[Edaily Reporter KIM YOON-JEONG ] Daol Investment & Securities projected that the recovery in earnings for HANATOUR SERVICE(039130)will be delayed due to weakening demand for package tours caused by rising fuel surcharges and persistently high exchange rates against the dollar and the euro. The firm revised its earnings forecast downward and lowered its target price to 37,000 won.

On the 18th, Kim Hye-young, an analyst at Daol Investment & Securities, projected that HANATOUR SERVICE’s revenue for this year would total 562.9 billion won, a 4.1% decrease year-over-year, while operating profit would drop 20.6% to 45.8 billion won.
Analyst Kim stated, “The business environment has become unfavorable due to external factors such as rising fuel surcharges and a resurgence in exchange rates, and as a result, both revenue and operating profit are expected to decline year-over-year.”
She particularly highlighted the growing burden of fuel surcharges. In October, the fuel surcharge tier rose to Level 23, up 9 levels from Level 14 in August. She noted that the impact of reduced demand on long-haul routes due to rising fuel surcharges has persisted since the second quarter of 2026, and it remains unclear when conditions will return to normal.
The report also predicted that the impact of the holiday season would be more limited than last year. Last year, Chuseok fell in the fourth quarter and the holiday period lasted seven days, but this year, Chuseok falls in the third quarter and the holiday period is relatively shorter.
Exchange rates were also cited as a factor constraining travel sentiment. The report explained that after falling by about 10% against the U.S. dollar and the euro in mid-June, exchange rates have since begun to rise again, negatively affecting travel sentiment.
Furthermore, the analysis noted that daily trading volume has fallen below 1 billion won, indicating low market interest. Analyst Kim stated, “A favorable market environment is necessary for the company’s earnings and stock price to rise.”
Analyst Kim stated, “Despite various headwinds, the steady sales of online and mid-to-high-end package tours are a positive sign,” but added, “We are lowering the fair value to 37,000 won to reflect the decline in earnings.”