Hyundai Wia (011210) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hyundai Wia makes automotive driveline parts such as four-wheel-drive systems, constant-velocity joints, engines, and transmissions. More than 90% of its revenue comes from vehicle components, and because its customers are effectively Hyundai Motor and Kia, its results move closely with those automakers' unit sales. In 2025, vehicle-parts revenue of ₩7.8 trillion accounted for the bulk of the company's ₩8.5 trillion total. In the remaining defense and mobility-solutions business (roughly ₩600 billion a year), the company disclosed that it is reviewing a possible sale of its defense unit, and it laid out a plan to invest ₩1 trillion over eight years in integrated thermal management (TMS) and unmanned factories, aiming to lift new-business revenue from 3% to 21% of the total. Worth noting recently is the mix of clear undervaluation signals and a solid balance sheet (P/B of 0.48x, FCF yield of 8.7%) alongside cautions that could change the picture: a softening finished-vehicle market, the burden of the ₩1 trillion investment, and an as-yet-undecided defense-unit sale.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Automobiles & Parts”, a type typically read first through P/E.
Autos and parts live and die by unit sales and volume, but they are a mature industry that generates steady profit on scale. For this kind of business earnings are the heart of the story, so price-to-earnings (P/E) — the price set against net profit — is the first thing to read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 3.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 5.7% higher than a year earlier.
- ROE is 0.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Hyundai Motor 25.35% (individual)
Controlling bloc incl. related parties 40.74%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis Reading
Hyundai Wia makes automotive driveline parts. Its main products are four-wheel-drive systems, constant-velocity joints (the shafts that transmit power to the wheels), engines, and transmissions, and more than 90% of revenue comes from these vehicle components. In 2025, vehicle-parts revenue of ₩7.8 trillion accounted for the bulk of the ₩8.5 trillion total. Because its customers are effectively the Hyundai Motor and Kia group, results are tightly linked to finished-vehicle sales. The rest is defense and mobility solutions (roughly ₩600 billion a year), where it makes parts for self-propelled artillery and armored vehicles. The company wound down its machine-tool business, whose profitability had been erratic, simplifying its structure into three pillars: vehicle parts, defense, and solutions.
The latest close is ₩62,800 and the market capitalization is ₩1.7 trillion. The price sits above its 20-day moving average (₩57,950) and below its 60-day moving average (₩71,025). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.6, a neutral level. The one-month change is -0.3%, the three-month change is -23.1%, and the position relative to the 52-week high is -38.0%. Relative strength versus the KOSPI is 29 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 28% of all stocks. Over the past three months it lagged the index by 10.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation metrics tell different stories. The P/E ratio (how many times a year's earnings the price represents) is 17.25x, which looks somewhat high, but the P/B (how many times book net assets the price represents) is 0.47x, about half of net assets. Equity is ₩3.6 trillion while the market cap is only ₩1.7 trillion. Profitability is still low: ROE (how much the company earns in a year on its equity) is 2.7% and the operating margin is 2.4%, the thin margins typical of the parts business. The balance sheet is stable. Net debt (total borrowings minus cash) is ₩100 billion, negligible relative to equity, and the current ratio (ability to meet short-term obligations) is a comfortable 1.9x. Cash generation stands out in particular: the FCF yield (actual cash earned relative to market cap) is a high 8.7%, and EV/EBIT (an earnings multiple that also reflects debt, akin to a debt-adjusted P/E) is 9.0x. The P/E alone makes it look expensive, but once debt and cash are factored in it screens much cheaper.
Revenue has grown modestly around the ₩8 trillion mark for five years running. Revenue rose 3.7% in 2025, and it grew another 5.7% in the first quarter of this year, so top-line growth continues. The earnings picture is different, however. Operating profit slipped from ₩232.8 billion in 2023 to ₩204.4 billion in 2025. Net profit swings more widely. The ₩99.0 billion net profit for 2025 included a large one-off gain in the first quarter of last year, and as that base rolled off, first-quarter net profit this year fell 65% year on year to ₩35.4 billion. Yet operating profit in the same quarter actually rose 6.2%. The key point is that the core business is solid and it is the accounting one-off effect that dropped out. Stripping out the one-off, this year's operating profit is estimated in the low ₩200 billion range and net profit at around ₩120 billion. On that basis the forward P/E is about 14.5x, lower than the 17.6x based on last year's results.
The biggest issue this year is the review of a possible sale of the defense unit. In two disclosures, in April and May, the company said it was 'reviewing various options to strengthen competitiveness but has decided nothing.' One option under discussion is transferring the roughly ₩400 billion-a-year defense business to a group affiliate. If a sale goes through, the proceeds are expected to fund new-business investment such as thermal management (TMS). In fact, the company laid out a plan to invest ₩1 trillion over the next eight years in integrated thermal management and unmanned factories (dark factories), lifting new-business revenue from the current 3% to 21% of the total. The dividend is ₩1,200 per share for a 1.9% dividend yield, and the company is targeting a return to a 25% payout ratio.
