Hanwha Life, Hyundai Steel, Lotte Shopping among 151 firms flagged for persistently low valuations

The Korea Exchange publicly flagged 151 companies on Sunday for persistently low valuations, aiming to push them to improve corporate value. The list includes 96 KOSPI-listed firms and 55 Kosdaq-listed firms that ranked in the bottom 25 percent and 10 percent of their markets, respectively, for price-to-book ratios over the past three years. The names will be published through May 4, 2027, and the exchange plans to update the list every May and November. Starting next year, it will offer selected firms one-on-one consulting on improving their valuations.

Companies with market capitalizations exceeding 1 trillion won on the list include Hyundai Steel, Emart, Lotte Shopping and Lotte Chemical.

Hanwha Life had a market capitalization of more than 3.5 trillion won, the largest among the designated companies; DB Securities, Hyundai Motor Securities and Heungkuk Fire & Marine Insurance were also included.

A price-to-book ratio below 1 means a company is valued at less than its net assets.

The listed companies will carry a low PBR tag on securities firms’ trading platforms.

NH Investment & Securities strategist Na Jeong-hwan said the disclosure could prompt companies reluctant to return capital to shareholders to reconsider, and investors should watch for stronger corporate value-up announcements.

Published Nov 1, 2026 4:15 pm KST

Korea Exchange names 'low-PBR' companies in push to tackle 'Korea discount'

A stock ticker at Hana Bank's headquarters in Seoul shows the benchmark KOSPI closing at 5,730.74, down 3.48 percent from the previous session, Friday. Yonhap

Hanwha Life Insurance, Hyundai Steel and Lotte Shopping are among 151 companies publicly flagged by the Korea Exchange for their persistently low valuations. The bourse operator revealed the list Sunday in an unprecedented move aimed at pushing listed firms to improve their corporate value.

The initiative targets companies that have consistently traded at low price-to-book ratios (PBRs) while doing little to return capital to shareholders. Whether the public disclosure will spur them to take concrete steps to boost their valuations and help narrow the so-called "Korea discount" remains to be seen.

The list comprises 96 KOSPI-listed companies and 55 on the Kosdaq that ranked in the bottom 25 percent and 10 percent, respectively, of their markets in terms of PBR over the past three years.

PBR measures a company's market capitalization relative to its net assets, showing how much investors are willing to pay for each unit of book value. A ratio below 1 means the company is valued at less than its net assets, potentially reflecting concerns about its growth prospects or how efficiently it deploys capital.

Several companies with market capitalizations exceeding 1 trillion won ($750 million) made the list, including Hyundai Steel, Emart, Lotte Shopping and Lotte Chemical.

Four financial firms were also included: Hanwha Life, with a market capitalization of more than 3.5 trillion won, the largest among the designated companies, as well as DB Securities, Hyundai Motor Securities and Heungkuk Fire & Marine Insurance.

The names will be available on the Korea Exchange's stock market disclosure and information portal from Monday through May 4, 2027, and will carry a “low PBR” tag on securities firms' trading platforms.

The exchange plans to update the list every May and November. Beginning next year, it will also provide one-on-one consulting for selected firms to help them identify the causes of their low valuations and establish targets and plans for improvement.

The disclosure puts listed firms' corporate value-up initiatives under closer scrutiny, raising expectations that they will move beyond mere pledges and demonstrate tangible results. Ultimately, a lasting revaluation will require stronger profitability, more efficient capital allocation and greater shareholder returns.

“Even companies that have been reluctant to return capital to shareholders may feel compelled to reconsider their approach once they appear on the low-PBR list,” said Na Jeong-hwan, a strategist at NH Investment & Securities. “Investors should watch for those that respond to the disclosure by stepping up their corporate value-up announcements.”

韩国交易所周日公开列出了151家估值持续偏低的公司，旨在推动它们提升企业价值。这份名单包括96家韩国综合股价指数（KOSPI）上市公司和55家韩国创业板（KOSDAQ）上市公司，这些公司在过去三年中，市净率分别位列各自市场后25%和后10%。名单将持续公布至2027年5月4日，交易所计划每年5月和11月更新该名单。从明年开始，交易所将为部分入选公司提供一对一的估值提升咨询服务。

市值超过 1 万亿韩元的公司包括现代钢铁、易买得、乐天购物和乐天化学。

韩华生命保险公司市值超过 3.5 万亿韩元，是指定公司中市值最高的；DB 证券、现代汽车证券和兴国火灾海上保险公司也位列其中。

市净率低于 1 表示公司估值低于其净资产。

上市公司的PBR标签在证券公司的交易平台上将较低。

NH 投资证券策略师罗正焕表示，这一披露可能会促使那些不愿向股东返还资本的公司重新考虑，投资者应该关注更强有力的公司估值提升公告。

发布于2026年11月1日下午4:15（韩国标准时间）

韩国交易所公布“低PBR”公司名单，以应对“韩国折价”问题

韩联社报道，韩亚银行首尔总部的股票行情显示屏显示，韩国综合股价指数（KOSPI）收于5730.74点，较上周五下跌3.48%。

韩华生命保险、现代钢铁和乐天购物等151家公司因估值持续偏低而被韩国交易所公开点名批评。交易所运营商于周日公布了这份名单，此举史无前例，旨在敦促上市公司提升企业价值。

这项举措旨在针对那些市净率长期偏低、却鲜少为股东创造资本回报的公司。公开披露能否促使它们采取切实措施提升估值，并有助于缩小所谓的“韩国折价”，还有待观察。

该榜单包括 96 家在韩国综合股价指数 (KOSPI) 上市的公司和 55 家在韩国创业板 (Kosdaq) 上市的公司，这些公司在过去三年中，按每股收益 (PBR) 计算，分别位列各自市场后 25% 和后 10%。

市净率 (PBR) 衡量的是公司市值与其净资产的比率，反映了投资者愿意为每一单位账面价值支付多少价格。低于 1 的比率意味着公司估值低于其净资产，这可能反映出市场对其增长前景或资本配置效率的担忧。

市值超过 1 万亿韩元（7.5 亿美元）的多家公司上榜，包括现代钢铁、易买得、乐天购物和乐天化学。

此次被列入名单的还有四家金融公司：市值超过 3.5 万亿韩元的韩华生命保险公司（被指定公司中市值最大的公司）、DB 证券、现代汽车证券和兴国火灾海上保险公司。

这些股票名称将从星期一开始至 2027 年 5 月 4 日在韩国交易所的股票市场披露和信息门户网站上公布，并在证券公司的交易平台上带有“低 PBR”标签。

该交易所计划每年五月和十一月更新该名单。从明年开始，它还将为部分公司提供一对一咨询服务，帮助它们找出估值偏低的原因，并制定改进目标和计划。

此次披露将上市公司提升企业价值的举措置于更严格的审视之下，提高了市场对其能否超越空洞承诺、拿出切实成果的预期。归根结底，持久的价值提升需要更强的盈利能力、更高效的资本配置和更高的股东回报。

NH投资证券策略师罗正焕表示：“即使是那些一直不愿向股东返还资本的公司，一旦被列入低PBR名单，也可能被迫重新考虑其策略。投资者应密切关注那些通过加大公司估值提升公告力度来应对信息披露的公司。”