We developed this case to understand methodology of value-investment and to analysis the process of making investment decisions. While studying a series of analysis process, we can learn how to use firm’s financial statements.Additionally, it is very important to understand the structures and contents of business reports. Business reports can lead us to make more practical applications of the methodology of value investment. We picked up HS for case study because HS’s business is simple and HS’s capital structure is more stable than other firms. HS’s main assests are investment securities, real estate and buildings. We briefly explain the process of reviewing valuation of these assets. We got most data out of HS’ business reports. The value of investment securities was calculated by using Equity method and Fair value method. The value of real estate was estimated from book value and fair market value. To produce income value of HS, we used Free Cash Flow method. To calculate operating value, we considere d the stability of income and firm’s growth opportunity and capital cost. We analyzed HS’s equity value by adding operating value to non-business assets value and deducing debt value. In the result of comparing assets-value, income-value, market-value through the way of Graham, HS’s value was far undervalued as of the end of 2004. If we bought HS’s stocks in the end of 2004 and sold HS’s in the end of 2005, we could make a lot of money. Especially in view of assets-value, HS’s firm value was undervalued because HS’s productivity was low and stock market (KOSDAQ) was under depression. From this case, we concluded it was very important to enhance the ability of decision making to use the financial statements. The education of accounting should change from the production of information to the use of information.