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014680KOSPI

Hansol Chemical

271,000
+2,000 (+0.74%)

Price chart

  • MA5
  • MA20
  • MA60
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

Hansol Chemical was established on March 13, 1980. The company is listed on the KOSPI market and is headquartered in Seoul.

The company produces fine chemicals such as hydrogen peroxide and sodium hypochlorite for semiconductors, displays, paper, and textiles. It also supplies latex and polymer coagulants for paper and environmental treatment. Additionally, the company manufactures precursors, resins, and quantum dots for electronics, as well as binders and silicon anode materials for secondary batteries.

Business overview as filed

화학산업은 크게 석유화학, 정밀화학, 무기화학 등으로 분류되고 있으나, 분야가 대단히 광범위하고 그 품목 또한 다품종인 관계로 화학산업 전반에 대한 시장규모, 생산능력을 종합하여 말하기는 어렵습니다.당사는 정밀화학 제품으로 반도체, 디스플레이, 제지 및 섬유에 사용되는 과산화수소, 섬유에 사용되는 차아황산소다, Polymer 합성시 중합개시제로 주로 사용되는 BPO를 생산하고 있습니다. 또한 제지/환경제품으로 제지산업에서 부재료로 사용되는 라텍스외 제지약품, 폐수처리 등에 사용되는 고분자응집제 등을 생산하고 있습니다.2025년 누적 정밀화학 제품의 매출액은 217,726백만원으로, 전년 대비 8.9% 증가하였으며, 제지/환경 제품의 매출액은 110,064백만원으로 전년 대비 1.8% 증가하였습니다.

당사의 전자 및 이차전지소재 제품으로는 반도체 공정에서 반도체 박막을 형성하는 데에 사용하는 박막소재(Precursor), 디스플레이 제조에 사용되는 Resin 및 QD 등 전자소재 제품을 생산하고 있으며, 이차전지용 소재인 음극바인더, 분리막바인더, 실리콘음극재 등을 개발 및 생산하고 있습니다.2025년 누적 전자 및 이차전지소재 제품의 매출액은 324,714백만원으로, 전년 대비 37.1% 증가하였습니다.

Company overview

가. 연결대상 종속회사 개황

연결대상 종속회사 현황(요약)

주요종속회사 여부(1) 최근사업연도말 자산총액이 지배회사 자산총액의 10% 이상인 종속회사(2) 최근사업연도말 자산총액이 750억원 이상인 종속회사 가-1. 연결대상회사의 변동내용

나. 중소기업 등 해당 여부

다. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

라. 회사의 법적ㆍ상업적 명칭

- 국문 : 주식회사 한솔케미칼 - 영문 : Hansol Chemical Co., Ltd.

마. 설립일자 : 1980년 3월 13일

바. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 서울시 강남구 테헤란로 513, K-Tower 7,8층 - 전화번호 : 02-2152-2399 - 홈페이지 : http://www.hansolchemical.com

사. 주요 사업의 내용

당사의 주요제품은 아래와 같습니다. (1) 라텍스 (2) 과산화수소 (3) PAM(고분자응집제) (4) 차아황산소다 (5) Precursor (6) 전자재료 (7) 이차전지재료 (8) 기타 화공약품주요 종속회사인 테이팩스의 주요제품은 아래와 같습니다.

아. 신용평가에 관한 사항

- 회사채 신용등급의 정의(한국신용평가 기준)

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

5.92%
[4.11%, 8.24%] · As of 2026-10-02
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 44.7% (2026-07-29). 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

