Hankuk Carbon 2Q26 in-line: OPM back to >20% territory Maintain Rating: BUY | PO: 48,000 KRW | Price: 27,250 KRW Accessible version 2Q26 OPM returns to >20% territory Hankuk Carbon printed W243bn 2Q26 revenue (+5%/+15% YoY/QoQ) and W50bn OP (20.7% OPM, +59%/+23% YoY/QoQ), which stood in-line with our/consensus estimates. OPM returned to >20% territory for the first time since 3Q20, thanks to topline/profit growth buoyed by 1) KRWUSD depreciation, 2) >25% QoQ shipment growth from PU insulation panels associa ...