Han Kook Capital Issues KRW 500 Billion in Unsecured Bonds (Series 565-1 and 565-2)
- Han Kook Capital publicly offers a total of KRW 500 billion in unsecured bonds: Series 565-1 (KRW 300 billion, coupon 4.573%, maturity 2028-03-10) and Series 565-2 (KRW 200 billion, coupon 4.628%, maturity 2028-05-12). All three rating agencies assign A0 (stable). Proceeds will be used for operating funds (leases, loans, installment financing, etc.).
- FY2025 consolidated net income: KRW 100.5 billion (vs. KRW 81.1 billion previous year), operating profit KRW 127.9 billion. Total assets KRW 5.16 trillion, equity KRW 754.1 billion. Net interest margin KRW 365.1 billion.
- NPL ratio 4.5% (up from 3.26% previous year), non-performing loans KRW 199.1 billion. Loan loss provisions KRW 139.2 billion. Deteriorating asset quality requires monitoring.
- Adjusted equity ratio 15.30% (above regulatory minimum of 7%), leverage 6.8x (below regulatory limit of 8x). Capital adequacy remains stable.
- Of total borrowings of KRW 4.16 trillion, 54.6% mature within one year. Major shareholder (Korea Armed Forces Mutual Aid Association, 80.41% stake) provides credit facility of KRW 700 billion (KRW 290 billion used) and guarantees of KRW 335 billion, supporting liquidity.
- Cash dividend of KRW 40 per share (previous year KRW 30), payout ratio 12.5%. 15 consecutive years of dividends.
- Key risks: economic slowdown, real estate PF non-performing loans, intensifying competition, funding market volatility, information security risks, etc.
- Provisions made for 25 pending lawsuits (total KRW 4.6 billion). Contingent liabilities related to ongoing bankruptcy proceedings of HK Asset Management Co., Ltd.
- Issued KRW 150 billion in hybrid capital securities (Series 466: KRW 50 billion, Series 513: KRW 100 billion), classified as equity to strengthen financial structure.
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KOSDAQ Filing Information
- Filing: Prospectus (Shelf Registration)
- Company: Han Kook Capital (023760)
- Submission: Han Kook Capital Co., Ltd.
- Receipt: 05-11-2026