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Hanjin Kal, (180640) Fair Value & Analysis

Consumer Cyclical · KR · Market cap 7.6T KRW

HK Hanjin Kal, 180640 · KO
Price119,000 KRW
Fair Value36,890 KRW
Upside-69.0%
Quality67/100
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Weak Growth
Highly profitable · 54.9% net margin
Low debt · generates free cash flow
0.32% dividend yield
Ranks above peers (8/12)
Moderate moat 54/100
Evidence: High Range 25,823 KRW – 36,890 KRW Share as image

Fair value as of: Aug 13, 2026

From 20 valuation models · updated today

Share price +6.8% over the past month.

A solid business, but screening 69% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (36,890 KRW). The favourable scenario is already priced in.
  • Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

172,469 KRW 34,622 KRW Fair Value 36,890 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 34,622 KRW – 172,469 KRW · fair‑value band 25,823 KRW – 36,890 KRW · the 119,000 KRW price screens above the 36,890 KRW fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Hanjin Kal, (180640) currently trades at 119,000 KRW, while our model-based Fair Value estimate is 36,890 KRW, implying the stock looks roughly 69.0% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Hanjin Kal, generated revenue of 305B KRW at a net margin of 54.9%. Revenue grew 11.1% year over year. It earns a return on equity of 5.0%. Net debt stands at 352B KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 25,823 KRW (bear case) to 36,890 KRW (bull case); at 119,000 KRW, the current price sits above 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 about 32% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -47% fair-value upside, at -69%, 180640 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (4,411 KRW to 48,759 KRW). Read the values as a conservative anchor, not as a price target.
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
Growth DCF 15,056 KRW 22,403 KRW 35,481 KRW 80
Residual Income 38,499 KRW 38,748 KRW 36,884 KRW 76
Rev-Margin DCF 6,247 KRW 9,480 KRW 13,623 KRW 74
All 20 models by family
DCF Models
FCF DCF 14,146 KRW 21,649 KRW 36,091 KRW 38
Owner Earnings 22,393 KRW 33,391 KRW 54,556 KRW 31
5Y Revenue Exit 6,247 KRW 9,079 KRW 13,160 KRW 39
5Y EBITDA Exit 4,067 KRW 5,303 KRW 6,947 KRW 41
5Y P/E Exit 22,679 KRW 37,537 KRW 55,251 KRW 38
10Y Revenue Exit 8,939 KRW 11,359 KRW 13,790 KRW 36
10Y EBITDA Exit 7,741 KRW 8,970 KRW 10,056 KRW 37
10Y P/E Exit 19,298 KRW 29,366 KRW 39,080 KRW 35
Earnings-Based
Graham-Dodd 15,789 KRW 19,297 KRW 21,709 KRW 54
Dividend Discount
Gordon GGM 4,010 KRW 4,411 KRW 5,026 KRW 70
DDM Multi-Stage 4,010 KRW 5,118 KRW 6,721 KRW 61
Multiples
P/E Multiple 36,569 KRW 48,759 KRW 60,949 KRW 63
P/S Multiple 6,704 KRW 8,938 KRW 11,173 KRW 58
P/B Multiple 29,604 KRW 39,472 KRW 49,340 KRW 55
EV/Revenue 2,063 KRW 4,476 KRW 6,890 KRW 43
Asset-Based
NCAV (Graham) 25,031 KRW 33,542 KRW 50,062 KRW 50
Growth DCF
Growth DCF 15,056 KRW 22,403 KRW 35,481 KRW 80
Rev-Margin DCF 6,247 KRW 9,480 KRW 13,623 KRW 74
Economic Profit
Residual Income 38,499 KRW 38,748 KRW 36,884 KRW 76
Growth Earnings
Growth-Adj P/E 25,823 KRW 36,890 KRW 47,957 KRW 68

Widest divergence: Economic Profit (38,748 KRW) versus Dividend Discount (4,411 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 305B KRW
Revenue growth (YoY) +11.1%
Net margin 54.9%
Return on equity 5.0%
Free cash flow 116B KRW FY2025
Operating margin 18.7%
More key figures
Dividend yield 0.3%
EPS growth (YoY) +15.8%
Net debt 352B KRW FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 66 · Market factors (momentum, volatility) 43

Profitability 34
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 37
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 84
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.

About the company

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hanjin Kal, reported revenue of 298B KRW in FY2025 versus 395B KRW in FY2021, a compound −6.8%/yr. Reported net income was 155B KRW in FY2025, compounding +73.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
298B KRW
Latest YoY
+2.1%
Avg. 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.
+14.2%
Avg. 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.
−6.1%
Avg. growth/yr (12Y) 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.
+1.8%
Revenue −6.8%/yr
FY21 395B KRW
FY22 200B KRW
FY23 276B KRW
FY24 292B KRW
FY25 298B KRW
Net income +73.2%/yr
FY21 17.2B KRW
FY22 684B KRW
FY23 385B KRW
FY24 497B KRW
FY25 155B KRW

180640 screens 69% overvalued. Compare with Marriott International, Inc →

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Cite: Fair Value Calculator (2026). "Hanjin Kal, Fair Value". https://www.fairvalue-calculator.com/stock/180640

Peer Group

Lodging · 167 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside −69% · Bottom 25%
Return on equity (TTM) 5% · Above median
Return on assets -0% · Bottom 25%
Net margin (TTM) 55% · Top 25%
Operating margin (TTM) 19% · Above median
Revenue growth 11% · Above median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Lodging median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 13.3× · Pricier than median

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.

VALUE 0 · sector 0
FUTURE 56 · sector 19
PAST 20 · sector 11
HEALTH 95 · sector 91
DIVIDEND 6 · sector 23

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Lodging stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Marriott International, Inc MAR $354.58 $132.35 -63%
Hilton Worldwide Holdings HLT $322.53 $122.02 -62%
InterContinental Hotels Group IHG $161.82 $85.18 -47%
Hyatt Hotels Corporation H $178.37 $46.78 -74%
H World Group HTHT $41.25 $47.78 +16%
The Indian Hotels Company INDHOTEL ₹724.00 ₹253.67 -65%
Jabal Omar Development Company 4250 16.00 SAR 11.64 SAR -27%
Makkah Construction and Development Company 4100 81.95 SAR 36.25 SAR -56%
Minor International Public Company MINT 22.90 THB 32.82 THB +43%
Shanghai Jin Jiang International Hotels Co 600754 ¥19.48 ¥22.37 +15%

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Frequently asked questions

Is Hanjin Kal, (180640) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 36,890 KRW versus a price of 119,000 KRW, about −69% (overvalued).
What is the fair value of 180640?
Our model-based fair value for Hanjin Kal, is 36,890 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price is 119,000 KRW.
What is the quality score of 180640?
Hanjin Kal, has a Quality Score of 67/100. 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.
What is the revenue of Hanjin Kal, (180640)?
Hanjin Kal, reported trailing-twelve-month revenue of about 305B KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 180640?
The net profit margin of Hanjin Kal, is about 54.9%, meaning it keeps roughly 54.9% of revenue as net income. Based on the latest reported figures.
Does Hanjin Kal, pay a dividend?
Hanjin Kal, currently shows a dividend yield of about 0.31% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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