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KREDKRED
082740KOSPI

Hanwha Engine

41,050
-4,250 (-9.38%)

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

Hanwha Engine was established in 1999 and is listed on the KOSPI market. The company is headquartered in Changwon, Gyeongsangnam-do.

The company operates as a comprehensive engine manufacturer. Its business segments include the supply of low and medium speed engines for large ships and power plants, the distribution of engine parts and services through its AM business, and the provision of environmental pollution prevention facilities.

Business overview as filed

가. 사업의 개요당사는 조선 산업의 핵심 기자재인 대형 선박용 엔진 제작을 중심으로 엔진 부품의 판매와 서비스를 제공하고 있으며, 디젤엔진을 이용한 발전시설을 공급하는 종합 엔진메이커입니다. 단기간에 누계 저속엔진 생산 1억마력을 달성하였으며, 2014년 세계 최초 선박용 이중연료(DF) 엔진 상용화 및 독자 기술로 친환경 탈질시스템(DelNOx)을 개발하는 등 기술개발을 선도하고 있습니다.(1) 선박엔진 및 SCR사업세계 선박용 엔진 생산 Top Maker로서 대형 상선에 탑재되는 저속엔진의 시장점유율 향상을 위해 노력하고 있으며, 엔진 설계, 생산, 판매부터 AM(After Market) 서비스로 이어지는 일관된 서비스 체제로 운영되고 있습니다. 이러한 풍부한 생산 경험을 바탕으로 다양한 고객의 니즈와 엄격한 환경규제에 선제적으로 대응하고 있습니다. SCR사업은 독자적인 기술로 개발한 친환경 탈질시스템(DelNOx)으로 선박엔진과 패키지 수주 또는 개별 수주하는 방식이며, IMO-TierⅢ 규제에 맞춰 개발하여 공급하고 있습니다.(2) AM사업AM사업은 전 세계 네트워크를 통해 선박엔진 및 발전엔진 등 엔진에 필요한 다양한 주요 순정부품 및 각종 서비스를 제공하고 있습니다.(3) 디젤발전사업전력시설이 부족한 신흥국가 및 도서지역을 중심으로 친환경 디젤발전시설을 공급하고 있으며, 또한 원자력 발전소에 비상용으로 설치되는 비상발전기를 공급하여 품질의 우수성과 성능을 인정받고 있습니다.나. 사업의 주요 제품별 매출 당기에 선박엔진 및 SCR 사업은 12,126억원으로 88.4%를 차지하며, AM사업, 디젤발전사업 및 임대 등은 1,585억원, 11.6%로 전체 13,711억원의 매출 실적을 기록하였습니다.

Company overview

가. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭당사의 명칭은 '한화엔진 주식회사'이며, 영문명은 'Hanwha Engine Co., Ltd.' 입니다. 단, 약식으로 표기할 경우에는 '한화엔진(주)'라고 표기합니다.다. 설립일자당사는 1999년 12월 30일에 설립되었으며, 2011년 1월 4일 유가증권시장에 상장되어 매매가 개시되었습니다.라. 본사의 주소, 전화번호, 홈페이지 주소 (1) 본사의 주소 : 경상남도 창원시 성산구 공단로 67(신촌동)(2) 전화번호 : 055-260-6000(3) 홈페이지 주소 : http://www.hanwha-engine.com

마. 중소기업 등 해당 여부당사는 중소기업기본법 제2조에 의한 중소기업에 해당되지 않으며, 벤처기업육성에 관한 특별조치법 제2조의2에 따른 벤처기업 및 중견기업 성장촉진 및 경쟁력 강화에 관한 특별법 제2조에 따른 중견기업에도 해당되지 않습니다.

