운전자본 팽창 → 현금 고갈 → 유동성 위기
Warning순운전자본이 +42.9% 팽창하며 현금이 묶이고 있다. 영업CF/순이익 비율이 29%로 이익 대비 현금 회수가 부족하고, 유동비율도 0.97에서 0.85로 하락했다.
Evidence
순운전자본 YoY +42.9%영업CF/순이익 29%유동비율 0.97→0.85
Hanwha Systems
A272210 · KOSPI₩62,500+13.43%
2026-08-03 closeHanwha Systems — pricey right now, or cheap? And what signals are flashing today?
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AI Insight
Why these signals fired — only backtest-proven edge, told honestly
Strong-buy signal — the real recordrecord · not a prediction
Not this one stock, but every strong-buy pick we actually published (Korea market). When this stock flashes the signal, it is treated by the same rule.(as of 2026-08-03)
Last 30 sessions
648 picks
Next-day win rate
49.2%
Avg next-day
-0.17%
vs market
+0.72%p
Beat the market on 62.1% of picks (each pick vs its own day’s market average).
Recent publish days (next-day win rate)
07-31 0%07-30 66.7%07-29 0%07-28 45%07-27 20%07-25 36.4%07-21 55.6%07-20 53.8%07-16 53.3%07-15 50%07-14 71.4%07-13 31.2%
This stock has not flashed this signal recently — the record above is the signal’s own, not this stock’s.
Entry is the latest close at publish time; next-day is the following close. “Market” is the equal-weighted average of every stock in the same market that day; delisted names are excluded from both. Fees, taxes and slippage are not included. An observed record over a short window, not a pre-registered backtest. Not investment advice.
Valuation Grades
Relative to 72 상사,자본재 peers · not investment advice
Valuation in its own history
PER 25.99 · PBR 4.74 — own history (2019-11~) percentiles 46/100 · 0/100
PER46/100
PBR0/100
Higher indicates lower valuation relative to its history (based on earnings and book yields).
Earnings percentiles can fluctuate for cyclical companies (including loss periods), so the book basis is shown alongside. Companies with large share buybacks can have structurally high PBR. Factual information, not investment advice.
Annual dividend
Split-adjusted annual DPS history and available grade axes
Paid 6 consecutive years · Raised 3 consecutive years · Yield 0.56% (based on 2025 payment of 350원) · 3-year growth +29.8%
Per-share amount adjusted for splits and capital reductions · Factual information, not investment advice.
Financial safety
Reference indicatorAs of 2024Grey zoneFinancial-metric reference signal
Altman Z'' zoneZ'' 1.36
Distress
Grey
Safe
- Altman Z''
- 1.36
- Beneish M-Score
- -1.83
- Sloan accrual
- 5.62%
No statistical flag
부실·조작 위험을 나타내는 사실 지표입니다. 투자 조언이 아니며, 검증 전이라 참고용입니다.
Factual information, not investment advice.
Why has this company moved this way?
Auditable observations with the original numeric evidence.
매출 성장 + 마진 확대 + FCF 양수
Positive매출이 +14.3% 성장하면서 영업이익률이 5.3%에서 20.2%로 확대되었다. FCF도 양수를 유지하여 질적 성장이 확인된다.
Evidence
매출 YoY +14.3%영업이익률 5.3%→20.2%FCF 405,534
Factual information, not investment advice.
Earnings quality · Piotroski F-Score
4/9Moderate
Piotroski measures year-over-year financial improvement, not absolute quality.
Financial improvement score4/9
Profitability
- Positive ROAPass
- Positive OCFPass
- Improving ΔROAPass
- Accruals (OCF > net income)Not passed
Leverage & liquidity
- Lower debtNot passed
- Higher current ratioNot passed
- No new sharesNot passed
Efficiency
- Higher gross marginPass
- Higher asset turnoverNot passed
Calculation note: F7(신주)은 equity/asset 유지로 근사
Already-stable companies may score lower when year-over-year improvement is limited.
Factual information, not investment advice.
Forensic signals
Anomaly and structural signals observed in the financial statements.
Revenue qualityWarning
매출채권 증가율이 매출 증가율의 1.5배 초과 (3기 연속) — 매출 인식 주의. 통계적 정황 신호이며 회계부정 단정이 아닙니다.
