[Alpha Biz= Paul Lee] On May 23, IBK Investment & Securities reaffirmed its ‘Buy’ rating and KRW 21,000 target price for HanmiGlobal (KRX: 053690), highlighting a strong recovery in domestic construction revenue and sustained order momentum from the Middle East. The company’s previous closing price was KRW 15,840.
Analyst Cho Jung-hyun noted, “HanmiGlobal reported solid performance in the first quarter of 2025, with revenue rising 20.3% year-over-year to KRW 122.5 billion, and operating profit increasing 16.5% to KRW 9.8 billion. This was driven by recovering domestic architectural project revenues and rising contributions from Saudi Arabia.”
Domestic revenue grew 35.4% year-over-year, accounting for 48.4% of total revenue—up slightly from the prior year. Increased recognition of completed work from architectural projects helped lift overall performance.
Revenue from Saudi operations reached KRW 12.3 billion in Q1, up 11% from the previous quarter. Although its share of total revenue edged down from 10.9% to 10%, the absolute revenue increase reflects continuing momentum in the Middle East.
HanmiGlobal is expected to secure additional contracts in the region, supported by the establishment of its Middle East Regional Headquarters (RHQ) in Saudi Arabia.
Cho added, “The company has been selected as the consultant for the ‘The NorthPole’ project, slated for February 2025. With an estimated total budget of USD 10 billion, the project is planned to be more than twice the height of the Burj Khalifa, making it a highly symbolic mega-scale development.”
He concluded, “This aligns with Saudi Arabia’s Vision 2030 initiative, and HanmiGlobal’s involvement opens doors for further project management (PM) contracts and downstream opportunities in the region.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
