452280 KR · Hansun EngineeringMW GOBLIN RESEARCH
Hansun Engineering (452280) — Cash Conversion Is the Next Test for Profit Growth
Analysis date
Published
Conditionally positive as of 2026-09-30. Growth in module sales and improved profitability have been confirmed, but it is difficult to conclude that the shares are undervalued at KRW 13,620. The key questions are the sustainability of operating profit excluding convertible bond valuation gains and losses, and improvement in cash flow after investment.
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Read the full reportWhat this report covers
- Higher module sales and improved profitability
- Cash conversion matters more than accounting losses