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Business Overview

Founded in 1996, Hanmi Global is a construction management (CM) and project management (PM) firm that has carried out more than 3,000 projects across roughly 60 countries. Per Engineering News-Record (ENR) rankings of non-U.S. CM/PM firms by revenue for 2022–2024, it ranked 8th globally (a top-10 ranking for four consecutive years) (sources: topdaily, thebell).

Overseas revenue is centered on U.S. semiconductor fabs and Middle East new-city projects such as the NEOM e-PMO and Riyadh Digital City in Saudi Arabia. In 2026, the company has been expanding into the nuclear power and data center sectors, including PM services for a facility upgrade at the Cernavodă nuclear power plant in Romania (its first entry into the overseas nuclear power market), winning the PM services contract for the domestic Shin-Hanul Units 3 and 4, and a global data center joint-business agreement with Naver Cloud.

5-Year Financial Trend (Consolidated)

Valuation (Factual Multiples)

EV/EBITDA could not be calculated because depreciation and net-debt detail are not available in confirmed data (not obtained). Comparable PER/PBR data for listed pure-play CM/PM peers was also not obtained (most peers are either unlisted or combine architectural design with CM/PM).

Peer Comparison

By 2024 revenue, Hanmi Global ranked first in the industry (KRW 424.8bn), but its operating margin of 7.99% was lower than Samoo's (11.1%) and Haeahn's (10.1%). Most peers combine architectural design with CM/PM services, whereas Hanmi Global is a pure-play PM/CM firm (source: thebell). Per ENR rankings of non-U.S. CM/PM firms by revenue, it ranked 8th globally (2022–2024, a top-10 ranking for four consecutive years).

Investor Flows

On the same day, institutional investors led net selling while foreign and individual investors recorded net buying. Over the most recent one-month period (2026-07-20–08-18), cumulative net flows were foreign -473,597 shares, institutional +314,541 shares, and individual +147,964 shares (secondary source). The foreign ownership ratio stood at 5.97% as of 2026-08-18 (secondary source, not cross-checked against KRX).

Governance and Capital Structure

The largest shareholder, Chairman Kim Jong-hoon's individual stake (10.40%), has remained stable, while the combined stake of related parties expanded from 19.62% on 2025-10-01 to 21.87% on 2026-06-30 (mainly due to additional acquisitions by the in-house employee welfare fund). The National Pension Service repeatedly adjusted its holding, expanding to 7.72% on 2026-04-01 before reducing it to 7.21% on 2026-07-01. Treasury shares totaled 347,300 shares (3.17% of total shares outstanding) as of 2025-12-31, and no disclosure of a change in the largest shareholder was identified during the review period.

Macro Factors

Domestically, weak leading construction indicators, the base-rate hike, and rising PF delinquency rates are combining to pressure private-sector orders downward. Overseas, with overseas revenue accounting for a high 62.2% share, won weakness is positive for KRW-translated revenue, but orders from the Middle East — a core overseas client region — have fallen sharply.

Risk Factors

• Profitability In 2025, the cost-of-sales ratio rose from 64.3% to 68.3%, and despite higher revenue, operating profit (-9.7%) and net income (-14.4%) declined.
• Subsidiary The low-margin structure of subsidiary Hanmi Global E&C has been cited as one factor behind the decline in consolidated operating profit.
• Subsidiary Whether development subsidiary Hanmi Global D&I is able to sell off unsold units could affect future results (detailed unit count and amount not obtained).
• Domestic orders Weak leading construction indicators, the base-rate hike, and rising PF delinquency rates are pressuring domestic private-sector orders downward.
• Overseas orders Overseas construction orders fell sharply by -63.6% YoY in H1 2026 (Middle East: -77.2%).
• Earnings H1 2026 results were reported at roughly -5% below market consensus revenue per secondary aggregation (not cross-checked against the primary disclosure).