[Click eStock] Halla to Expand Self-Developed Sale Volume Next Year

[Asia Economy Reporter Junho Hwang] Shin Young Securities maintained the target price for Hanla at 9,000 KRW and kept the investment rating as 'Buy.'

Hanla supplied 6,000 households this year, falling short of the supply target of 10,000 households. Next year, the goal is set at 8,000 households. In particular, they plan to significantly increase the volume of self-developed sales this year and next year. Accordingly, Shin Young Securities expects recognition of revenue from self-operated projects to improve overall profitability. From 2023, sales are expected to increase sharply as the Bucheon Sosa Station project is recognized as revenue.

Additionally, Hanla is conducting various fund investments to overcome the limitations of the construction industry. This year, they invested approximately 40 billion KRW in Korean Asset Valuation (CL Buyout PEF, 34 billion KRW), Kemsfield Korea (LC SOL Growth PEF, 5 billion KRW), and Airlane (1 billion KRW), among others. In the case of Airlane, the company's valuation was about 20 billion KRW at the time, but recently, after attracting new investments from Lotte Chemical, the valuation has grown to 50 billion KRW.

Researcher Sera Park of Shin Young Securities analyzed, "Starting with self-operated project sales, sales will gradually recover from the second half of next year, and significant sales growth is expected in 2023," adding, "It is a time to maintain steady interest in the company, which is expected to grow externally along with an active shareholder return policy."