[Edaily Reporter Kwon Oh Seok ] Hana Securities announced on the 6th that it is maintaining its “Buy” investment rating and target price of 53,000 won for HANATOUR SERVICE(039130).

Lee Ki-hoon, an analyst at Hana Securities, stated, “A period of low growth has persisted since the end of 2024 due to ongoing headwinds. While a year-on-year decline in annual operating profit appears inevitable this year, we should expect a rebound starting in the fourth quarter due to high pent-up demand, coupled with stabilizing oil prices and a stronger won," he said. "Although the current stock price, at 8 times the 2027 projected P/E (price-to-earnings ratio), offers attractive valuation, a wait-and-see approach is necessary until a growth rate of over 10% is confirmed," he added.
Second-quarter revenue and operating profit came in at 115.4 billion won (-4% year-over-year) and 5.4 billion won (-44%), respectively, in line with the consensus estimate of 5.8 billion won. He explained, “The number of package tour passengers was 450,000 (-2%), and the average selling price (ASP) was 1.14 million won (+4%). By region, Japan and China grew by 20% and 10%, respectively, while Southeast Asia—which accounted for the largest share—declined by 16%.”
He added, “While the number of package tour passengers grew by 25% in April, it recorded declines of 3% and 19%, respectively, in May and June, when high oil prices and the weak won had a combined impact,” and elaborated, “On the cost side, the company defended its profits by offsetting the decline in passenger numbers through operational efficiencies in its charter flight business.”
The analyst expects the stock price to rebound starting in September. “Negative growth is likely to continue through July and August, as volatile oil prices and the weak won continue to weigh on the market,” the analyst noted. “However, we forecast a rebound in September due to the Chuseok holiday and a high base effect, and the recent stabilization of oil prices and the sharp appreciation of the won are expected to have a positive impact.”
He added, “If the rebound is successful, the base effect will be so strong that the annual growth rate of package tour passenger numbers for 2025–2026 will be only -4% and +2%, respectively
effect is so strong—with annual growth rates for package tour passenger numbers in 2025 and 2026 projected at just -4% and +2%, respectively—that we can expect a return to double-digit growth rates in 2027.”