1. Has Co., Ltd. H1 2025 Performance Analysis

Has Co., Ltd. reported KRW 4.6 billion in revenue, KRW 0.9 billion in operating profit, and KRW 0.9 billion in net profit in its half-year report released on August 25, 2025. Notably, the company transitioned from a loss in Q1 to profit in Q2, suggesting a potential turnaround.

1.1. Key Performance Indicators

  • Revenue: KRW 4.6B (YoY decrease, QoQ increase)
  • Operating Profit: KRW 0.9B (YoY decrease, QoQ increase, return to profitability)
  • Operating Margin: 19.56% (Significant improvement from -21.21% in Q1)
  • Net Profit: KRW 0.9B (Return to profitability)
  • Debt-to-Equity Ratio: 6.59% (Very stable financial structure)

1.2. Drivers of Improved Performance

This positive performance is attributed to aggressive investments and new business ventures since the company’s IPO in 2024. Has’s technological prowess is gaining traction in the growing dental restorative materials market.

2. Investment Strategies

2.1. Positive Factors

  • Return to profitability in Q2
  • Solid financial health
  • Continuous R&D and new business development
  • Competitive edge in the growing dental materials market

2.2. Risk Factors

  • Lower revenue compared to historical performance
  • Macroeconomic volatility
  • Potential for increased competition in the dental market

2.3. Investment Recommendation

A buy rating can be maintained in the short term, anticipating positive momentum. A dollar-cost averaging strategy is recommended for the mid-to-long term, while closely monitoring performance in H2 2025 and 2026. Target price adjustments are possible with continued earnings growth.