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KREDKRED
011200KOSPI

HMM

21,500
+350 (+1.65%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

HMM is a comprehensive shipping and logistics company listed on the KOSPI market. It is part of a corporate group designated as a mutual investment limited group.

The company provides logistics services for containerized cargo, including general and refrigerated goods, and bulk cargo such as raw materials and crude oil. Its business segments include container, bulk, and terminal operations. Main customers include alliance shipping lines, GS Caltex, and Hyundai Glovis.

Business overview as filed

당사는 종합해운물류기업으로서 일반화물과 냉동화물, 특수화물 등 컨테이너로 운반 가능한 모든 화물은 물론, 원자재와 원유, 플랜트 등 벌크화물에 이르기까지 상품 특성에 맞는 물류서비스를 제공합니다. 소형선부터 초대형 컨테이너선, VLCC를 포함한 선대와 전세계를 연결하는 항로망을 바탕으로 숙련된 해운전문인력들이 고객의 요청에 최적화된 물류솔루션을 제안합니다.당사는 컨테이너, 벌크(유조선/건화물선), 기타(터미널 등)의 사업부문을 영위하고 있으며, 2026년 누적 기준, 컨테이너 585만 TEU 및 벌크 4,569만 MT 등의 생산능력을 보유하였습니다. 부문별 2026년 누적 연결기준 매출액 및 그 비중은 다음과 같으며, 주요 매출처는 얼라이언스 소속선사, GS 칼텍스, 현대글로비스 등 입니다.

당사는 국내 (1부문 6본부 21실 72팀 1TF) 및 해외 (5권역 26법인 57지점 4해외사무소) 조직으로 구성되었으며, 국내 영업조직 및 해외현지법인ㆍ지사 또는 대리점 영업을 통해 물류서비스를 제공하고 있습니다.

해운시장은 국가 간 화물 운송 서비스를 제공하는 특성상 글로벌 경쟁 시장의 성격을 가지고 있습니다. 특히, 컨테이너선 시장의 경우 막대한 자본과 초기 서비스 네트워크 투자 등 높은 진입장벽이 존재하여 몇몇 대형 글로벌 선사들에 의해 시장이 좌우되는 경쟁적 과점시장의 형태를 띠고 있습니다. 선사 간 과도한 경쟁이 촉발될 경우 최소한의 이윤도 보장받기 어렵기 때문에 현재 전 세계 해상 운송의 80% 이상을 담당하고 있는 글로벌 상위 10개 해운선사 중 8개 선사는 해운동맹(얼라이언스)을 구성하여 선사들 간 과당경쟁을 방지하고 화주들에게 안정적인 운임을 보장할 수 있도록 노력하고 있습니다. 해운 경기는 세계 경제 및 정치 상황, 계절적 요인 및 주요 원재료인 유가 등에 상당한 영향을 받으며, 글로벌 경기변동에 따라 수요가 민감하게 변동하는 반면, 선박 건조에 장기간이 소요되고 자본 투입이 필요하여 공급은 비탄력적인 특성이 있습니다. 이에 따라, 수급불균형에 따른 주기적 호ㆍ불황이 나타나는 경향이 있습니다. 국제해사기구(IMO)는 선박에서 배출되는 다양한 오염물질(온실가스, 질소산화물, 황산화물 등) 감축을 위해 환경규제를 강화하고 있습니다. 당사는 다양한 친환경 연료 개발 및 활용을 위한 노력을 기울이고 있습니다. 그 일환으로 2023년 메탄올 연료 추진 9,000TEU 급 컨테이너선 9척을 발주하였고, 이외에도 바이오 선박유 시범 운항, 친환경 연료유 벙커링 업무협약 체결, 공급망 탄소 계산기 개발 등 친환경 경쟁력 확보를 지속하고 있습니다.

Company overview

가. 회사의 법적 ㆍ상업적 명칭 당사의 명칭은 '에이치엠엠 주식회사'이며, 영문명은 'HMM Company Limited' 입니다.

나. 설립일자 및 상장일자

다. 본사의 주소, 전화번호, 홈페이지주소

라. 주요사업의 내용

당사는 종합해운물류기업으로서, 일반화물과 냉동화물, 특수화물 등 컨테이너로 운반 가능한 모든 화물은 물론, 원자재와 원유, 플랜트 등 벌크화물에 이르기까지 상품 특성에 맞는 물류 서비스를 제공합니다. 소형선부터 초대형 컨테이너선, VLCC를 포함한 선대와 전세계를 연결하는 항로망을 바탕으로 숙련된 해운전문인력들이 고객의 요청에 최적화된 물류솔루션을 제안합니다.

당사는 컨테이너, 벌크(유조선/건화물선), 기타(터미널 등)의 사업부문을 영위하고 있으며, 부문별 2026년 누적 연결기준 매출액 및 그 비중은 다음과 같습니다.

