Hanssem (009240) Company Analysis — Context Behind Forward PER 34x Amid Rehaus and Online Growth
Hanssem (009240) is the leading player in South Korea's home interior market, operating Rehaus (kitchen and bathroom remodeling) and its online channel Hanssem Mall as its core growth drivers. Operating profit rose 56.4% YoY in Q1 2026, extending a streak of 12 consecutive profitable quarters; however, continued weakness in B2B revenue has resulted in an inverted valuation structure where Forward PER of 34.0x exceeds Trailing PER of 18.0x.
1. Company Overview and Core Business
Hanssem, founded in 1970, is a specialist in kitchen and bathroom remodeling, operating a B2C Rehaus and home furnishing segment alongside a B2B construction and supply segment. On a consolidated basis in 2024, the company recorded revenue of 1조 9,080억원 and operating profit of 310억원. The shareholder structure as of September 30, 2025, comprises IMM PE and related parties at 36.0%, treasury shares at 29.5%, TETON CAPITAL PARTNERS at 9.2%, and the National Pension Service at 5.4%. Q1 2026 consolidated revenue came in at 3,994억원 (YoY -9.9%), with operating profit of 101억원 (YoY +56.4%), marking 12 consecutive quarters of profitability.
📌 Q1 2026 operating profit 101억원, YoY +56.4% — 12 consecutive quarters of profitability maintained
2. Core Product Competitiveness Analysis
The Rehaus segment recorded revenue of 1,298억원 (YoY +13.2%) in Q1 2026, accounting for approximately 32.5% of total revenue. The online channel Hanssem Mall grew YoY +20% in the same period, with its share of total revenue continuing to expand. Daily average order value during the Ssaemfesta promotional event increased 19% versus the prior event, with a record single-day order volume achieved on the final day. The B2B construction and supply segment continues to see declining revenue due to constrained housing supply, and given the cost structure's high fixed-cost component, a recovery in company-wide revenue is a prerequisite for operating leverage to materialize.
| Category | Details |
|---|---|
| Position | Market leader in South Korea's home interior remodeling space (proprietary kitchen and bathroom direct-installation network) |
| Competitive Advantage | Rehaus in-house installation network; Hanssem Mall integrated online/offline channel |
| Competitive Disadvantage | B2B segment revenue volatility tied to housing transaction volume; cost structure weighted toward fixed costs |
3. Valuation Analysis
Based on a current price of 35,000원 (as of 2026-05-13), Trailing PER stands at 18.0x and Forward PER at 34.0x*1, with the forward multiple exceeding the trailing figure. This reflects market pricing for a YoY decline in annual EPS for 2025–2026. PBR is 1.47x, and market capitalization is approximately 8,236억원 based on 2,353만주 shares outstanding (per the 2026-03-03 research report)*2. Under the treasury share cancellation obligation introduced by the Third Commercial Act Amendment (passed by the National Assembly in February 2025), the final disposition of the 29.5% treasury share position could alter the float and per-share metrics*3.
📌 Forward PER of 34.0x reflects expectations of EPS deterioration, resulting in an inversion versus Trailing PER of 18.0x
| Metric | Current | Sector Avg. | Interpretation |
|---|---|---|---|
| Trailing PER | 18.0x | — | Based on FY2025 EPS |
| Forward PER | 34.0x*1 | — | EPS decline priced in; inverted vs. Trailing |
| PBR | 1.47x | — | Based on current price of 35,000원 |
| Market Cap | approx. 8,236억원*2 | — | Based on 2,353만주 shares outstanding |
4. Risks and Monitoring Points
A delayed recovery in housing transaction volume and new supply directly weighs on B2B construction and supply segment revenue. The high fixed-cost component in the cost structure creates pressure on operating margins during periods of declining revenue. The method by which the 29.5% treasury share cancellation obligation under the Third Commercial Act Amendment is executed will affect corporate governance and per-share metrics.
- ⚠️ Continued weakness in housing supply and transaction volume may delay B2B revenue recovery
- ⚠️ Uncertainty surrounding the method of fulfilling the Third Commercial Act Amendment's treasury share cancellation obligation (scope and timing of cancellation)
- 📌 Quarterly Rehaus revenue growth rate (YoY basis; whether 10%+ is sustained)
- 📌 Hanssem Mall online channel YoY growth rate and its trend as a share of total revenue
5. Recent DART Disclosures
As of the analysis date (2026-05-14), no major DART disclosures with high relevance to this report have been identified.
Hanssem continues to post quarterly growth in its Rehaus and Hanssem Mall channels, yet the Trailing/Forward PER inversion persists due to delayed B2B revenue recovery and a structural decline in EPS. The manner in which treasury share cancellation obligations are fulfilled, and the timing of B2B market recovery, remain key variables to monitor.
📎 출처 및 추정 근거
- *1 Forward PER 34.0x — based on Forward EPS provided by Naver Finance (closing price of 35,000원 on 2026-05-13 applied)
- *2 Market capitalization of approximately 8,236억원 — current price of 35,000원 × 2,353만주 shares outstanding (as stated in the iM Securities report dated 2026-03-03, inclusive of treasury shares)
- *3 Treasury share cancellation will alter the float and per-share metrics — based on Article 341-4 cancellation obligation provisions of the Third Commercial Act Amendment. The scale and schedule of cancellation remain undetermined as of 2026-05-14
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