Korea Stock Market Insights

Tag: Hancom With

  • Hancom’s Special Relationship Share Transfer: A Signal for Management Change?



    Hancom's Special Relationship Share Transfer: A Signal for Management Change? 대표 차트 이미지






    What Happened? Analyzing Hancom’s Special Relationship Share Transfer

    A share transfer occurred between Hancom With and the Republic of Korea through over-the-counter trading, but Hancom With’s total stake (35.76%) remains unchanged. The key transaction was Kim Yeon-soo’s over-the-counter sale of 5,535 shares to Datoes Co., Ltd.

    Why Does This Matter? Understanding the Context and Hidden Meanings

    As this transaction occurred between special relationships, an immediate management change seems unlikely. However, with Hancom With’s stated objective of influencing management rights, it suggests the possibility of future changes in governance. The inclusion of “Republic of Korea” as a special relationship may also imply potential government involvement.

    So, What’s Next? Analyzing the Potential Impact

    While the short-term impact on stock prices is expected to be limited, the recent decline in consolidated earnings reported in the semi-annual report could negatively affect investor sentiment. On the other hand, the growth of the core software business and the expansion of new AI/cloud businesses are positive factors. Standalone performance remains solid, and the maintained stake also contributes positively to management stability.

    What Should Investors Do? An Action Plan

    • Monitor consolidated earnings improvements: Recovery in manufacturing and other sectors, growth in the software sector, and securing profitability in new businesses are key.
    • Monitor AI/cloud business performance: Closely analyze actual revenue and profit contributions.
    • Track macroeconomic changes: Continuously monitor the impact of fluctuations in interest rates, exchange rates, and oil prices.
    • Analyze major shareholder strategies: Pay attention to Hancom With’s management strategies and changes in governance structure.


    Frequently Asked Questions (FAQ)

    Will Hancom’s management change due to this share transfer?

    This share transfer was between special relationships and there is no change in overall stake percentage, so an immediate management change is not expected. However, the possibility of future changes in management strategy should be considered.

    What is Hancom’s investment outlook?

    The growth potential of AI and cloud businesses is positive, but the decline in consolidated earnings and macroeconomic uncertainty are risk factors. Continuous monitoring of core business performance and changes in macroeconomic indicators is necessary.

    What does it mean that “Republic of Korea” is included as a special relationship?

    This suggests the possibility of government agency or public sector participation in the shares, and implies that it may be affected by government policies or support in the future.









    Hancom's Special Relationship Share Transfer: A Signal for Management Change? 관련 이미지




  • Hancom With (054920) H1 2025 Earnings Analysis: Declining Profitability Despite PQC Investment

    1. What Happened?

    Hancom With announced its Q2 2025 preliminary earnings on August 14, 2025. While revenue slightly increased to ₩186.9 billion compared to the previous quarter, operating profit and net profit decreased to ₩500 million and ₩4.1 billion, respectively. Year-over-year, revenue decreased, operating profit increased, and net profit turned to black.

    2. Why These Results?

    The main cause of the revenue decline is the sluggish gold trading business. Conversely, the security solutions sector showed growth. Operating profit increased year-over-year due to growth in the security solutions sector and improved margins in the gold trading business, but decreased significantly compared to the previous quarter. Net profit turned to black due to non-operating factors such as investment gains from affiliated companies, but decreased when Q2 preliminary results were reflected. Furthermore, the increased debt ratio due to increased borrowing raises concerns about financial soundness.

    3. What’s Next?

    Hancom With is actively investing in promising future technologies such as PQC, AI-based security solutions, and blockchain, securing long-term growth potential. However, high dependence on the gold trading business and the increasing debt ratio are risk factors. The commercialization and market performance of PQC and AI technologies, the development of new growth engines besides gold trading, and the management of financial soundness will be key variables in the future.

    4. What Should Investors Do?

    • While the company’s efforts to secure future growth engines and its technological capabilities are positive, investment should be approached from a mid- to long-term perspective, considering the short-term sluggish performance and increased financial burden.
    • Investors should continuously monitor debt ratio management, business portfolio diversification, and performance improvement in the security software business.
    • Compare and analyze future official earnings with market expectations to inform investment decisions.
    What are Hancom With’s main businesses?

    Hancom With engages in various businesses, including security software, blockchain, and gold trading. The company is particularly focused on investing in the development of Post-Quantum Cryptography (PQC) and AI-based biometric authentication technology.

    How did Hancom With perform in H1 2025?

    Hancom With recorded revenue of ₩186.9 billion, operating profit of ₩500 million, and net profit of ₩4.1 billion. Year-over-year, revenue decreased, operating profit increased, and net profit turned to black. Quarter-over-quarter, revenue slightly increased, while both operating profit and net profit decreased.

    What should investors consider when investing in Hancom With?

    Investors should be aware of the company’s high dependence on the gold trading business and its increasing debt ratio. It’s also important to monitor the commercialization and market performance of PQC and AI technologies, the development of new growth engines, and the management of financial soundness.