주요 매출처는 얼라이언스 소속선사, GS칼텍스, 현대글로비스 등 입니다.

마. 계열회사의 총수, 주요계열회사의 명칭 및 상장여부

에이치엠엠(주), 에이치엠엠오션서비스(주), 에이치티알헤시라스(주), 에이치엔엘트랜스(주)는, 2025년 5월 1일 부, 상호출자제한기업집단으로 지정됨※ 2025년 1월 22일 부, (주)에이치엠엠퍼시픽은 기업집단에이치엠엠의 소속회사에서 제외 되었습니다.

바. 연결대상 종속회사 개황

* 건조중인 선박금융 관련 SPC 등의 경우 1개사로 산입

1-1. 연결대상회사의 변동내용

사. 중소기업 등 해당 여부

아. 신용평가에 관한 사항

신용등급체계 및 부여 의미

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.37%
[1.99%, 5.65%] · As of 2026-09-29
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 25.3% (2026-06-26). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.16
Beta [0.06, 0.27] · KOSPI200 · As of 2026-10-02
Intercept
-0.078%[-0.330%, +0.173%]
R squared
0.05
Observations
252
Trading-time corrected beta
0.07[-0.18, 0.31]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M57,68645,84850,28052,22155,13164,133137,941185,82884,010117,002108,914115,347
Revenue growth%—-20.529.673.865.5716.33115.0934.71-54.7939.27-6.91—
Operating incomeKRW 100M-2,535-8,334-4,068-5,587-2,9979,80873,77599,5165,84835,12814,61212,373
Operating income growth%——————652.2134.89-94.12500.72-58.40—
Net incomeKRW 100M-6,805-4,582-11,907-7,906-5,8981,24053,372100,8549,68737,82118,78714,327
Net income growth%——————4,205.3388.97-90.40290.44-50.33—
Attributable to ownersKRW 100M-6,695-4,596-11,910-7,907-5,8991,23953,371100,8539,68637,82218,78414,323
Attributable to minoritiesKRW 100M-109143211121-034
Operating margin%-4.40-18.18-8.09-10.70-5.4415.2953.4853.556.9630.0213.4210.73
Net margin%-11.80-9.99-23.68-15.14-10.701.9338.6954.2711.5332.3317.2512.42
ROE%-360.62-48.49-133.10-76.14-54.177.3451.5348.754.5213.587.074.99
ROA%-11.45-10.42-33.05-19.18-8.241.3229.8638.833.7711.175.603.85
Debt ratio%2,499.12362.31301.64296.42556.71455.1172.5825.5519.9321.5126.3129.42
Current ratio%35.84159.20203.86158.0784.7777.66347.29695.99658.53763.49581.01460.18
Quick ratio%32.89144.62187.29146.1876.7372.35337.23680.14640.43746.44566.72444.07
Reserve ratio%————————442.40419.60344.94346.91
Free cash flowKRW 100M-2,972-7,942-5,779-7,370-6,833-4,21257,961108,760-57423,37617,116—
FCF margin%-5.15-17.32-11.49-14.11-12.39-6.5742.0258.53-0.6819.9815.71—
OCF conversion%—————1,136.24140.62112.23204.37128.89175.92—
Capex to revenue%2.443.396.026.1319.6428.5312.392.3824.2521.6814.63—
Receivable daysdays—38.428.731.735.839.237.129.542.739.147.5—
Inventory daysdays—7.68.28.18.810.312.313.016.918.015.9—
Payable daysdays—41.335.932.636.040.437.532.137.037.536.4—
Cash conversion cycledays—4.71.17.38.79.111.910.322.619.527.0—
EPSKRW—-5,057-6,219-4,139-3,35310313,50620,5561,6674,9991,9511,519
PERx—————135.441.990.9511.753.5310.5112.26
BPSKRW—5,3292,8703,3313,4405,16421,17942,30031,11531,61528,16830,457
PBRx—1.271.751.111.032.701.270.460.630.560.730.61
Dividend per shareKRW——————6001,200700—600—
Payout ratio%——————4.445.8441.99—30.75—

Consolidated basis

Profit flowKRW 100M

Revenue
108,914
Cost of sales
88,564
Gross profit
20,351
Operating income
14,612
SG&A expenses
5,739
Non-operating income
5,395
Profit before tax
20,007
Net income
18,787
Income tax expense
1,220

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
59,42543,98136,02441,21471,60293,734178,761259,735*257,134338,486335,631
57,13934,46827,05530,81860,69976,84875,17852,85542,72659,93069,919
2,2869,5138,96910,39710,90316,885103,583206,879*214,408278,555265,713

