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Korean container-shipping line operating global container vessels and bulk carriers, majority state/policy-bank owned.
Korean container-shipping line operating global container vessels and bulk carriers, majority state/policy-bank owned.
Earns freight on containers, with rates reset by the spot market and annual contracts, so earnings swing with global shipping supply. Korea's state creditors, the Korea Development Bank and the Korea Ocean Business Corporation, became its largest shareholders in the 2016 restructuring, and a planned sale of their stake to Harim Group collapsed.
In one line: Korea's Matson/CMA CGM peer — a container shipping line..
Moat: none (scale). Container shipping is a highly cyclical, commoditized business with limited pricing power outside freight-rate spikes.
Headquarters: Seoul, South Korea · Founded: 1976 · Employees: 1,933
Size HMM (011200.KS) is a South Korea Industrials company (Marine Shipping) with a market value of $15.3B, the 26th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩22,050 on 6 Nov 2026.
Performance Over six months the shares gained 7.6%, against +16.5% for the median peer and -24.5% for the South Korea market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 5.3% over the last twelve months (peer median +0.2%); the operating margin is 10.7% (peer median 13.8%).
Valuation It trades at 9.7× forward earnings against a peer median of 7.3× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (5.2% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩11.5T | ₩10.9T | ₩11.7T | ₩8.40T | ₩18.6T |
| Revenue growth | — | -7% | +39% | -55% | — |
| Gross profit | ₩1.79T | ₩1.98T | ₩3.92T | ₩933B | ₩10.4T |
| EBITDA | ₩2.51T | ₩2.58T | ₩4.42T | ₩1.46T | ₩10.8T |
| Net income | ₩1.43T | ₩1.87T | ₩3.74T | ₩883B | ₩10.1T |
| Free cash flow | ₩119B | ₩1.70T | ₩2.29T | -₩137B | ₩10.6T |
| Capital expenditure | ₩2.71T | ₩1.60T | ₩2.54T | ₩2.04T | ₩486B |
| Total debt | ₩6.12T | ₩5.19T | ₩5.10T | ₩4.71T | ₩6.56T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HMM 011200.KS | $15.3B | +8% | -5% | 11% | 9.7× | -1.8% |
| A.P. Moller - Maersk A/S MAERSK-A.CO | $47.6B | +44% | -8% | 5% | 5.9× | -1.3% |
| COSCO SHIPPING 1919.HK | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% |
| Evergreen Marine Corp(taiwan) 2603.TW | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 011200.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | -4.8% | 5th highest of 21 |
| 6-month return | +7.6% | +16.5% | 6th lowest of 21 |
| Distance from 52-week high | -11.6% | -16.2% | 4th highest of 21 |
| Revenue growth (TTM) | -5.3% | +0.2% | 8th lowest of 21 |
| Operating margin | 10.7% | 13.8% | 9th lowest of 21 |
| Forward P/E | 9.7× | 7.3× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.8% | -2.3% | 9th most demanding of 18 |
| Growth delivered (Del g) | +11.2% | +7.8% | 6th highest of 18 |
| Hurdle (Req g minus delivered) | -13.0 pp | -13.0 pp | 9th most demanding of 18 |
| ROIC minus cost of capital | -1.1 pp | +1.8 pp | 7th lowest of 21 |
| EV / EBITDA | 5.7× | 8.2× | 8th cheapest of 16 |
| Net debt / EBITDA | -2.6× | 0.4× | 2nd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HMM 011200.KS | South Korea | $15.3B | +8% | -5% | 11% | 9.7× | -1.8% | +11.2% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| SITC International 1308.HK | Hong Kong | $15.8B | +34% | +5% | 34% | 10.7× | -0.4% | +15.3% |
| Evergreen Marine Corp(taiwan) 2603.TW | Taiwan | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% | +12.9% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
| COSCO SHIPPING Energy Transportation 600026.SS | China | $13.2B | -21% | +38% | 33% | 6.1× | -8.2% | +7.8% |
| OOIL 0316.HK | Hong Kong | $12.8B | +10% | -8% | 10% | 5.9× | -2.3% | +3.6% |
| China Merchants Energy Shipping 601872.SS | China | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% | +5.4% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Ningbo Zhoushan Port 601018.SS | China | $10.4B | -4% | +12% | 16% | n/a | -7.3% | +7.6% |
| Hapag-Lloyd HLAG.DE | Germany | $25.1B | +11% | -9% | 2% | 18.5× | 34.4% | +7.8% |
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% | +11.4% |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% | +21.0% |
| Kuehne & Nagel International KNIN.SW | Switzerland | $34.3B | +35% | +1% | 5% | 25.4× | 3.2% | +3.7% |
| Kirby KEX | United States | $6.39B | -15% | +8% | 14% | 14.6× | 6.2% | +9.2% |
| Matson MATX | United States | $6.34B | +16% | 0% | 14% | 10.9× | 11.8% | +7.0% |
| COSCO SHIPPING 1919.HK | Hong Kong | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% | +4.3% |
| Yang Ming Marine Transport 2609.TW | Taiwan | $6.03B | +14% | -22% | 6% | 6.5× | n/a | n/a |
| A.P. Moller - Maersk A/S MAERSK-A.CO | Denmark | $47.6B | +44% | -8% | 5% | 5.9× | -1.3% | +6.6% |
| COSCO Shipping Specialized Carriers 600428.SS | China | $4.40B | +25% | +37% | 19% | 8.9× | -17.9% | +27.0% |
| COSCO SHIPPING Development 601866.SS | China | $3.87B | -10% | -3% | 13% | 3.8× | n/a | n/a |