사진 확대
Hanwha, which had been suspended from trading since the 30th of last month due to procedures following the division of personnel, was re-listed on the 25th as Hanwha Corporation, a surviving corporation, and Hanwha Mercy & Service Holdings, a new corporation. Hanwha Co., Ltd. rose 17.4 percent as the suspension of trading began on the day the KOSPI was at its low point, reflecting a 27-day rebound all at once. Hanwha Mercinery & Service Holdings, a newly established corporation, once reached its upper limit in early trading, but ended up rising 0.1%. The securities industry has high expectations that the split will reduce the discount rate for holding companies of surviving corporations. Until now, Hanwha’s stock price net asset ratio (PBR) has been 0.7 times.
As a result of the spin-off, the surviving corporation will have key subsidiaries of the group, including defense, shipbuilding, energy, and finance, as well as grandchildren. About 80% of the value of listed subsidiaries is concentrated on Hanwha Aerospace, and it has been reorganized mainly on defense. In particular, the surviving corporation has sales growth companies, which is positive for reducing the discount rate.
Ryu Je-hyun, a researcher at Mirae Asset Securities, raised Hanwha’s target stock price to 185,000 won from 10,700 won, saying, “As all unlisted subsidiaries are transferred to new corporations, the discount factor itself will be structurally reduced.”
In particular, Hanwha Aerospace, Hanwha Solution, and Hanwha Life Insurance, the surviving subsidiaries of the corporation, are expected to have a great potential to raise their stock prices as they saw a significant improvement in profits in the second quarter of this year compared to the previous year. Hanwha Aerospace reported operating profit, which jumped 58% year-on-year and Hanwha Life Insurance jumped 160% year-on-year.
The division ratio between the surviving and newly established corporations is 0.756 to 0.244, and Hanwha Vision, Hanwha Galleria, Hanwha Hotel & Resort, Hanwha Momentum, and Hanwha Robotics will be transferred to the newly established corporation. It was a reorganization of the governance structure in which defense and energy under the jurisdiction of senior vice chairman Kim Dong-kwan and finance under the jurisdiction of vice chairman Kim Dong-won were concentrated in the surviving corporation, and distribution, leisure and robots under the jurisdiction of president Kim Dong-sun were deployed in the new corporation. Considering that the factors in which listed holding companies trade at a discount compared to their net asset value of their subsidiaries are overlapping listings and complex corporate structures, the division of heterogeneous business sectors was a decision to resolve the complex company discount.
It is also positive for Hanwha’s value-up, a surviving corporation, as it transfers subsidiaries that rarely pay dividends from 11 existing subsidiaries to new corporations. Hanwha announced its goal of achieving a 12% return on equity (ROE) in 2030, including 1,000 won in minimum dividends per share, 4.45 million treasury stocks, all of the first preferred stocks, and retirement in the corporate value enhancement plan announced in January.
[Reporter Kim Jerim]