Margin trendWarning
영업외손익 급변 (영업이익 대비 59% 규모 변동) — 일회성 손익 주의. 통계적 정황 신호이며 회계부정 단정이 아닙니다.
Factual information, not investment advice.
Industry structure
KRAs of 2026-08-03상사,자본재
This stock is in 상사,자본재: revenue rank 19 of 71, share 0.8%.
19 / 710.8%revenue share
Who dominates this industry?
- 1SK33.6%
- 2CJ11.8%
- 3삼성물산11.4%
- 4포스코인터내셔널8.7%
- 5두산4.9%
- 6한화시스템0.8%
Concentration
ModerateCR3 56.7%HHI and CR3 are separate industrial-organization facts; they are not the polarization verdict.
Polarization
MixedConsistentPolarization measures industry gaps and structure, not valuation, forecast, or investment advice.
Margin lens
- IQR%p
- 11.07
- Direction
- 확대
- Level
- 보통
- Years
- 6
Value lens
- P90/P10
- 11.6
- Median P/B
- 1.26
- Level
- 넓음
- n
- 57
Survivorship note: 현재 산업 멤버십을 과거 연도에 소급 적용 — 과거 진입·퇴출 기업 미반영(복원 불가)
Factual information, not investment advice.
Risk sensitivity — adverse assumptions
Metric changes under stated assumptions; not a forecast or investment advice.
Base metrics
- Operating margin
- 20.2%
- Interest coverage
- 25.3x
- Return on equity (ROE)
- 18.2%
Operating margin −5pp
TolerableInterest coverageBase 25.3x adverse case 19.1x
Return on equity (ROE)Base 18.2% adverse case 16.2%
Revenue −15%
TolerableInterest coverageBase 25.3x adverse case 21.5x
Return on equity (ROE)Base 18.2% adverse case 18.4%
Interest rate +2pp
TolerableInterest coverageBase 25.3x adverse case 6.5x
Return on equity (ROE)Base 18.2% adverse case 19.2%
Interest coverage limit
Current margin 19.4ppInterest coverage limit at an operating margin of 0.8%
Interest expense coverage threshold
Key suppliers · Annual report
Annual reportDART · 2026-05-13Suppliers disclosed by the company in its 2026-05-13 annual report.
Suppliers without disclosed amount
송수신모듈브로던빅텍Price comovement r=0.38 (1 year)키프코우주항공제노코Price comovement r=0.44 (1 year)웨이비스Price comovement r=0.30 (1 year)전술통신장비구미사업장서울사업장데이터센터용인사업장판교사업장+32 more
Financials at a glance
Hanwha Systems's latest results and balance sheet. The bars track the last three periods.
Who held it · filings
Filed recordA historical record from curated-guru 13F filings and DART 5%+ major-holding disclosures.
US 13F는 분기 공시이며 최대 45일 뒤 제출될 수 있습니다.
5%+ major-holding disclosures
- 한화에어로스페이스59.54%2026-03-30 · 증감 0.00%p
- 국민연금공단7.19%2025-10-01 · 증감 -1.02%p
Other stocks held by the same investors
A filing-based shared-holder record, not investment advice.
- 한화오션KRA042660 →
Shared holders: 한화에어로스페이스
- 한국항공우주KRA047810 →
Shared holders: 한화에어로스페이스
- 쎄트렉아이KRA099320 →
Shared holders: 한화에어로스페이스
📦 ETFs holding this stock
by weight · top-10 constituents basisPassive money holding this stock ≈ 1,719억 · 1w net inflow ≈ +34억(lower bound — top-10 basis, not a forecast)
Factual holdings info from daily disclosures — not a recommendation.
Look up another stock →Recent filings
Hanwha Systems's latest filings on Korea's DART. Open a headline for a reference summary and the original.
Source: DART (Korea electronic disclosure)
Signal history (last ~2 years)
Every occurrence on this stock, with the return 20 trading days later. Small sample — a record, not a prediction.
New MA alignment×2
26-04-21-21%26-04-09-15.3%
“·” = fewer than 20 trading days since the event. Cup-and-handle entries are days our board actually showed the badge (archive grows daily since 2026-05-12); others are recomputed from price data.
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