Higen Motor (160190) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Higen Motor earns most of its revenue from general-purpose AC motors that drive industrial equipment, and is broadening its business by adding servo motors and drive controllers, robot actuators, and EV drive modules. In 2025 revenue fell 3.1% to ₩73.5 billion and the company posted an operating loss of ₩8.9 billion and a net loss of ₩7.1 billion, a sharp widening of losses, and the loss continued in Q1 2026 with a net loss of ₩3.2 billion. What stands out recently is that the company grew its growth narrative by unveiling an all-in-one actuator for humanoids — combining a servo, reducer and encoder — at the April Hannover Messe, yet its actual results are still loss-making, so until that story converts into real orders and profit, the share price is bound to swing widely.
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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 “Power Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through forward P/E.
Power-equipment firms make the transformers and grid gear that move electricity, and their results swing with grid-investment cycles and large project awards. Because the backlog converting into future earnings matters more than results already booked, the forward P/E — reflecting expected earnings — is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- The most recent full-year net result was a loss.
- Revenue fell 3.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 2.6% higher than a year earlier.
- ROE is -6.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -12.1%.
- 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 Danocorp 25.9% (corporate)
Controlling bloc incl. related parties 74.54%
With the controlling bloc holding 75%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Higen Motor makes industrial electric motors. About 82% of revenue comes from general-purpose AC motors that drive industrial equipment such as pumps, fans and compressors. Of the rest, servo motors and servo drives that require precise control account for about 13%, and EV drive modules (EV motors) for about 5%. More recently the company has developed an all-in-one robot actuator that combines a servo motor, reducer, encoder and controller into a single unit, aiming to expand into the market for collaborative-robot and humanoid components. In other words, it earns its money today from traditional industrial motors while betting its future growth on robot components.
The latest close is ₩16,690 and the market capitalization is ₩515.5 billion. The price sits above its 20-day moving average (₩15,466) and below its 60-day moving average (₩23,937). 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 47.6, a neutral level. The one-month change is -9.2%, the three-month change is -61.0%, and the position relative to the 52-week high is -80.5%. Relative strength versus the KOSDAQ is 7 (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 6% of all stocks. Over the past three months it lagged the index by 40.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is currently in the red. ROE (how much the company earns in a year on its equity) is -6.7% and the operating margin is -12.1%. The 2025 net loss was ₩7.1 billion. On valuation, with no profit the P/E ratio (how many times one year of profit the share price represents) cannot be calculated. The P/B (how many times net assets the price represents) is 4.97x and the P/S (how many times revenue the price represents) is 6.91x, so the stock is priced richly relative to sales and book value. The financial structure itself is bearable. The debt-to-equity ratio is 57%, and the current ratio (assets soon convertible to cash against debt due within a year) is 277%, leaving room in short-term liquidity. Net debt (total borrowings minus cash) is negative, a net-cash position with ₩2.1 billion more cash than debt. Looking at cash actually generated, however, the FCF yield (the cash actually generated relative to market cap) is -2.5%, so cash is still flowing out. In a phase where growth investment and losses overlap, cash generation has yet to follow.
The top line is stagnant to slightly declining. Revenue eased gradually for three straight years, from ₩77.2 billion in 2023 to ₩75.9 billion in 2024 and ₩73.5 billion in 2025. Profit deteriorated more clearly: operating profit went from a positive ₩4.3 billion in 2023 to a loss of ₩0.4 billion in 2024 and a loss of ₩8.9 billion in 2025, a widening deficit. In Q1 2026 revenue edged up year on year to ₩18.6 billion, but the company still posted an operating loss of ₩3.4 billion and a net loss of ₩3.2 billion. The key to growth is robot components. The share of servos and actuators is rising, and the company developed an all-in-one actuator for humanoids and unveiled it at an overseas exhibition. That said, the company has issued no official 2026 revenue or profit targets, so whether and when it returns to profit is not yet confirmed in official company material, and how quickly robot components convert into actual orders and revenue will determine the direction of profit.
Recent disclosures were more about ownership and shareholder meetings than results or orders. In May and June there was a series of ownership-change filings, including reports on holdings by executives and major shareholders and large-holding reports. There were also disclosures related to convening an extraordinary shareholders' meeting. In April the company presented its robot-component business to the outside world by unveiling an all-in-one actuator for humanoid robots at Germany's Hannover Messe. By contrast, confirmed results-related disclosures such as a large supply contract or a company-issued earnings outlook have not yet appeared. In other words, the growth narrative is at the exhibition and technology-unveiling stage, while the order disclosures that would back it up remain to be confirmed.