0.55
Beta [0.42, 0.68] · KOSPI200 · As of 2026-10-08
Intercept
-0.017%[-0.446%, +0.412%]
R squared
0.25
Observations
252
Trading-time corrected beta
0.46[0.20, 0.73]
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 100M3,6804,6045,2165,8195,8766,1937,6878,8557,7177,7648,8409,319
Revenue growth%—25.1013.2911.580.965.4024.1315.19-12.850.6113.86—
Operating incomeKRW 100M4908217929361,1141,5191,9771,8601,2411,2881,5621,598
Operating income growth%—67.64-3.6518.2419.0536.3730.11-5.92-33.253.7721.28—
Net incomeKRW 100M3435895816789101,3011,5871,6701,0871,2491,4811,602
Net income growth%—71.81-1.4416.6834.3542.9021.985.24-34.9114.9118.61—
Attributable to ownersKRW 100M3415585437058651,2271,4831,5511,0531,2271,4731,545
Attributable to minoritiesKRW 100M13138-2746741031193322957
Operating margin%13.3117.8415.1816.0818.9624.5325.7221.0016.0916.5917.6717.15
Net margin%9.3212.8011.1311.6415.4921.0120.6418.8614.0916.0916.7617.19
ROE%14.1119.7716.9218.5519.2822.1821.5220.3212.4612.5913.6314.11
ROA%6.588.428.038.569.6913.0213.2513.328.058.539.269.68
Debt ratio%111.14105.1285.0677.0380.4260.5755.9147.0243.4936.7035.9438.39
Current ratio%97.7171.1796.1494.84157.84179.30205.95251.27148.26127.78163.00218.85
Quick ratio%72.0549.9572.6561.57126.21144.09155.75169.6698.0581.55117.96156.34
Reserve ratio%—————————1,628.681,813.441,824.91
Free cash flowKRW 100M-113585564-177300798211621-1475391,169—
FCF margin%-3.0612.7010.81-3.035.1112.892.757.01-1.916.9513.22—
OCF conversion%137.90155.88150.55148.44111.61126.8890.26103.98132.59130.00135.28—
Capex to revenue%15.917.255.9520.3212.1813.7615.8912.6020.5813.969.45—
Receivable daysdays—54.654.849.046.641.740.943.849.146.741.7—
Inventory daysdays—43.144.042.851.654.958.666.480.579.971.9—
Payable daysdays—72.171.371.763.450.450.051.759.055.454.3—
Cash conversion cycledays—25.527.520.134.746.249.458.570.671.259.4—
EPSKRW3,0935,3144,8936,3547,79811,06713,33214,0999,68410,98013,42814,027
PERx—15.6814.8212.2013.5917.7622.9113.1623.448.8316.9420.75
BPSKRW—24,99828,39633,62439,71348,97760,80567,35574,59285,95595,32299,418
PBRx—3.332.552.302.674.015.022.753.041.132.392.93
Dividend per shareKRW8001,0001,0001,2001,5001,8002,1002,100—2,1002,100—
Payout ratio%25.8618.8220.4418.8919.2416.2615.7514.89—19.1315.64—

Consolidated basis

Profit flowKRW 100M

Revenue
8,840
Cost of sales
6,336
Gross profit
2,504
Operating income
1,562
SG&A expenses
941
Non-operating income
233
Profit before tax
1,795
Net income
1,481
Income tax expense
314

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
5,2106,9977,2337,9179,3929,99211,97212,53313,51014,64716,003
2,7433,5863,3253,4454,1863,7694,2934,0084,0953,9324,231
2,4683,4113,9094,4725,2066,2237,6798,5259,41510,71411,773

Income statement

20152016201720182019202020212022202320242025
3,6804,6045,2165,8195,876*6,1937,6878,8557,7177,7648,840
4908217929361,114*1,5191,9771,8601,2411,2881,562
4267747479251,181*1,6082,0871,9421,3561,4781,795
3435895816789101,3011,5871,6701,0871,2491,481
Basic earnings per shareKRW3,0935,314*4,8936,3547,79811,06713,33214,0999,68410,98013,428
Diluted earnings per shareKRW3,0865,309*4,8876,3497,78911,04513,33114,0219,61010,91213,344
3585285276758641,2301,5951,6661,0311,2691,469

