Hyundai Glovis is an integrated logistics and SCM company centered on the Hyundai Motor and Kia group, split into logistics (SCM) for finished-vehicle and parts transport, shipping that carries finished vehicles on car carriers, and a distribution arm for semi-knocked-down exports and parts distribution, a structure that layers a high-margin PCTC shipping growth axis on top of stable group volumes. In April, preliminary Q1 results confirmed top-line growth and a slight decline in net profit, and in shipping the company has lifted the share of non-affiliate high-freight cargo to more than half, improving profitability quickly. The strength worth watching is distinct profitability with a 16.8% ROE, a stable volume base, a 3.2% dividend, and low multiples (7-9x); the cautions are that 2025 net profit was unusually strong on a base effect, that the logistics arm is exposed to weak container freight rates, and that group governance is a variable.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 4.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.2% higher than a year earlier.
- ROE is 16.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.0%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Chung Euisun 20% (individual)
Controlling bloc incl. related parties 50.35%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Hyundai Glovis is an integrated logistics and SCM company centered on the Hyundai Motor and Kia group, and its revenue splits broadly into three axes.
- First, the logistics (SCM) arm handles domestic and overseas transport of finished vehicles and parts, factory materials procurement, and warehouse and inventory management, and carries the largest revenue share (about ₩2.49 trillion in Q1 2026).
- Second, the shipping arm carries finished vehicles across the sea on car carriers (PCTC), and has recently lifted the share of 'non-affiliate' high-freight cargo (such as local Chinese automakers, beyond Hyundai and Kia) to more than half, improving profitability quickly (Q1 shipping revenue about ₩1.45 trillion, of which finished-vehicle ocean transport was about ₩0.73 trillion).
- Third, the distribution arm handles semi-knocked-down (CKD) vehicle exports, parts distribution, and the used-car business.
- In other words, it layers a high-margin PCTC shipping growth axis on top of the stable base of Hyundai and Kia volumes.
- The latest close is ₩184,300 and market cap is ₩13.8 trillion.
- The price sits below the 20-day line (₩199,020) and below the 60-day line (₩218,665).
- It trades under both its short- and mid-term moving averages, so the trend is subdued.
- The RSI (a gauge that compares upward and downward momentum over the past 14 days on a 0-100 scale) is 39.8, a neutral level.
- The one-month change is -5.6%, the three-month change is -11.4%, and the price is -36.6% from its 52-week high.
- Relative strength versus the KOSPI is 36 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 64% by strength among all stocks.
- Over the past three months it lagged the index by 32.7%.
- Chart readings are best viewed alongside trading volume and the dates of disclosures.
- Valuation is a P/E (how many times one year of profit the price represents) of 7.97x, a P/B (how many times net assets the price represents) of 1.34x, and a dividend yield of 3.2% (a dividend of ₩5,800 per share).
- Profitability is solid, with ROE (how much the company earns in a year on its equity) of 16.8%, near the top of the logistics and shipping peer group, an operating margin of 7.0%, and a net margin of 5.9%.
- On the balance sheet, the debt ratio (debt relative to equity) of 179.6% is not low, as is typical for the logistics and shipping industry, but with a current ratio of 200% and an interest coverage ratio of 12.1x it covers its interest burden comfortably with profit.
- That said, the P/E of 7.9x here is calculated off 2025 net profit (₩1.73 trillion, +58.5% year on year), which was unusually strong, so it should be viewed together with the fact that the multiple rises slightly on a 2026 basis as profit returns to a normal level (see the growth section below).
- Over five years, revenue grew from ₩21.8 trillion in 2021 to ₩29.6 trillion in 2025, about 7.9% annually, and operating profit steadily expanded from ₩1.13 trillion to ₩2.07 trillion.
- 2025 in particular improved sharply, with operating profit +18.3% and net profit +58.5%, the net-profit surge driven jointly by a low prior-year base (₩1.09 trillion in 2024) and a rebound in shipping profitability.
- In Q1 2026, revenue of ₩7.81 trillion (+8.2%) and operating profit of ₩521.5 billion (+3.9%) kept growing at the top line and operating level, but net profit of ₩341.0 billion fell -14.4% year on year.
- Operating profit was fine while only net profit dropped, due to non-operating factors (currency, financing, equity-method, and so on) and the strong prior-year net-profit base.
- By division, shipping is in a structural improvement phase with revenue +15.5% and operating profit +40.5% (PCTC non-affiliate high-freight share about 52%), while logistics operating profit was pressed -17.3% by weak container freight rates.
- Given this mix, 2026 annual net profit is likely to normalize somewhat below the exceptionally strong 2025 but settle above a simple four-times of the seasonally weak Q1 (as shipping improvement feeds into results more toward the second half).
- The resulting forward P/E on this year's earnings is about 8.7x, and the absolute level itself is still on the low side.
- Recent disclosures divide into governance, investment, and results.
- On April 23, preliminary Q1 2026 results (fair disclosure) confirmed top-line growth and a slight decline in net profit, and on May 15 the quarterly report disclosed detailed financials.
- Across April and May the company held several investor briefings (IR) to communicate its shipping and logistics strategy to the market.
- On May 20-21 it disclosed a decision to acquire shares and equity securities of another company, signaling business expansion and investment intent.
