[Click eStock] "Hangul and Computer, a Chance to Buy AI SW at PER 10 Times"

Shinhan Investment Corp. analyzed on the 22nd that Hangul and Computer is an opportunity to buy an artificial intelligence (AI) software (S/W) company with a price-to-earnings ratio (PER) of 10 times.

Lee Byunghwa, a researcher at Shinhan Investment Corp., stated in a report on the same day, "It is a time when the valuation attractiveness stands out for an AI S/W company with a PER of 10 times based on 2025 performance," and explained, "The cloud portion within S/W performance was 31.5% in the third quarter and is expanding every quarter."

He added, "The growth of cloud-based AI S/W, Thinkfree's supply of cloud office to the U.S. government, and collaboration with global IT companies on on-device AI indicate the beginning of market diversification."

Hangul and Computer recorded consolidated sales of 71.2 billion KRW and operating profit of 8.5 billion KRW in the third quarter of this year. These results represent increases of 24.9% and 159.9%, respectively, compared to the same period last year. He analyzed, "The solid performance of the core business is overshadowed by volatility in the consolidated subsidiaries' results, but the stable sales maintenance and profitability improvement of Hancom Lifecare are positive," adding, "Hancom Lifecare maintained a profit trend with an operating profit of 300 million KRW in the third quarter following 6.9 billion KRW in the second quarter."

He also projected, "For the fourth quarter, separate performance is estimated at sales of 42.7 billion KRW (+18.7%), operating profit of 13.9 billion KRW (+16.1%), and an operating profit margin of 32.4%," forecasting, "On-premises sales of 32.1 billion KRW (+0.6%) and cloud sales of 9.0 billion KRW (+241.2%) are expected, with particular growth in cloud SaaS (Software as a Service) applications in public and private sectors and expansion of generative AI product offerings, leading to continued growth in core business performance."