin (lower of latest and 3-year median): 40.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.9%

- FY2017: 6.5%

- FY2018: 4.9%

- FY2019: -0.2%

- FY2020: -6.5%

- FY2021: -5.5%

- FY2022: 0.4%

- FY2023: 1.2%

- FY2024: 1.3%

- FY2025: -0.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 159B

- Net income, five-year total: KRW 1.74T

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 6.9 pp

- Working capital / revenue, final three-year average: 11.8%

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

- FY2021: -6.72×

- FY2022: -0.03×

- FY2023: 0.33×

- FY2024: 0.11×

- FY2025: 0.73×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.9% vs 1.2%

- Per-share earnings: -683.43 to 5756.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: KRW 7.39T

- Cumulative retained earnings: KRW 1.36T

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 6K

- Per-share value, starting three-year median: KRW -683.43

- Per-share value, ending three-year median: KRW 6K

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 1.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 14B

- Cumulative net income, 10 years: KRW 1,000B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW -7K

- FY2017: KRW 4K

- FY2018: KRW -683.43

- FY2019: KRW -4K

- FY2020: KRW -4K

- FY2021: KRW 258.22

- FY2022: KRW 10K

- FY2023: KRW 6K

- FY2024: KRW 7K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: 0.8%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -26.5%

- FY2017: 2.1%

- FY2018: -4.2%

- FY2019: -13.9%

- FY2020: -2.4%

- FY2021: 1.7%

- FY2022: 17.6%

- FY2023: 6.6%

- FY2024: 10.3%

- FY2025: 0.8%

## Holders

## Price story

Down 20% since Feb 2026 · sales +2.6%

Story as of 2026-10-16T10:00:08.413Z; price observation 2026-10-15.

Price needs cash profits to grow 32.4% a year for ten years

### Sales · FY2025–2026

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.15T 

- FY2018: KRW 1.30T 

- FY2019: KRW 1.20T 

- FY2020: KRW 409B 

- FY2021: KRW 395B 

- FY2022: KRW 200B 

- FY2023: KRW 276B 

- FY2024: KRW 292B 

- FY2025: KRW 298B 

- FY2026: KRW 306B 

### Gross margin · FY2025

gross margin 42.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.5% 

- FY2017: 18.9% 

- FY2018: 19.8% 

- FY2019: 11.2% 

- FY2022: 38.5% 

- FY2023: 40.0% 

- FY2024: 40.0% 

- FY2025: 42.2% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are KRW 298.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2025: revenue 298362106050; grossProfit 125783543320; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 180640.KO: Hanjin Kal, together with its subsidiaries, engages in the provision of airline services in South Korea. The company offers aviation services, such as ground handling, flight operations management, and engine commissioning. It also provides services in investment, management consulting, licensing, real estate leasing business, tourism, and hotel operations. In addition, the company offers building management services, including building maintenance, parking lot operation and maintenance, and facility rental services. The company was incorporated in 2013 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 40% to 42.2% during 2023–25; it earns 0.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2023: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2024: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2025: grossProfit / revenue = 42.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); 10-year return on capital observations [[2016,0.0590695915680591],[2017,0.064878604360623],[2018,0.04852485441402103],[2019,-0.0019636038233297663],[2020,-0.06511086048103008],[2021,-0.054568026782062386],[2022,0.004379367445651138],[2023,0.0121308318930457],[2024,0.012878419475409481],[2025,-0.002040013298518575]]; median 0.008255099669348419. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2017: growth capex 0; upkeep 17965619050; owner earnings 146462287880. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2018: growth capex 0; upkeep 8895259870; owner earnings 69299775780. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2023: growth capex 0; upkeep 5579800990; owner earnings 125869796592. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2024: growth capex 0; upkeep 4691505770; owner earnings 55316769076. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); FY2025: growth capex 0; upkeep 6549201280; owner earnings 113062226972. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); Dividend observations: [[2016,10584157180],[2017,5726197500],[2018,12269754680],[2019,24539232030],[2020,18252695520],[2021,3589325000],[2022,4796325000],[2023,14992452580],[2024,23642506320],[2025,27834637520]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 40.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 180640.KO SharesStats.PercentInsiders = 40.732 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 32.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.313Z); Ten-year compound average after fade. Initial solved rate 0.46338518903029524. Price 124500; 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 16,900.00 per share