- The May 29 large business group status disclosure and corporate governance report are items worth examining against the backdrop of Hyundai Motor group's governance restructuring (the long-running succession issue surrounding Hyundai Mobis and Glovis).
- The strengths worth watching are clear.
- With a 16.8% ROE, profitability is distinctly higher than the logistics and shipping peer group, and on the stable volume base of Hyundai and Kia the rising share of non-affiliate high-freight PCTC cargo is improving the quality of profit.
- The dividend yield of 3.2% and the absolute P/E level (7-9x) are also on the low side.
- The cautions are that 2025 net profit was unusually strong on a base effect, so 2026 normalizes somewhat lower, and that the logistics arm is exposed to weak container freight rates.
- In short, this is a stock where 'if shipping freight rates and finished-vehicle export volumes hold up, the quality of profit keeps improving, and conversely if global logistics freight rates and group governance variables wobble, short-term volatility rises.' The recent price correction has lowered the valuation burden.
🔎 Valuation vs peers Fairly valued
As an integrated logistics company that combines finished-vehicle logistics/SCM with shipping (PCTC), its business position is gauged against pure ocean shipping (HMM) and domestic land and parcel logistics (CJ Logistics).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HMM | 9.70x | 0.69x | 7.07% |
| CJ Logistics | 6.78x | 0.40x | 5.84% |
The P/E of 7.9x is a middle range between CJ Logistics (7.0x) and HMM (9.3x), but ROE at 16.8% far exceeds both comparables (5.8% and 7.1%). That its P/B of 1.33x is higher than the two companies (0.41x-0.66x) is because, unlike pure cyclical shipping and thin-margin land logistics, it turns its capital efficiently to generate high profit, so it is hard to call an excessive premium. Still, the current P/E of 7.97x comes from a year of unusually strong 2025 net profit, and the forward P/E on this year's normalizing earnings is about 8.7x, slightly higher. The absolute multiple itself is still on the low side, but given that a year-on-year profit decline and governance variables both persist, it is judged fairly valued rather than declared undervalued.
Price history Close · MA20 · MA60
The latest close is ₩184,300 and the market capitalization is ₩13.8 trillion. The price sits below its 20-day moving average (₩199,020) and below its 60-day moving average (₩218,665). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 39.8, a neutral level. The one-month change is -5.6%, the three-month change is -11.4%, and the position relative to the 52-week high is -36.6%. Relative strength versus the KOSPI is 36 (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 36% of all stocks. Over the past three months it lagged the index by 32.7%. 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 -32.69% / 6M -38.87% / 12M -43.01%
Key metrics vs whole-market median
Valuation
The P/E of 7.97x is below the whole-market median (13.81x). The P/B of 1.34x is above the whole-market median (1.15x).
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)
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.91x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 16.8%, above the whole-market average (5.0%). The operating margin is 7.0%. The debt ratio is 179.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $17.0B | $18.8B | $19.6B | +4.08% ↓ slower |
| Operating profit | $1.0B | $1.2B | $1.4B | +18.26% ↑ faster |
| Net profit | $703.3M | $725.0M | $1.1B | +58.50% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $14.4B | $17.9B | $17.0B | $18.8B | $19.6B |
| Operating profit | $746.4M | $1.2B | $1.0B | $1.2B | $1.4B |
| Net profit | $519.1M | $790.6M | $703.3M | $725.0M | $1.1B |
| Revenue CAGR | 4-yr avg 7.94% | ||||
Revenue rose 4.1% year over year (2023 ₩25.7 trillion → 2024 ₩28.4 trillion → 2025 ₩29.6 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 18.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.9%. The two-year revenue CAGR is 7.3%. In the most recent quarter (Q1 2026), revenue was 8.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.1%, is on the high side.
- ROE of 16.8% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 4.1% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-04-23EarningsPreliminary consolidated Q1 2026 results (fair disclosure) — revenue ₩7.81 trillion (+8.2%), operating profit ₩521.5 billion (+3.9%), net profit ₩341.0 billion (-14.4%). Shipping improved while logistics freight rates were weak, a mixed picture.Confirmation of continued top-line and operating-profit growth is positive, but with the strong prior-year base and non-operating factors cutting net profit, it is a neutral-to-slightly-negative factor for near-term sentiment. Source
- 2026-05-15FilingQ1 2026 quarterly report filed — disclosing division-level (logistics, shipping, distribution) revenue and profit detail and the financial position.The improving profitability of shipping and the freight-rate pressure on logistics show up in the figures, helping understand the profit structure. Neutral over the medium term. Source
- 2026-05-20FilingDecision to acquire shares and equity securities of another company (revised the next day) — an equity acquisition for business expansion and strategic investment.A signal of intent to expand the business portfolio. Depending on scale and target it could contribute to medium-term growth, though the funding side needs checking. Source
- 2026-05-29FilingCorporate governance report and large business group status disclosure — disclosing governance status within the Hyundai Motor group.Background material for discussions of Hyundai Motor group governance restructuring (related to Hyundai Mobis and Glovis). Depending on the restructuring scenario, it is a structural variable that could add volatility to the share price over the medium to long term. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-21Amended filing
- 2026-05-20Disclosure
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-05-07Disclosure
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-24Disclosure
- 2026-04-24Disclosure
- 2026-04-23EarningsFair-disclosure notice
📖 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.