바. 주요 사업의 내용 및 향후 추진하려는 신규사업현재 선박엔진사업, AM사업, 디젤발전사업 및 환경오염방지시설(이하 "SCR")업을 주요 사업으로 영위하고 있습니다.(1) 주요 사업의 내용1) 선박엔진 및 SCR사업: 대형선박 또는 특수선의 추진용 저ㆍ중속엔진 및 선박 내 발전용 보조엔진의 공급, 선박엔진의 환경오염방지 시설 설계, 제조, 판매, 설치 및 개조2) AM사업: 선박엔진용 주요 부품 판매 및 유상서비스 등3) 디젤발전사업: 디젤발전소용 저ㆍ중속엔진 및 원자력발전소의 비상발전용 중속엔진 그리고 그 주변기기의 공급 및 설치(2) 신규사업에 관한 사항 - 해당사항 없음(3) 종속회사의 주요 사업의 내용 - 해당사항 없음

사. 신용평가에 관한 사항(1) 회사채 신용평가

(2) 신용평가 등급체계와 부여 의미 (회사채)

AA부터 B까지는 동일 등급 내에서 세분하여 구분할 필요가 있는 경우에는 "＋" 또는 "－"의 기호를 부여하고 있음.(3) 기업어음 신용평가

(4) 신용평가 등급체계와 부여 의미 (기업어음)

A2부터 B까지는 등급내에서 상대적인 우열에 따라 "＋" 또는 "－"의 기호를 부여하고 있음.

아. 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

6.10%
[4.25%, 8.56%] · 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 57.5% (2026-08-03). 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

0.54
Beta [0.37, 0.71] · KOSPI200 · As of 2026-10-08
Intercept
-0.110%[-0.683%, +0.463%]
R squared
0.17
Observations
252
Trading-time corrected beta
0.72[0.37, 1.06]
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

2015Consolidated basis2016Consolidated basis2017Consolidated basis2018Consolidated basis2019Consolidated basis2020Consolidated basis2021Consolidated basis2022Consolidated basis2023Separate basis2024Separate basis2025Consolidated basis
RevenueKRW 100M6,9368,0297,6895,1136,7438,3005,9907,6428,54412,02213,711
Revenue growth%—15.75-4.24-33.5031.8723.09-27.8327.59—40.71—
Operating incomeKRW 100M-63842135-353-218200-398-295877151,301
Operating income growth%——218.07-362.12——-298.69——719.51—
Net incomeKRW 100M-1,254-1,812-103-187-41460-397-403-47921,738
Net income growth%——————-757.03————
Attributable to ownersKRW 100M——-103-187-41460-397-403——1,738
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%-9.190.531.75-6.91-3.242.41-6.64-3.861.025.959.49
Net margin%-18.08-22.57-1.35-3.65-6.150.73-6.63-5.27-0.056.5812.67
ROE%——-1.90-8.09-21.983.12-19.00-18.17——31.24
ROA%-8.92-13.36-0.84-2.51-4.990.84-4.99-4.21-0.045.6010.25
Debt ratio%144.67153.89126.70221.78340.34272.59280.50331.46407.19259.30204.92
Current ratio%83.7963.9060.4757.4961.2555.5980.0094.45108.63133.83168.82
Quick ratio%46.2633.6128.0626.4524.0824.3438.3843.8747.9170.70110.55
Reserve ratio%779.76525.20514.09548.42421.12440.21295.68176.00170.81334.59531.00
Free cash flowKRW 100M——-723160-727809-549-3013913942,970
FCF margin%——-9.403.13-10.789.75-9.17-3.944.573.2721.66
OCF conversion%—————1,385.55———114.17190.11
Capex to revenue%——0.380.481.180.341.531.183.644.242.43
Receivable daysdays—29.425.318.126.323.527.231.2—33.6—
Inventory daysdays—96.695.7115.6105.390.8100.3103.4—123.8—
Payable daysdays—66.961.057.962.161.471.661.6—60.6—
Cash conversion cycledays—59.060.075.969.552.956.073.0—96.9—
EPSKRW-1,805-2,608-149-385-1,258184-934-647-69682,071
PERx—————45.65———19.0520.74
BPSKRW—7,6877,8157,0125,7225,8924,4763,098——6,664
PBRx—0.430.470.750.781.431.862.40——6.44
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Profit flowKRW 100M

Revenue
13,711
Cost of sales
11,856
Gross profit
1,855
Operating income
1,301
SG&A expenses
554
Profit before tax
1,208
Income tax benefit
530
Non-operating expenses
93
Net income
1,738

