[Click eStock] "Now Is the Time to Buy"... Key Investment Points for Hanssem

Mirae Asset Securities has raised its target price for Hanssem from 45,000 won to 48,000 won. The investment rating has also been upgraded from Neutral to Buy.

On July 29, analyst Kim Gi-ryong at Mirae Asset Securities stated, "The stock price has increased due to revisions in earnings estimates and changes in standards, and the investment rating was updated after considering upside potential from the current price," adding, "The key issue is whether the treasury shares will be cancelled."

In June, Hanssem announced a shareholder return policy targeting at least 40% of its annual adjusted net income on a separate basis, and revealed a decision to acquire 50 billion won worth of treasury shares. When combined with a quarterly dividend of 1,500 won as of July, the shareholder return rate for this year surpasses 50%.

Regarding this, Analyst Kim explained, "After the treasury share buyback, the proportion of treasury shares will increase from 29.5% to 35.0%," and noted, "The deadline for cancellation is until September next year, so whether or not the cancellation will be realized and the extent to which expectations are reflected will be critical factors."

The company's performance is expected to match forecasts. Hanssem's operating profit on a consolidated basis for the second quarter of this year is estimated at 11.8 billion won, in line with the consensus forecast of 12.2 billion won. Analyst Kim pointed out, "With the end of the capital gains tax exemption for multiple homeowners, healthy housing transactions are continuing, likely driving double-digit growth in B2C Rehaus sales," while "B2B sales are expected to decline due to a contraction in pre-sale projects."

External growth momentum is forecast to continue. Analyst Kim noted, "Sales of package products centered on core items such as kitchens and baths, increases in average transaction value, and the launch of new products will sustain the external growth trend," and added, "The effect of launching mid- to high-priced new products since the second half of 2024 is also contributing to the recovery in B2C sales."

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