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Heung-A Shipping Co (003280) Fair Value & Analysis

Industrials · KR · Market cap 454B KRW

HA Heung-A Shipping Co 003280 · KO
Price1,691 KRW
Fair Value1,970 KRW
Upside+16.5%
Quality53/100
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Mixed Growth
Solidly profitable · 16.0% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/9)
Narrow moat 39/100
Evidence: High Range 1,413 KRW – 2,526 KRW Share as image

Fair value as of: Jul 22, 2026

From 24 valuation models · updated 19 days ago

Fair value updated Jul 22, 2026, revised from 1,971 KRW to 1,970 KRW (−0.1%) since Jun 25, 2026. Share price −2.4% over the past month.

A solid business, screening 16% undervalued on our models.

What matters now

  • Our model range runs from 1,413 KRW (bear) to 2,526 KRW (bull), base 1,970 KRW. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 53/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

5,750 KRW 852.00 KRW Fair Value 1,970 KRW Sep 2019 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range 852.00 KRW – 5,750 KRW · fair‑value band 1,413 KRW – 2,526 KRW · the 1,691 KRW price screens below the 1,970 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Heung-A Shipping Co (003280) currently trades at 1,691 KRW, while our model-based Fair Value estimate is 1,970 KRW, implying the stock looks roughly 16.5% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Heung-A Shipping Co generated revenue of 175B KRW at a net margin of 16.0%. Revenue declined 12.6% year over year. It earns a return on equity of 10.9%. Net debt stands at 61.5B KRW. Fundamentals as of Jul 22, 2026

Our scenario range runs from 1,413 KRW (bear case) to 2,526 KRW (bull case); at 1,691 KRW, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 65% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 67% fair-value upside, at 16%, 003280 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 1,722 KRW 2,266 KRW 3,233 KRW 80
Residual Income 995.54 KRW 1,227 KRW 3,087 KRW 76
Rev-Margin DCF 1,077 KRW 1,320 KRW 1,632 KRW 74
All 24 models by family
DCF Models
FCF DCF 1,655 KRW 2,210 KRW 3,278 KRW 38
Owner Earnings 2,610 KRW 3,569 KRW 5,416 KRW 31
5Y Revenue Exit 1,077 KRW 1,291 KRW 1,599 KRW 39
5Y EBITDA Exit 1,729 KRW 2,420 KRW 3,336 KRW 41
5Y P/E Exit 1,909 KRW 2,732 KRW 3,714 KRW 38
10Y Revenue Exit 1,273 KRW 1,455 KRW 1,639 KRW 36
10Y EBITDA Exit 1,690 KRW 2,170 KRW 2,682 KRW 37
10Y P/E Exit 1,802 KRW 2,367 KRW 2,910 KRW 35
Earnings-Based
Graham-Dodd 865.21 KRW 1,057 KRW 1,190 KRW 54
EPV 767.14 KRW 841.64 KRW 907.86 KRW 59
Dividend Discount
Gordon GGM 32.97 KRW 36.26 KRW 41.31 KRW 70
DDM Multi-Stage 32.97 KRW 42.08 KRW 55.25 KRW 61
Multiples
P/E Multiple 2,004 KRW 2,672 KRW 3,340 KRW 63
P/S Multiple 1,128 KRW 1,504 KRW 1,880 KRW 58
P/B Multiple 1,622 KRW 2,163 KRW 2,704 KRW 55
EV/EBIT 943.03 KRW 1,142 KRW 1,342 KRW 53
EV/EBITDA 2,014 KRW 2,570 KRW 3,127 KRW 54
EV/Revenue 771.83 KRW 954.76 KRW 1,138 KRW 43
Asset-Based
NCAV (Graham) 530.41 KRW 710.75 KRW 1,061 KRW 50
Growth DCF
Growth DCF 1,722 KRW 2,266 KRW 3,233 KRW 80
Rev-Margin DCF 1,077 KRW 1,320 KRW 1,632 KRW 74
Economic Profit
Residual Income 995.54 KRW 1,227 KRW 3,087 KRW 76
ROIC Compounder 767.14 KRW 841.64 KRW 907.86 KRW 72
Growth Earnings
Growth-Adj P/E 1,415 KRW 2,022 KRW 2,628 KRW 68

