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Han Kook Capital Co. Ltd (023760) Fair Value & Analysis

Financials · KR · Market cap 222B KRW (≈ $155M) · ISIN KR7023760002

What is Han Kook Capital Co. Ltd really worth?

HK Han Kook Capital Co. Ltd 023760 · KQ
Price1,421 KRW
Fair Value2,820 KRW
Upside+98.5%
Quality41/100

Below-average quality, trading 50% below our fair value of 2,820 KRW.

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Risks

!Expensive Growth (revenue 5y +6.6 %/yr)
!High debt · negative free cash flow
!Mixed vs. peers (4/8)
!Moderate moat 58/100
!Evidence only low, so the estimate is less certain

For context

·3.75% dividend yield
Evidence: Low Range 2,115 KRW – 3,525 KRW

Fair value as of: Sep 3, 2026

From 4 valuation models · updated yesterday

Fair value updated Sep 3, 2026, revised from 1,340 KRW to 2,820 KRW (+110.4%) since Aug 13, 2026. Share price +6.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (2,115 KRW). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

2,352 KRW 894.56 KRW Fair Value 2,820 KRW Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range 894.56 KRW – 2,352 KRW · fair‑value band 2,115 KRW – 3,525 KRW · the 1,421 KRW price screens below the 2,820 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Han Kook Capital Co. Ltd (023760) currently trades at 1,421 KRW, while our model-based Fair Value estimate is 2,820 KRW, implying the stock looks roughly 49.6% undervalued today. The Quality Score stands at 41/100 (below-average quality), in the Financials sector. Bull case: the Multiples group reads highest at a median of 6,413 KRW per share, and 4 of the 4 models we run sit above the 1,421 KRW price. Bear case: the Asset-Based group reads lowest at 3,069 KRW, and 0 of the 4 models stay below the price. Evidence for this calculation is low.

Revenue grew 20.4% year over year. Net debt stands at 4.0T KRW. Fundamentals as of Sep 3, 2026

Our scenario range runs from 2,115 KRW (bear case) to 3,525 KRW (bull case); at 1,421 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 109% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financials peers we cover trades at 73% fair-value upside, at 98%, 023760 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence 4,461 KRW 5,661 KRW 14,322 KRW 68
P/E Multiple 5,953 KRW 7,938 KRW 9,922 KRW 63
P/B Multiple 4,810 KRW 6,413 KRW 8,016 KRW 55
All 4 models by family
Multiples
P/E Multiple 5,953 KRW 7,938 KRW 9,922 KRW 63
P/B Multiple 4,810 KRW 6,413 KRW 8,016 KRW 55
Asset-Based
NCAV (Graham) 2,290 KRW 3,069 KRW 4,581 KRW 54
Economic Profit
Residual Income best evidence 4,461 KRW 5,661 KRW 14,322 KRW 68

Widest divergence: Multiples (6,413 KRW) versus Asset-Based (3,069 KRW). Highest evidence: Residual Income (68).

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Key figures & financial health

P/S ratio 24.4 TTM
Dividend yield 3.8%
Net margin 54.9% FY2025
Return on equity 1,082% TTM
Return on assets (EBIT) 2.1% avg 5y
Operating margin −1.2% TTM
More key figures
Growth
Revenue growth (YoY) +20.4% 3y avg −1.0%
EPS growth (YoY) +36.3%
Balance sheet & cash flow
Free cash flow −529B KRW FY2025
Net debt 4.0T KRW FY2025

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 33 · Market factors (momentum, volatility) 47

Profitability 38
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 12
Balance sheet, leverage, solvency risk
Investment 46
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Han Kook Capital.Co., Ltd, together with its subsidiary, operates as a credit specialty company in South Korea. It primarily provides lease, venture capital, credits, factoring, and corporate restructuring services. The company was formerly known as Chungbu Leasing & Finance Co., Ltd. and changed its name to Han Kook Capital.Co., Ltd in October 2001.

Full company description

Han Kook Capital.Co., Ltd, together with its subsidiary, operates as a credit specialty company in South Korea. It primarily provides lease, venture capital, credits, factoring, and corporate restructuring services. The company was formerly known as Chungbu Leasing & Finance Co., Ltd. and changed its name to Han Kook Capital.Co., Ltd in October 2001. Han Kook Capital.Co., Ltd was founded in 1989 and is based in Seoul, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Han Kook Capital Co. Ltd reported revenue of 183B KRW in FY2025 versus 165B KRW in FY2021, a compound +2.7%/yr. Reported net income was 101B KRW in FY2025, compounding +17.3%/yr from FY2021.

Growth Quality 40/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
183B KRW
Latest YoY
−31.9%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.0%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.6%
Avg. revenue growth/yr (26Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.9%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+25.1% (21.3 + 3.8)
Revenue +2.7%/yr
FY21 165B KRW
FY22 189B KRW
FY23 231B KRW
FY24 269B KRW
FY25 183B KRW
Net income +17.3%/yr
FY21 53.1B KRW
FY22 65.1B KRW
FY23 66.2B KRW
FY24 81.1B KRW
FY25 101B KRW

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Cite: Fair Value Calculator (2026). "Han Kook Capital Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/023760

Peer Group

Financials · 3318 stocks

How this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Banking Services” was too small, so the broader sector is used.)

Quality Score 38 · Bottom 25%
Fair Value upside +99% · Top 25%
Return on assets 0% · Bottom 25%
Operating margin (TTM) −1% · Bottom 25%
Revenue growth 20% · Above median
Dividend yield (TTM) 3.8% · Above median
Debt / equity 4.72× · Higher than 75% of peers

Valuation Multiples vs Financials median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 26
FUTURE100 · sector 41
PAST0 · sector 38
HEALTH0 · sector 87
DIVIDEND75 · sector 56

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Frequently asked questions

Is Han Kook Capital Co. Ltd (023760) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of 2,820 KRW versus a price of 1,421 KRW, about +98% upside (undervalued).
What is the fair value of 023760?
Our model-based fair value for Han Kook Capital Co. Ltd is 2,820 KRW (as of Sep 3, 2026), built from audited fundamentals. The current price: 1,421 KRW.
What is the quality score of 023760?
Han Kook Capital Co. Ltd has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
Does Han Kook Capital Co. Ltd pay a dividend?
Han Kook Capital Co. Ltd currently shows a dividend yield of about 3.75% relative to its recent price (as of Sep 3, 2026).
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