The points to watch are clear. The core driveline business is solid, the balance sheet is sound, and cash generation is strong. A P/B of 0.48x and an FCF yield of 8.7% signal that the market values this company quite low. Based on last year the P/E looks high, but that reflects net profit tangled up with a one-off, and on a normalized forward basis this year it screens rather cheap. The cautions are also clear. Because results are tightly linked to finished-vehicle sales, a downturn in the auto market hits parts suppliers first. The shift into the thermal-management business is directionally sound, but the ₩1 trillion investment could constrain dividend capacity. The defense-unit sale is also not yet confirmed, so the picture depends on the outcome. In sum, if finished-vehicle volumes hold and the shift into new businesses goes smoothly, the undervaluation stands out; if the auto market softens or the investment burden grows, it weakens.
🔎 Valuation vs peers Undervalued
Compared against listed auto-parts makers (chassis, steering, thermal management) that supply the Hyundai Motor and Kia group, using HL Mando and Hanon Systems, whose business profile is closest, as the benchmark.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HL Mando | 24.03x | 0.85x | 4.19% |
| Hanon Systems | 0.00x | 0.93x | -5.27% |
On a net-asset basis it is the most lowly valued of its peer parts makers. A P/B of 0.48x is about half of net assets, and the market cap (₩1.7 trillion) is only half of equity (₩3.6 trillion). Last year's P/E of 17.6x looks high, but that is because net profit was tangled up with a one-off factor. On normalized earnings this year (net profit estimated at about ₩120 billion), the forward P/E falls to about 14.5x, and the debt- and cash-adjusted EV/EBIT of 9.0x and FCF yield of 8.7% also point to cheapness relative to cash generation. That said, low ROE and results that are strongly tied to finished-vehicle sales are discount factors, so the undervaluation stands out as earnings normalize and new-business results are confirmed.
Price history Close · MA20 · MA60
The latest close is ₩62,800 and the market capitalization is ₩1.7 trillion. The price sits above its 20-day moving average (₩57,950) and below its 60-day moving average (₩71,025). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.6, a neutral level. The one-month change is -0.3%, the three-month change is -23.1%, and the position relative to the 52-week high is -38.0%. Relative strength versus the KOSPI is 29 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 28% of all stocks. Over the past three months it lagged the index by 10.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -10.32% / 6M -39.72% / 12M -37.58%
Key metrics Computed vs sector median
Valuation
The P/E of 17.25x is above the sector median (6.24x). The P/B of 0.47x is in line with the sector median (0.46x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.212x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 0.9%, below the sector average (5.0%). The operating margin is 2.4%. The debt ratio is 84.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $5.7B | $5.7B | $6.0B | +3.68% ↑ faster |
| Operating profit | $163.5M | $153.7M | $143.6M | -6.58% ↓ slower |
| Net profit | $64.3M | $84.6M | $69.6M | -17.78% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.3B | $5.8B | $5.7B | $5.7B | $6.0B |
| Operating profit | $72.2M | $149.0M | $163.5M | $153.7M | $143.6M |
| Net profit | $43.8M | $46.0M | $64.3M | $84.6M | $69.6M |
| Revenue CAGR | 4-yr avg 3.03% | ||||
Revenue rose 3.7% year over year (2023 ₩8.2 trillion → 2024 ₩8.2 trillion → 2025 ₩8.5 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 6.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.0%. The two-year revenue CAGR is 1.9%. In the most recent quarter (Q1 2026), revenue was 5.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15FilingClarifying disclosure on the review of a defense-unit sale - stated it is 'reviewing various options but has decided nothing'A sale of the roughly ₩400 billion-a-year defense business would reshape the company toward vehicle parts, and the proceeds could be redirected as funding for new businesses (a medium-term structural change). Source
- 2026-05-14EarningsQ1 2026 quarterly report - revenue ₩2.18 trillion (+5.7%), operating profit ₩51.6 billion (+6.2%), net profit ₩35.4 billion (-65% on last year's one-off base)Operating profit rose, but net profit plunged as last year's Q1 one-off gain dropped out. Core-business strength held (mixed short-term signal). Source
- 2026-04-24EarningsFair disclosure of preliminary 2025 consolidated operating results - revenue ₩8.48 trillion (+3.7%), operating profit ₩204.4 billion (-6.6%), net profit ₩99.0 billionRevenue grew modestly but operating and net profit slipped slightly. Margin pressure on parts persists (medium term). Source
- 2026-04-20IRNotice of investor briefing (IR) and preview of year-end results disclosure - results and new-business strategy to be explainedA venue to explain the thermal-management new business and shareholder-return direction directly to the market (confirming medium-term direction). Source
- 2026-03-26UpdateFiling of change in shares held by the largest shareholder and others - disclosure of ownership changes within the governance structureAn update on governance-related information. Direct impact on results and the business is limited (low short-term impact). Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-04-27Disclosure
- 2026-04-24EarningsFair-disclosure notice
- 2026-04-20Disclosure
- 2026-04-20EarningsEarnings disclosure
- 2026-04-16Disclosure
- 2026-04-09Disclosure
- 2026-03-31OwnershipOwnership-change filing
- 2026-03-26OwnershipLargest-shareholder ownership change report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.