This is a stock where "today's results" and "the future narrative" are widely separated. There are two strengths. First, it has an actual revenue base in industrial motors and is in a net-cash position, so short-term financial risk is low. Second, on the back of vertical integration — making everything itself from servo motors to reducers and controllers — it has secured a growth axis in robot actuators. The cautions are equally clear. First, revenue in the core motor business has fallen for three straight years and profit has turned to a loss. Second, robot components are still a small share of revenue, and an earnings shift such as a large supply contract has not been confirmed. Third, with the P/B and P/S high relative to sales and book value, a good deal of expectation is already built into the price. In short, if demand for humanoid and robot components turns into orders and a return to profit is confirmed, there is room for a re-valuation as a growth stock; but if that shift is delayed or the core-business loss persists, the high valuation could weigh on the stock.
🔎 Valuation vs peers Inconclusive
Domestic motor and precision-drive makers whose core business (industrial motors) and growth axis (servos, actuators and robot components) overlap with Higen Motor's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samhyun | 113.62x | 9.38x | 7.94% |
| SPG | 263.23x | 9.01x | 3.55% |
With the company currently loss-making, it cannot be valued on a P/E (how many times one year of profit the share price represents), so the comparison is on sales and book-value multiples. Higen Motor's P/B (how many times net assets the price represents) is 4.97x and its P/S (how many times revenue the price represents) is 6.91x. Those are lower than at peers Samhyun (P/B 8.17x) and SPG (P/B 6.19x). But whereas both peers are profitable, Higen Motor is loss-making — so a lower multiple alone does not make it undervalued, and with no profit the appropriateness of the multiple cannot be judged cleanly. The 72% six-month decline has already unwound much of the robot-theme expectation. Ultimately, whether the valuation is justified depends on whether robot components actually convert into orders and a return to profit, so at this stage it is more accurate to withhold judgment on "cheap or expensive" and wait for confirmation of an earnings shift.
Price history Close · MA20 · MA60
The latest close is ₩16,690 and the market capitalization is ₩515.5 billion. The price sits above its 20-day moving average (₩15,466) and below its 60-day moving average (₩23,937). 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 47.6, a neutral level. The one-month change is -9.2%, the three-month change is -61.0%, and the position relative to the 52-week high is -80.5%. Relative strength versus the KOSDAQ is 7 (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 6% of all stocks. Over the past three months it lagged the index by 40.2%. 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 -40.20% / 6M -69.51% / 12M -47.22%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.97x is above the sector median (1.21x).
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.
Profitability & financials
Return on equity (ROE) is -6.7%, below the sector average (1.0%). The operating margin is -12.1%. The debt ratio is 55.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $54.3M | $53.3M | $51.7M | -3.09% ↓ slower |
| Operating profit | $3.0M | -$259,402 | -$6.3M | — |
| Net profit | $1.8M | -$761,759 | -$5.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $54.3M | $53.3M | $51.7M |
| Operating profit | — | — | $3.0M | -$259,402 | -$6.3M |
| Net profit | — | — | $1.8M | -$761,759 | -$5.0M |
| Revenue CAGR | 2-yr avg -2.43% | ||||
Revenue fell 3.1% year over year (2023 ₩77.2 billion → 2024 ₩75.9 billion → 2025 ₩73.5 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 3 years on record, revenue compound annual growth (CAGR) is -2.4%. The two-year revenue CAGR is -2.4%. In the most recent quarter (Q1 2026), revenue was 2.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 3.1% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsFiled Q1 2026 quarterly report — revenue ₩18.6 billion, operating loss ₩3.4 billion, net loss ₩3.2 billion, with the loss continuing.Shows that a recovery in the core business has not yet been confirmed. The longer the return to profit is delayed, the more it weighs on the growth narrative. Source
- 2026-06-08FilingNotice convening an extraordinary shareholders' meeting and filing of reference materials soliciting proxy voting.A step in handling governance and shareholder agenda items. Little direct bearing on the direction of results. Source
- 2026-06-02FilingFiled a large-holding report (general) — notice of a major change in holdings.Information related to supply-demand and governance. A change in holdings separate from business results. Source
- 2026-05-11FilingResolution to convene an extraordinary shareholders' meeting and setting of the record date and shareholder-register closure period.Progress on shareholder-meeting procedures. Possibility of governance change depending on the agenda items. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-08Disclosure
- 2026-06-08Shareholders' meeting notice
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-01OwnershipOwnership-change filing
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-05-11Shareholders' meeting 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.