Hanshin Const (004960) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hanshin Const KRW 32,580, price KRW 10,860, upside +200.0%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 5,715 KRW – 26,051 KRW · fair‑value band 19,897 KRW – 45,592 KRW · the 10,860 KRW price screens below the 32,580 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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HANSHIN Engineering & Construction Co., Ltd. operates as a general construction company in South Korea and internationally.
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HANSHIN Engineering & Construction Co., Ltd. operates as a general construction company in South Korea and internationally. The company constructs housings works, that include apartments; building works; civil works; electricity/plant works; and various projects, including residential houses, office buildings, mixed-use complexes, sports centers, highways, etc. HANSHIN Engineering & Construction Co., Ltd. was founded in 1950 and is headquartered in Yongin-si, South Korea.
Stock analysis
Hanshin Const (004960) currently trades at 10,860 KRW, while our model-based Fair Value estimate is 32,580 KRW, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 82,205 KRW per share, and 22 of the 24 models we run sit above the 10,860 KRW price.
Bear case: the Earnings-Based group reads lowest at 22,222 KRW, and 2 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 19,897 KRW (bear) to 45,592 KRW (bull), the price of 10,860 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Hanshin Const reported revenue of 1.1T KRW in FY2025 versus 1.3T KRW in FY2021, a compound −3.2%/yr. Reported net income was 59.9B KRW in FY2025, compounding +5.4%/yr from FY2021.
Key figures
Market cap 126B KRW (≈ $92.4M) · P/S ratio 0.11 · Dividend yield 1.4% · Net margin 5.2% · Return on equity 8.1% · Return on assets (EBIT) 1.6% · Operating margin 7.7% · Revenue (TTM) 1.1T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 39% below its 52-week high and 48% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 200%, 004960 screens cheaper than that median.
Fair Value models
Bear 19,897 KRWFair Value 32,580 KRWBull 45,592 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−1.7%
Revenue growth 13 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
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What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−28.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−29.8%
Dividend (yield on the price)1.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 6%
2025 sits 88% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 7.6%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+23.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +20.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Engineering & Construction · 840 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Above median
Fair Value upside+200% · Top 25%
Profitability
Return on equity (TTM)8% · Above median
Return on assets2% · Below median
Net margin (TTM)6% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth−17% · Bottom 25%
Dividend yield (TTM)1.4% · Below median
Balance sheet
Debt / equity0.44× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Hanshin Const Fair Value". https://www.fairvalue-calculator.com/stock/004960
Frequently asked questions
Is Hanshin Const (004960) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 32,580 KRW versus a price of 10,860 KRW, about +200% upside (undervalued).
What is the fair value of 004960?
Our model-based fair value for Hanshin Const is 32,580 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 10,860 KRW.
What is the quality score of 004960?
Hanshin Const has a Quality Score of 51/100. 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 price target for Hanshin Const (004960)?
Our model-based price target is the fair value of 32,580 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 19,897 KRW, optimistic scenario 45,592 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hanshin Const stock forecast for 2026?
Our models put fair value at 32,580 KRW, about +200% upside versus a price of 10,860 KRW (undervalued). Cautious scenario 19,897 KRW, optimistic scenario 45,592 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hanshin Const (004960)?
Hanshin Const reported trailing-twelve-month revenue of about 1.1T KRW (latest available figure, as of Sep 24, 2026).
Does Hanshin Const pay a dividend?
Hanshin Const currently shows a dividend yield of about 1.38% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Hanshin Const (004960)?
For today's price to be fair in a discounted-cash-flow model, Hanshin Const would have to grow free cash flow by +23.1 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -5.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 004960 use?
Our models discount Hanshin Const at 11.6 %: a base by market capitalisation (micro), damped by beta 0.54, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hanshin Const that is +23.1 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Hanshin Const (004960) delivered so far?
Over the past 5 years revenue at Hanshin Const grew -5.9 % a year. The price currently implies +23.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hanshin Const (004960) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Hanshin Const (+23.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hanshin Const (004960)?
The free-cash-flow yield on the price is 16.40 %: that much free cash flow Hanshin Const produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hanshin Const (004960)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hanshin Const it is 32,580 KRW per share (as of Sep 24, 2026), against a price of 10,860 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Hanshin Const stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 004960 trades below its calculated fair value: price 10,860 KRW, fair value 32,580 KRW, a gap of about +200% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 004960?
No. The price is what the market pays today (10,860 KRW); the fair value is what the company's own numbers justify (32,580 KRW). For Hanshin Const the two are 21,720 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hanshin Const worth?
The market values Hanshin Const at about 126B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 10,860 KRW; our models calculate a fair value of 32,580 KRW per share.
What do the bullish and bearish scenarios say about 004960?
Our models span a range for Hanshin Const: cautious scenario 19,897 KRW, base 32,580 KRW, optimistic 45,592 KRW per share (as of Sep 24, 2026, price 10,860 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hanshin Const (004960)?
Balance-sheet figures for Hanshin Const (as of Sep 24, 2026): return on equity 8.1%, debt of 0.44 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 004960 from its 52-week high?
Hanshin Const trades at 10,860 KRW, about 39% below its 52-week high of 17,730 KRW and 48% above the low of 7,350 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 32,580 KRW is for.
Which stocks are comparable to Hanshin Const?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hanshin Const stock attractive at the current price?
The data as of Sep 24, 2026: price 10,860 KRW, calculated fair value 32,580 KRW (+200%), Quality Score 51/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 004960 calculated?
We run Hanshin Const through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 32,580 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Hanshin Const currently trades 200 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hanshin Const (004960)?
The closing price on Sep 23, 2026 was 10,860 KRW. Our model-based fair value is 32,580 KRW, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanshin Const right now?
The price is below even our cautious bear case (19,897 KRW). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (19,897 KRW to 45,592 KRW) leaves room in how you read the outcome.
Key figures of Hanshin Const
How large is the market capitalisation of Hanshin Const (004960)?
The market capitalisation of Hanshin Const is 126B KRW (≈ $92.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hanshin Const (004960)?
The price-to-sales ratio of Hanshin Const is 0.11 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Hanshin Const (004960)?
The dividend yield of Hanshin Const is 1.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hanshin Const (004960)?
The net margin of Hanshin Const is 5.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hanshin Const (004960)?
The return on equity (ROE) of Hanshin Const is 8.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hanshin Const (004960)?
On an EBIT basis the return on assets of Hanshin Const is 1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hanshin Const (004960)?
The operating margin of Hanshin Const is 7.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hanshin Const (004960)?
Revenue at Hanshin Const is growing −17.1% versus a year earlier (3y avg −2.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hanshin Const (004960)?
Earnings per share at Hanshin Const are growing +219% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hanshin Const (004960) carry?
The net debt of Hanshin Const is 521B KRW (fiscal year 2025, ≈ 25.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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