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Hanjinkal (180640) Fair Value & Analysis

Consumer Cyclical · KR · Market cap 7.6T KRW (≈ $5.3B) · ISIN KR7180640005

What is Hanjinkal really worth?

H Hanjinkal 180640 · KO
Price146,000 KRW
Fair Value36,890 KRW
Upside−74.7%
Quality67/100

A solid business, but trading 296% above our fair value of 36,890 KRW.

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Strengths

Highly profitable · 54.9% net margin
Low debt · generates free cash flow
Ranks above peers (8/12)

Risks

!Weak Growth (revenue 5y −6.1 %/yr)
!Moderate moat 54/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 20 out of 100
!Weak on dividend: 5 out of 100

For context

·0.25% dividend yield
Evidence: Medium Range 25,823 KRW – 36,890 KRW

Fair value as of: Sep 3, 2026

From 20 valuation models · updated yesterday

Share price +22.7% over the past month.

What runs behind every stock

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

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.

Price vs Fair Value (5 years)

172,469 KRW 34,622 KRW Fair Value 36,890 KRW Apr 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 34,622 KRW – 172,469 KRW · fair‑value band 25,823 KRW – 36,890 KRW · the 146,000 KRW price screens above the 36,890 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

Hanjinkal (180640) currently trades at 146,000 KRW, while our model-based Fair Value estimate is 36,890 KRW, implying the stock looks roughly 295.7% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Economic Profit group reads highest at a median of 38,748 KRW per share, and 0 of the 20 models we run sit above the 146,000 KRW price. Bear case: the Dividend Discount group reads lowest at 4,411 KRW, and 20 of the 20 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Hanjinkal 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 Sep 3, 2026

Our scenario range runs from 25,823 KRW (bear case) to 36,890 KRW (bull case); at 146,000 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 17% below its 52-week high and 57% 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 −75%, 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, 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.

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
FCF DCF 14,146 KRW 21,649 KRW 36,091 KRW 76
Growth DCF 15,056 KRW 22,403 KRW 35,481 KRW 75
5Y EBITDA Exit 4,067 KRW 5,303 KRW 6,947 KRW 74
All 20 models by family
DCF Models
FCF DCF 14,146 KRW 21,649 KRW 36,091 KRW 76
Owner Earnings 22,393 KRW 33,391 KRW 54,556 KRW 73
5Y Revenue Exit 6,247 KRW 9,079 KRW 13,160 KRW 70
5Y EBITDA Exit 4,067 KRW 5,303 KRW 6,947 KRW 74
5Y P/E Exit 22,679 KRW 37,537 KRW 55,251 KRW 68
10Y Revenue Exit 8,939 KRW 11,359 KRW 13,790 KRW 66
10Y EBITDA Exit 7,741 KRW 8,970 KRW 10,056 KRW 68
10Y P/E Exit 19,298 KRW 29,366 KRW 39,080 KRW 62
Earnings-Based
Graham-Dodd 15,789 KRW 19,297 KRW 21,709 KRW 65
Dividend Discount
Gordon GGM 4,010 KRW 4,411 KRW 5,026 KRW 67
DDM Multi-Stage 4,010 KRW 5,118 KRW 6,721 KRW 65
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 51
Asset-Based
NCAV (Graham) 25,031 KRW 33,542 KRW 50,062 KRW 54
Growth DCF
Growth DCF 15,056 KRW 22,403 KRW 35,481 KRW 75
Rev-Margin DCF 6,247 KRW 9,480 KRW 13,623 KRW 70
Economic Profit
Residual Income 38,499 KRW 38,748 KRW 36,884 KRW 74
Growth Earnings
Growth-Adj P/E 25,823 KRW 36,890 KRW 47,957 KRW 65

Widest divergence: Economic Profit (38,748 KRW) versus Dividend Discount (4,411 KRW). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/S ratio 25.3 TTM
Dividend yield 0.2%
Net margin 52.0% FY2025
Return on equity 5.0% TTM
Return on assets (EBIT) −0.5% avg 5y
Operating margin 18.7% TTM
More key figures
Growth
Revenue (TTM) 305B KRW TTM
Revenue growth (YoY) +11.1% 3y avg +14.2%
EPS growth (YoY) +15.8%
Balance sheet & cash flow
Free cash flow 116B KRW FY2025
Net debt 352B KRW FY2025 · ≈ 3.0 yrs of FCF

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 66 · Market factors (momentum, volatility) 50

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 62
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.

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

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

Hanjinkal 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. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
298B KRW
Latest YoY
+2.1%
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.
+14.2%
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.
−6.1%
Avg. revenue 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%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 years) 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.
+55.6% (55.4 + 0.2)
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 296% overvalued. Compare with Marriott International, Inc →

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

Peer Group

Lodging · 165 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 −75% · 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) 0.2% · 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

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
VALUE0 · sector 0
FUTURE56 · sector 24
PAST20 · sector 12
HEALTH95 · sector 91
DIVIDEND5 · sector 26

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

Similar stocks

10 more Lodging stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Marriott International, Inc MAR $341.76 $132.35 −61%
Hilton Worldwide Holdings HLT $314.35 $122.07 −61%
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%
Accor SA AC €46.52 €36.87 −21%
The Indian Hotels Company INDHOTEL ₹723.35 ₹253.67 −65%
Wyndham Hotels & Resorts, Inc WH $74.02 $23.55 −68%
Choice Hotels International, Inc CHH $105.54 $61.72 −42%
Jabal Omar Development Company 4250 18.88 SAR 11.64 SAR −38%

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Frequently asked questions

Is Hanjinkal (180640) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of 36,890 KRW versus a price of 146,000 KRW, about −75% upside (overvalued).
What is the fair value of 180640?
Our model-based fair value for Hanjinkal is 36,890 KRW (as of Sep 3, 2026), built from audited fundamentals. The current price: 146,000 KRW.
What is the quality score of 180640?
Hanjinkal 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 Hanjinkal (180640)?
Hanjinkal reported trailing-twelve-month revenue of about 305B KRW (latest available figure, as of Sep 3, 2026).
What is the net profit margin of 180640?
The net profit margin of Hanjinkal is about 54.9%, meaning it keeps roughly 54.9% of revenue as net income. Based on the latest reported figures.
Does Hanjinkal pay a dividend?
Hanjinkal currently shows a dividend yield of about 0.25% relative to its recent price (as of Sep 3, 2026).
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