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

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
14,06013,56412,3137,4348,3017,2337,9569,56211,36914,13116,957
8,3148,2226,8825,1246,4165,2925,8657,3469,12710,19811,396
5,7475,3435,4322,3101,8851,9412,0912,2162,2413,9335,561

Income statement

20152016201720182019202020212022202320242025
6,9368,0297,6895,1136,7438,3005,9907,6428,54412,02213,711
-63842135-353-218200-398-295877151,301
-1,657-1,878-49-296-45787-504-387-97741,208
-1,254-1,812-103-187-41460-397-403-47921,738
Basic earnings per shareKRW-1,805-2,608-149-385-1,258184-934*-647-69682,071
Diluted earnings per shareKRW-1,805-2,608-149-385-1,258184-934*-647-69682,071
-1,261-40489-276-42556-331-370258051,602

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-1,254-1,812-103-187-41460-397-403-47921,738
Total adjustments to operating cash flowcomputed8131,858-590371-233778-601927061121,566
-44145-694184-647838-458-2117029043,303
149414127-148-738-71-545-303-43-1,611
296-187566-161270-63361576888-573-223
Cash at beginning of periodKRW 100M4504557287225982114535415461,0281,330
4557287225982114535415461,0281,3302,767
Net change in cash and cash equivalentsKRW 100M5273-6-124-3872428854833021,437

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 27다산회계법인2025-12-31
2024적정의견Term 26다산회계법인2025-12-31
2023적정의견Term 25다산회계법인2025-12-31
2022적정Term 24안진회계법인2022-12-31
2021적정Term 23안진회계법인2022-12-31
2020적정Term 22안진회계법인2022-12-31
2019적정Term 21한영회계법인2019-12-31
적정Term 20한영회계법인2019-12-31
적정Term 19한영회계법인2019-12-31
2016적정Term 18안진회계법인2016-12-31
2015적정Term 17안진회계법인2016-12-31
2014적정Term 16안진회계법인2016-12-31

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.

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 5Y0.60
%
%
Cost of equity7.42%
Weighted average cost of capital7.42%
Initial growth31.2%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW41,050

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF129,027+214.3%
Discounted cash flow FCFE97,900+138.5%
Residual income model RIM80,190+95.3%
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% + 0.60 × 5.00% = 7.42%

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(31.24% × (1 − 0.00%), 0) = 31.24%

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

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 = 6,664 KRW, ROE = 31.24%, payout ratio = 0.00%, r = 7.42%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
16,6642,0824941,5880.93101,478
28,7462,7336492,0840.86671,806
311,4793,5878512,7350.80682,207
415,0664,7071,1173,5900.75112,696
519,7736,1781,4664,7120.69933,295
Terminal value88,7250.699362,043

P_0 = 6,664 + 11,483 + 62,043 = 80,190 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 = 3,303.2 − 332.9 + 25.5 × (1 − 0.00%) = 2,995.8 KRW hundred million

Weighted average cost of capital

E = 34,255.1, D = 100.0 KRW hundred million; equity weight = 99.71%, debt weight = 0.29%; cost of debt k_d = 7.42%

WACC = 99.71% × 7.42% + 0.29% × 7.42% × (1 − 0.00%) = 7.42%

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
131.24%3,931.80.93103,660.4
223.93%4,872.90.86674,223.2
316.62%5,682.80.80684,585.1
49.31%6,212.00.75114,666.0
52.00%6,336.20.69934,430.7
Terminal value2.00%119,319.50.699383,436.5
Total105,002.0

Firm value = 105,002.0; less borrowings 100.0; plus cash 2,767.1 → 107,669.1 KRW hundred million

P_0 = 107,669.1 KRW hundred million ÷ 83,447,142 (shares) = 129,027 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 = 3,303.2 − 332.9 + -639.5 (net borrowing) = 2,330.8 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
131.24%3,059.10.93102,847.9
223.93%3,791.20.86673,285.8
316.62%4,421.40.80683,567.4
49.31%4,833.10.75113,630.3
52.00%4,929.80.69933,447.2
Terminal value2.00%92,834.00.699364,916.0
Total81,694.6

P_0 = 81,694.6 KRW hundred million ÷ 83,447,142 (shares) = 97,900 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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