- 2016-11: KRW 17,800.00 per share

- 2016-12: KRW 15,350.00 per share

- 2017-01: KRW 15,250.00 per share

- 2017-02: KRW 16,900.00 per share

- 2017-03: KRW 19,600.00 per share

- 2017-04: KRW 20,250.00 per share

- 2017-05: KRW 23,350.00 per share

- 2017-06: KRW 26,500.00 per share

- 2017-07: KRW 23,550.00 per share

- 2017-08: KRW 22,950.00 per share

- 2017-09: KRW 21,050.00 per share

- 2017-10: KRW 21,600.00 per share

- 2017-11: KRW 19,400.00 per share

- 2017-12: KRW 18,300.00 per share

- 2018-01: KRW 23,200.00 per share

- 2018-02: KRW 20,300.00 per share

- 2018-03: KRW 20,900.00 per share

- 2018-04: KRW 24,500.00 per share

- 2018-05: KRW 23,200.00 per share

- 2018-06: KRW 16,900.00 per share

- 2018-07: KRW 18,400.00 per share

- 2018-08: KRW 18,100.00 per share

- 2018-09: KRW 22,500.00 per share

- 2018-10: KRW 19,300.00 per share

- 2018-11: KRW 31,900.00 per share

- 2018-12: KRW 29,800.00 per share

- 2019-01: KRW 27,700.00 per share

- 2019-02: KRW 25,500.00 per share

- 2019-03: KRW 25,700.00 per share

- 2019-04: KRW 37,000.00 per share

- 2019-05: KRW 42,650.00 per share

- 2019-06: KRW 30,000.00 per share

- 2019-07: KRW 25,900.00 per share

- 2019-08: KRW 29,500.00 per share

- 2019-09: KRW 27,100.00 per share

- 2019-10: KRW 30,300.00 per share

- 2019-11: KRW 35,850.00 per share

- 2019-12: KRW 40,000.00 per share

- 2020-01: KRW 41,000.00 per share

- 2020-02: KRW 67,200.00 per share

- 2020-03: KRW 74,300.00 per share

- 2020-04: KRW 87,000.00 per share

- 2020-05: KRW 86,300.00 per share

- 2020-06: KRW 80,200.00 per share

- 2020-07: KRW 84,000.00 per share

- 2020-08: KRW 75,900.00 per share

- 2020-09: KRW 68,600.00 per share

- 2020-10: KRW 74,700.00 per share

- 2020-11: KRW 75,000.00 per share

- 2020-12: KRW 63,100.00 per share

- 2021-01: KRW 61,000.00 per share

- 2021-02: KRW 60,600.00 per share

- 2021-03: KRW 57,400.00 per share

- 2021-04: KRW 55,500.00 per share

- 2021-05: KRW 66,200.00 per share

- 2021-06: KRW 66,000.00 per share

- 2021-07: KRW 65,000.00 per share

- 2021-08: KRW 65,900.00 per share

- 2021-09: KRW 61,200.00 per share

- 2021-10: KRW 54,800.00 per share

- 2021-11: KRW 53,200.00 per share

- 2021-12: KRW 61,400.00 per share

- 2022-01: KRW 52,600.00 per share

- 2022-02: KRW 52,700.00 per share

- 2022-03: KRW 61,900.00 per share

- 2022-04: KRW 57,500.00 per share

- 2022-05: KRW 56,400.00 per share

- 2022-06: KRW 61,800.00 per share

- 2022-07: KRW 60,000.00 per share

- 2022-08: KRW 52,800.00 per share

- 2022-09: KRW 37,350.00 per share

- 2022-10: KRW 39,800.00 per share

- 2022-11: KRW 40,650.00 per share

- 2022-12: KRW 37,450.00 per share

- 2023-01: KRW 40,950.00 per share

- 2023-02: KRW 44,800.00 per share

- 2023-03: KRW 45,950.00 per share

- 2023-04: KRW 39,550.00 per share

- 2023-05: KRW 50,800.00 per share

- 2023-06: KRW 46,850.00 per share

- 2023-07: KRW 42,400.00 per share

- 2023-08: KRW 44,450.00 per share

- 2023-09: KRW 42,350.00 per share

- 2023-10: KRW 42,650.00 per share

- 2023-11: KRW 53,900.00 per share

- 2023-12: KRW 72,800.00 per share

- 2024-01: KRW 73,000.00 per share

- 2024-02: KRW 63,200.00 per share

- 2024-03: KRW 59,500.00 per share

- 2024-04: KRW 59,800.00 per share

- 2024-05: KRW 63,700.00 per share

- 2024-06: KRW 64,600.00 per share

- 2024-07: KRW 68,900.00 per share

- 2024-08: KRW 68,700.00 per share

- 2024-09: KRW 82,500.00 per share

- 2024-10: KRW 84,600.00 per share

- 2024-11: KRW 80,300.00 per share

- 2024-12: KRW 75,400.00 per share

- 2025-01: KRW 84,100.00 per share

- 2025-02: KRW 83,100.00 per share

- 2025-03: KRW 81,100.00 per share

- 2025-04: KRW 79,500.00 per share

- 2025-05: KRW 141,300.00 per share

- 2025-06: KRW 118,200.00 per share

- 2025-07: KRW 109,200.00 per share

- 2025-08: KRW 111,800.00 per share

- 2025-09: KRW 100,500.00 per share

- 2025-10: KRW 104,700.00 per share

- 2025-11: KRW 102,400.00 per share

- 2025-12: KRW 124,000.00 per share

- 2026-01: KRW 112,900.00 per share

- 2026-02: KRW 156,300.00 per share

- 2026-03: KRW 107,800.00 per share

- 2026-04: KRW 112,700.00 per share

- 2026-05: KRW 110,100.00 per share

- 2026-06: KRW 118,000.00 per share

- 2026-07: KRW 111,700.00 per share

- 2026-08: KRW 133,000.00 per share

- 2026-09: KRW 132,400.00 per share

- 2026-10: KRW 130,400.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 14,880.25 per share, central KRW 15,523.17 per share, high KRW 16,379.04 per share

- FY2018: low KRW 24,912.83 per share, central KRW 26,662.18 per share, high KRW 28,990.94 per share

- FY2019: low KRW 20,938.36 per share, central KRW 22,551.78 per share, high KRW 24,699.59 per share

- FY2021: low KRW 7,884.75 per share, central KRW 8,358.78 per share, high KRW 8,989.81 per share

- FY2022: low KRW 7,983.06 per share, central KRW 8,220.90 per share, high KRW 8,537.50 per share

- FY2025: low KRW 11,239.37 per share, central KRW 12,509.70 per share, high KRW 14,200.78 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 2026-10-15T06:42:41.111Z 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