Income statement

20152016201720182019202020212022202320242025
57,686*45,84850,28052,22155,13164,133137,941185,82884,010117,002108,914
-2,535*-8,334-4,068-5,587-2,997*9,80873,77599,516*5,84835,12814,612
-6,843*-4,155-11,870-7,789-5,867*1,27853,272101,837*10,54338,96620,007
-6,805-4,582-11,907-7,906-5,898*1,24053,372100,854*9,68737,82118,787
Basic earnings per shareKRWNot applicable-5,057*-6,219-4,139-3,353*10313,50620,556*1,6674,9991,951
Diluted earnings per shareKRWNot applicable-5,057Not applicable-4,139-3,353*725,1919,868*9243,6901,876
-7,457-3,858*-12,984*-8,078-6,123*-33856,968106,554*13,24069,47114,023

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-6,805-4,582-11,907-7,906-5,8981,24053,372100,8549,68737,82118,787
Total adjustments to operating cash flowcomputed5,239-1,8089,1543,7379,89212,84621,67912,33410,11010,92514,264
-1,566-6,390-2,754-4,1693,99314,08575,050113,189*19,79748,74633,051
1,77014,739-2,280-6,728-8,772-20,341-63,144-48,177*-14,871-62,32210,705
-2,637-5,0306,6159,8745,72911,555-7,182-36,014*-22,380-5,391-40,331
Cash at beginning of periodKRW 100M4,5092,0365,3376,7645,6296,45111,40717,25049,80232,49814,718
2,0365,3376,7645,6296,45111,40717,25049,80232,49814,71817,608
Net change in cash and cash equivalentsKRW 100M-2,4323,3201,582-1,0239505,2994,72428,998Not applicableNot applicableNot applicable

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 50삼일회계법인2025-12-31
2024적정의견Term 49삼일회계법인2025-12-31
2023적정의견Term 48삼일회계법인2025-12-31
2022적정Term 47안진회계법인2022-12-31
2021적정Term 46안진회계법인2022-12-31
2020적정Term 45안진회계법인2022-12-31
2019적정Term 44안진회계법인2019-12-31
2018적정Term 43안진회계법인2019-12-31
2017적정Term 42삼일회계법인2019-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-064.37%
BetaDaily 5Y0.38
%
%
Cost of equity6.28%
Weighted average cost of capital6.28%
Initial growth4.9%
Effective tax rate6.1%
Base fiscal year2025
Current priceKRW21,500

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model14,302-33.5%
Dividend discount model DDM15,301-28.8%
Discounted cash flow FCFF53,004+146.5%
Discounted cash flow FCFE45,758+112.8%
Residual income model RIM33,932+57.8%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.37% + 0.38 × 5.00% = 6.28%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(7.07% × (1 − 30.75%), 0) = 4.90%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 600 × (1 + 2.00%) / (6.28% − 2.00%) = 612 / 0.0428 = 14,302 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 600, g_1 = 4.90%, g_T = 2.00%, r = 6.28%

YearGrowthDividend KRWDiscount factorPresent value KRW
14.90%6290.9409592
24.17%6560.8853580
33.45%6780.8330565
42.72%6970.7838546
52.00%7110.7375524
Terminal value2.00%16,9400.737512,493
Total15,301

P_0 = 15,301 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 28,168 KRW, ROE = 7.07%, payout ratio = 30.75%, r = 6.28%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
128,1681,9911,7692230.9409210
229,5472,0891,8552340.8853207
330,9942,1911,9462450.8330204
432,5112,2992,0412570.7838202
534,1032,4112,1412700.7375199
Terminal value6,4300.73754,742

P_0 = 28,168 + 1,021 + 4,742 = 33,932 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 33,051.3 − 15,935.8 + 1,956.8 × (1 − 6.10%) = 18,953.0 KRW hundred million

Weighted average cost of capital

E = 202,796.2, D = 1,260.3 KRW hundred million; equity weight = 99.38%, debt weight = 0.62%; cost of debt k_d = 6.28%

WACC = 99.38% × 6.28% + 0.62% × 6.28% × (1 − 6.10%) = 6.28%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
14.90%19,880.90.940918,706.7
24.17%20,710.30.885418,336.2
33.45%21,424.30.833117,848.2
42.72%22,007.90.783917,251.5
52.00%22,448.10.737616,557.3
Terminal value2.00%535,399.60.7376394,902.0
Total483,602.0

Firm value = 483,602.0; less borrowings 1,260.3; plus cash 17,607.7 → 499,949.4 KRW hundred million

P_0 = 499,949.4 KRW hundred million ÷ 943,237,970 (shares) = 53,004 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 33,051.3 − 15,935.8 + -191.0 (net borrowing) = 16,924.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
14.90%17,753.10.940916,704.3
24.17%18,493.80.885316,373.1
33.45%19,131.40.833015,936.9
42.72%19,652.50.783815,403.8
52.00%20,045.60.737514,783.6
Terminal value2.00%477,834.80.7375352,403.9
Total431,605.7

P_0 = 431,605.7 KRW hundred million ÷ 943,237,970 (shares) = 45,758 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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