[E-Daily Reporter Kwon Oh Seok ] NH INVESTMENT & SECURITIES announced on the 8th that it is maintaining its “Buy” investment rating and target price of 56,000 won for HANSSEM CO.,LTD.(009240).

Lee Eun-sang, an analyst at NH INVESTMENT & SECURITIES, explained, “While an increase in apartment sales driven by actual demand is boosting B2C revenue, expectations regarding the company’s plan to utilize treasury stock remain valid.” He added, “However, since the upward revision to earnings estimates is offset by the decline in the market price of treasury stock, we are maintaining the target price.”
He explained, “Projected 2026 revenue for the B2C segment (Rehouse and Home Furnishing) is 1.0 trillion won (+16% year-over-year), which is expected to drive overall company revenue. “This is attributable to an increase in transaction volume for existing homes driven by actual demand,” he noted, adding, “The number of sales transactions for existing apartments (built 20 years or more ago) in the Seoul metropolitan area reached 18,000 units in the first half of this year, a 20% increase compared to the first half of last year.”
He continued, “It is also positive that the HANSSEM CO.,LTD. Mall platform, which has been significantly enhanced over the past two years, can lead the recovery in earnings. Through the company’s online store app, the company is managing interior design contracts and increasing purchase conversion rates based on customer demand data.” He added, “It is also positive that the company is likely to initiate a sustainable shareholder return policy based on this earnings recovery. He elaborated, “Following the amendment to the Commercial Act, the company’s level of treasury stock cancellation and utilization is highly likely to meet market expectations.” The current treasury stock ratio stands at 29%.
The analyst projected second-quarter operating profit of 11.4 billion won (up 407% year-over-year), in line with market consensus. The analyst noted, “An increase in operating profit year-over-year is expected due to the expansion of B2C sales,” adding, “While some increases in raw material and transportation costs due to the aftermath of the war are inevitable, the company has largely prepared for supply chain volatility since it enters into one-year contracts with most of its raw material suppliers. Regarding net income, the base is high compared to the same period last year due to the sale of the HANSSEM CO.,LTD. Design Park Bangbae branch.”