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement3435895816789101,3011,5871,6701,0871,2491,481
Total adjustments to operating cash flowcomputed130329294328106350-15566354375523
473918*8741,0061,0161,6501,4321,7361,4411,6242,004
-616-1,418*-329-1,215-1,401-514-1,805-302-1,719-721-1,308
98626-295-146812-71639-1,092-45-769-399
Cash at beginning of periodKRW 100M10662267497143571982661991671837
622674971435719826619916718371,126
Net change in cash and cash equivalentsKRW 100M-46126251*-354428411-321330-320166289

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 46삼일회계법인2025-12-31
2024적정의견Term 45삼일회계법인2025-12-31
2023적정의견Term 44삼일회계법인2025-12-31
2022적정Term 43삼정회계법인2022-12-31
2021적정Term 42삼정회계법인2022-12-31
2020적정Term 41삼정회계법인2022-12-31
2019적정Term 40삼정회계법인2019-12-31
2018적정Term 39삼정회계법인2019-12-31
2017적정Term 38삼정회계법인2019-12-31
2016적정Term 37삼정회계법인2016-12-31
2015적정Term 36안진회계법인2016-12-31
2014적정Term 35안진회계법인2016-12-31

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 · 2026-10-084.40%
BetaDaily 5Y0.77
%
%
Cost of equity8.25%
Weighted average cost of capital7.98%
Initial growth11.5%
Effective tax rate17.5%
Base fiscal year2025
Current priceKRW271,000

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 model34,258-87.4%
Dividend discount model DDM42,386-84.4%
Discounted cash flow FCFF220,989-18.5%
Discounted cash flow FCFE235,894-13.0%
Residual income model RIM207,412-23.5%
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 = 4.40% + 0.77 × 5.00% = 8.25%

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(13.63% × (1 − 15.64%), 0) = 11.50%

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 = 2,100 × (1 + 2.00%) / (8.25% − 2.00%) = 2,142 / 0.0625 = 34,258 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 = 2,100, g_1 = 11.50%, g_T = 2.00%, r = 8.25%

YearGrowthDividend KRWDiscount factorPresent value KRW
111.50%2,3410.92382,163
29.12%2,5550.85332,180
36.75%2,7280.78832,150
44.37%2,8470.72822,073
52.00%2,9040.67271,953
Terminal value2.00%47,3710.672731,866
Total42,386

P_0 = 42,386 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 = 95,322 KRW, ROE = 13.63%, payout ratio = 15.64%, r = 8.25%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
195,32212,9937,8665,1270.92384,736
2106,28314,4878,7715,7160.85334,878
3118,50416,1539,7806,3730.78835,024
4132,13118,01010,9047,1060.72825,175
5147,32520,08112,1587,9230.67275,330
Terminal value129,2560.672786,948

P_0 = 95,322 + 25,142 + 86,948 = 207,412 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 = 2,004.0 − 835.3 + 66.9 × (1 − 17.49%) = 1,223.9 KRW hundred million

Weighted average cost of capital

E = 30,718.4, D = 1,909.6 KRW hundred million; equity weight = 94.15%, debt weight = 5.85%; cost of debt k_d = 4.40%

WACC = 94.15% × 8.25% + 5.85% × 4.40% × (1 − 17.49%) = 7.98%

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
111.50%1,364.60.92611,263.8
29.12%1,489.20.85761,277.1
36.75%1,589.70.79421,262.6
44.37%1,659.20.73551,220.4
52.00%1,692.40.68121,152.8
Terminal value2.00%28,858.30.681219,657.0
Total25,833.7

Firm value = 25,833.7; less borrowings 1,909.6; plus cash 1,125.5 → 25,049.6 KRW hundred million

P_0 = 25,049.6 KRW hundred million ÷ 11,335,195 (shares) = 220,989 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 = 2,004.0 − 835.3 + 156.1 (net borrowing) = 1,324.8 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
111.50%1,477.10.92381,364.5
29.12%1,611.90.85331,375.5
36.75%1,720.70.78831,356.4
44.37%1,796.00.72821,307.8
52.00%1,831.90.67271,232.3
Terminal value2.00%29,884.20.672720,102.5
Total26,739.1

P_0 = 26,739.1 KRW hundred million ÷ 11,335,195 (shares) = 235,894 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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