452280 KR · Hansun EngineeringMW GOBLIN RESEARCH
Hansun Engineering: After Growth, the Focus Turns to Cash Recovery
Analysis date
Published
As of 2026-10-23, growth in the core business is positive, but it is difficult to be confident that the shares are undervalued at KRW 15,180. Expanding module sales must translate into cash generation per share after covering capacity expansion costs and working capital needs. Customer-level profitability and the latest market estimates have not been sufficiently verified.
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- Module growth is evident; the benefits of customer production increases are a separate question
- Automation benefits must outweigh investment costs and dilution