NAV Analysis of Hanmi Science, Amorepacific Holdings, Youngone Holdings, OCI Holdings, & Orion Holdings

• In this insight, we provide updated NAV valuations of Hanmi Science (008930 KS), Amorepacific Holdings (002790 KS), Youngone Holdings (009970 KS), OCI Holdings (010060 KS), and Orion Holdings (001800 KS).

• These five smaller holding companies have also outperformed the market this year (up 43% on average versus KOSPI which is up 20% in the same period).

• These holdcos' outperformance has been driven by investors' perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies.

In this insight, we provide updated NAV valuations of Hanmi Science (008930 KS),Amorepacific Holdings (002790 KS), Youngone Holdings (009970 KS), OCI Holdings (010060 KS), and Orion Holdings (001800 KS).

Similar to other larger holding companies in Korea, these five smaller holding companies have also outperformed the market this year (up 43% on average versus KOSPI which is up 20% in the same period).

These holding companies' sharp outperformance has been driven by investors' perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies that could unlock greater value in these companies.

Share price comparisons of Hanmi Science, Amorepacific Holdings, Youngone Holdings, OCI Holdings, and Orion Holdings (YTD, as of 10 June 2025)

Share price comparisons of Hanmi Science, Amorepacific Holdings, Youngone Holdings, OCI Holdings, and Orion Holdings (YTD, as of 10 June 2025) (Source: Google finance)

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NAV Valuation of Hanmi Science

Our NAV valuation of Hanmi Science suggests implied market cap of 2.8 trillion won or NAV per share of 40,693 won per share, which represents just 3% upside from current levels. Hanmi Science's investments in two listed affiliates (Hanmi Pharm and JVM) are worth 1.7 trillion won, which represents 63% of Hanmi Science's market cap.

Other core components of the company's value include investments in other private companies (70 billion won), core business value (272 billion won), and net debt (226 billion won).

In terms of holdco discount or M&A premium, Hanmi Science would be similar to Hanjin KAL Corp (180640 KS) in attaching an M&A premium. There has been an M&A fight for the controlling shareholding of Hanmi Science in recent years. We have assumed an M&A premium of 50% to value Hanmi Science.

NAV Valuation of Amorepacific Holdings

Our NAV valuation of Amorepacific Holdings is NAV of 3 trillion won or NAV per share of 37,365 won, representing a 30% upside from current levels. The biggest portion of the company's value is its 38.1% stake in Amorepacific Corp (090430 KS) which is worth 3.1 trillion won, which is worth 136% of Amorepacific Holdings' market cap.

Core business value is 152 billion won and net cash is 578 billion won. We also used a holdco discount of 30% to value the company.