Widest divergence: DCF Models (2,210 KRW) versus Dividend Discount (36.26 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 175B KRW
Revenue growth (YoY) -12.6%
Net margin 16.0%
Return on equity 10.9%
Free cash flow 30.8B KRW FY2025
Operating margin 2.8%
More key figures
EPS growth (YoY) -82.0%
Net debt 61.5B KRW FY2020

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 55 · Market factors (momentum, volatility) 28

Profitability 41
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 42
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Heung-A Shipping Co.,Ltd. operates as a marine shipping agency in Korea and internationally. The company also provides container liner and chemical tanker services. It operates through a fleet of chemical tanker ships. The company was founded in 1961 and is headquartered in Seoul, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Heung-A Shipping Co reported revenue of 181B KRW in FY2025 versus 81.7B KRW in FY2021, a compound +22.0%/yr. Reported net income was 30.6B KRW in FY2025, compounding +16.8%/yr from FY2021.

Growth Quality 89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
181B KRW
Latest YoY
−3.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.2%
Avg. growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.3%
Revenue +22.0%/yr
FY21 81.7B KRW
FY22 178B KRW
FY23 165B KRW
FY24 188B KRW
FY25 181B KRW
Net income +16.8%/yr
FY21 16.4B KRW
FY22 22.7B KRW
FY23 34.1B KRW
FY24 39.6B KRW
FY25 30.6B KRW

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Cite: Fair Value Calculator (2026). "Heung-A Shipping Co Fair Value". https://www.fairvalue-calculator.com/stock/003280

Peer Group

Marine Shipping · 231 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 53 · Below median
Fair Value upside +17% · Above median
Return on equity (TTM) 11% · Above median
Return on assets 1% · Bottom 25%
Net margin (TTM) 16% · Above median
Operating margin (TTM) 3% · Bottom 25%
Revenue growth -13% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Marine Shipping median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 55 · sector 29
FUTURE 0 · sector 18
PAST 44 · sector 27
HEALTH 100 · sector 88
DIVIDEND 0 · sector 47

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Marine Shipping stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Adani Ports and Special Economic Zone Limited ADANIPORTS ₹1,828 ₹1,041 -43%
A.P. Møller - Mærsk A/S MAERSKA kr 16,520 kr 3,033 -82%
COSCO SHIPPING Holdings 601919 ¥13.98 ¥40.37 +189%
Shanghai International Port (Group) Co 600018 ¥5.17 ¥6.57 +27%
HMM Co 011200 20,050 KRW 33,855 KRW +69%
Ningbo Zhoushan Port Company 601018 ¥3.35 ¥5.58 +67%
Qingdao Port International Co 601298 ¥8.88 ¥15.97 +80%
JSW Infrastructure Limited JSWINFRA ₹330.05 ₹126.31 -62%
Wan Hai Lines Ltd 2615 80.70 TWD 212.79 TWD +164%
Wallenius Wilhelmsen ASA WAWI kr 137.70 kr 50.56 -63%

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Frequently asked questions

Is Heung-A Shipping Co (003280) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of 1,970 KRW versus a price of 1,691 KRW, about +16% (undervalued).
What is the fair value of 003280?
Our model-based fair value for Heung-A Shipping Co is 1,970 KRW (as of Jul 22, 2026), built from audited fundamentals. The current price is 1,691 KRW.
What is the quality score of 003280?
Heung-A Shipping Co has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Heung-A Shipping Co (003280)?
Heung-A Shipping Co reported trailing-twelve-month revenue of about 175B KRW (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 003280?
The net profit margin of Heung-A Shipping Co is about 16.0%, meaning it keeps roughly 16.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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