[Click e-Stock] "HanmiGlobal, Domestic Recovery and Overseas Expansion... Performance on the Rise"

On September 19, Daishin Securities offered a positive outlook on HanmiGlobal, stating, "The company is expected to achieve stable growth in its performance, based on the stabilization of its domestic business and expansion into overseas markets."

Kim Ahyoung, a researcher at Daishin Securities, explained, "HanmiGlobal's domestic business segment, which had been contracted due to a slowdown in semiconductor demand and a slump in the real estate market, is now entering a gradual normalization phase. Major projects such as the construction of Samsung Electronics' new plant in Pyeongtaek and the expansion of key semiconductor lines are scheduled, and related order intake is becoming increasingly visible." She also predicted, "With signs of recovery in the domestic real estate market, orders in the reconstruction and redevelopment segment are also expected to increase."

In the overseas business segment, opportunities for HanmiGlobal are growing as major Korean conglomerates are expanding their local investments in response to the United States' reshoring policy. In particular, large-scale construction projects in the semiconductor and battery sectors are ongoing, and participation in Saudi Arabia's mega new city project and nuclear power plant construction is expected to serve as mid- to long-term growth momentum.

As of the first half of 2025, HanmiGlobal's order backlog on a standalone basis stands at 324.8 billion won, with 283.8 billion won from domestic projects and 41 billion won from overseas projects. This is interpreted as a gradual recovery compared to the 70 billion won overseas order backlog during the Middle East project boom from 2015 to 2017.

HanmiGlobal is the leading construction management (CM) company in Korea and ranks eighth globally, having carried out a wide range of projects including industrial plants, commercial facilities, and data centers. In 2024, the company had experience executing over 3,000 projects across more than 60 countries. As of the first half of this year, the revenue breakdown by region was 43% from Korea, 26% from the United States, 13% from the United Kingdom, 9% from Saudi Arabia, and 1% from China, with particularly rapid growth in the North American and Middle Eastern markets.

This year, HanmiGlobal's revenue is expected to reach 472.2 billion won, up 11.2% from the previous year, and operating profit is projected to rise 4.8% to 35.5 billion won. The recovery in orders from the domestic high-tech industry (semiconductors and secondary batteries), the increase in data center projects, and the expansion of overseas projects in the United States and Saudi Arabia are expected to drive revenue growth. Meanwhile, the loss at HanmiGlobal D&I, the group's real estate development subsidiary, which had been underperforming on a consolidated basis, is expected to gradually decrease, leading to improved overall group profitability.

Looking ahead to next year, the company is expected to see both business expansion and improved profit margins as large-scale overseas projects such as nuclear power, the Middle East, and North American reshoring initiatives are set to take off in earnest.

Kim emphasized, "Based on the projected net profit for 2025, the price-to-earnings ratio (PER) is about 8 times, which is still undervalued compared to the industry average of 10 to 15 times. As overseas projects begin in earnest and new orders are confirmed, a rapid revaluation of the stock price is expected."

This content was produced with the assistance of AI translation services.