Hyundai Movex designs, builds, and installs the automated systems that make warehouses and distribution centers run on their own, a business that accounts for roughly 77-80% of revenue, with the rest coming from subway platform screen doors (PSD) and IT services; Hyundai Elevator is the largest shareholder with a 48.9% stake. In December 2025 the company secured a ₩55.9 billion logistics-automation supply contract with Kolmar Korea (16.4% of 2024 revenue), locking in about two years of revenue visibility, and it formalized its shareholder-return stance through a treasury-share retirement in June 2025 and a corporate value-up disclosure in April 2026. What stands out lately is that the order backlog has steadily built up, giving good revenue visibility, and a new growth axis is opening in semiconductor cleanrooms; the trailing P/E of 251x is an optical distortion inflated by depressed earnings last year. On a forward basis reflecting this year's earnings normalization, however, the multiple still runs higher than peers, so growth expectations are already partly priced in, and the pace of the earnings recovery hinges on the investment cycle in its customer industries (EVs and batteries).
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 15.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 3.5% lower than a year earlier.
- ROE is 7.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.6%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Hyundai Elevator 48.9% (corporate)
Controlling bloc incl. related parties 53.2%
With the controlling bloc holding 53%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Hyundai Movex designs, builds, and installs the automated systems that make warehouses and distribution centers move on their own.
- About 77-80% of revenue comes from here, and the core business is installing entire turnkey systems, automated storage, conveyors, sorting equipment, and logistics robots, into factories and distribution centers.
- The rest comes from subway and light-rail platform screen doors (PSD, about 15%) and IT services such as building and operating computer systems (about 5-7%).
- Because it is an order-based business where a single project typically takes two years or less, winning a large supply contract means that revenue is recognized across several quarters.
- Over the past few years it has broadened its customer industries by winning automation orders for tire, battery, ESS, home-appliance, and cosmetics distribution centers, one after another, and it is now expanding into logistics equipment for the cleanrooms (ultra-precise, dust-free production spaces) of semiconductor and display plants.
- It is a KOSDAQ-listed company, with Hyundai Elevator as the largest shareholder holding 48.9% and HMM holding 13.0%, giving it the stable ownership structure of the Hyundai Elevator group.
- The latest close is ₩22,750 and the market cap is ₩2.5 trillion.
- The price sits below both the 20-day line (₩28,118) and the 60-day line (₩32,631).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supporting indicator that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 34.9, a neutral level.
- The one-month change is -35.7%, the three-month change is -9.9%, and the position relative to the 52-week high is -50.9%.
- Relative strength versus the KOSDAQ is 94 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 5% of all stocks by strength.
- Over the past three months it outpaced the index by 6.9%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On last year's (2025) confirmed results, the P/E ratio (how many times a year's earnings the share price is) is 224.36x and the P/B (how many times book net assets) is 15.81x, very high just by the numbers.
- But this P/E is largely driven by the fact that last year's net profit plunged 58% from the prior year, temporarily shrinking the denominator (earnings).
- When earnings dip sharply for a single year, the trailing (past confirmed) P/E ends up looking more expensive than the actual underlying strength, so relying on this one number alone can be misleading.
- The forward (this-year) P/E, reflecting earnings returning to a normal path, comes down substantially from here.
- The underlying earnings strength itself is decent, with an ROE (how much is earned in a year on shareholders' equity) of 7.0% and an operating margin of 4.6%.
- On the balance sheet, the debt ratio (debt to equity) of 176.8% looks somewhat high, but this reflects the nature of an order-based business that receives advance payments as deposits and books them as contract liabilities; viewed together with a current ratio of 1.8x and an interest coverage ratio of 3.3x, short-term liquidity is stable.
- The dividend yield is low at about 0.2% on the current price, but the company officially set out a 2025 total dividend of about ₩5.5 billion and a payout ratio (share of net profit paid as dividends) of 48.8% in its value-up disclosure, alongside a treasury-share retirement.
- Over five years, revenue rose steadily from ₩240.1 billion in 2021 to ₩393.9 billion in 2025 (a five-year average of +13.2%, +21.3% over the last two years).
- Top-line growth is clear.
- It is true that last year operating profit came in at ₩18.2 billion (-25.9%) and net profit at ₩11.3 billion (-58.0%), but this is closer to an inflection point, driven by cooling demand for related logistics as EV and battery investment weakened, than a structural decline.
- This was a company that earned ₩24.6 billion in operating profit and ₩26.9 billion in net profit in 2024, so there is ample room for margins to recover from a trough (net margin of 2.9%) back to a normal path.
- The basis for this year's earnings recovery is clear.
- Annual new orders rose from ₩400 billion in 2023 to ₩420 billion in 2024 to ₩470 billion in 2025, building up work to be converted into revenue, and the ₩55.9 billion supply contract with Kolmar Korea signed in December 2025 (16.4% of 2024 revenue) will be recognized as revenue through 2027.
- Add cost innovation and entry into high-value areas such as semiconductor cleanrooms, and earnings are shaping up clearly above last year's confirmed level.
- Reflecting this recovery, this year's net profit could return to the mid-₩20 billion range, in which case the currently high-looking P/E comes down considerably in practical terms.
- The fact that Q1 2026 started with a small operating loss (-₩0.6 billion) is largely a seasonality effect, as orders cluster in the fourth quarter, so it should be viewed separately from the annual trend.
- There is currently no basis to expect next year to be lower than this year, so it is hard to conclude that this year is a 'cycle top.'
- Recent disclosures run along two threads.
- One is orders.
- In December 2025 it signed a ₩55.9 billion (16.4% of 2024 revenue) contract with Kolmar Korea to supply logistics-automation modules and robots, securing about two years of revenue visibility ahead.
- In February 2026 it filed a correction to the end date of a past supply contract for European-bound tire logistics automation (about ₩28.1 billion).
- The other is shareholder returns.
- In June 2025 it retired 6,594,000 treasury shares to reduce the share count, and in April 2026 it made a voluntary corporate value-up disclosure laying out three pillars: profitability improvement through cost innovation, securing AI and robotics as mid-to-long-term growth drivers, and predictable shareholder returns (it qualifies as a high-dividend company under the Restriction of Special Taxation Act).
- The February 2026 preliminary results and the May quarterly report officially confirm the earnings figures.
- The strengths are clear.
- The core logistics-automation business has a steadily building order backlog that gives good revenue visibility; large orders such as the ₩55.9 billion Kolmar Korea deal secure work from this year onward; and if the new growth axis of semiconductor cleanrooms opens up, high-value volume could be added.
- The company has officially signaled its shareholder-return intent through treasury-share retirement and a value-up disclosure, and the financial structure is stable.
- In looking at valuation, the key is not to be dragged along by the single figure of a trailing P/E of 251x.
- That number was inflated by earnings depressed last year by the EV and battery slowdown, and the forward P/E reflecting this year's earnings normalization is far lower.
- That said, even on a forward basis it still runs higher than companies in the same business, so it is true that growth expectations are already somewhat priced in.
- In short, this company is strong when orders actually flow through into this year's revenue and earnings, when the Q1 loss turns to profit, and when the semiconductor push shows up as revenue; it is weak when the investment cycle in its customer industries (EVs and batteries) freezes again, delaying the earnings recovery, or when growth expectations cool.
🔎 Valuation vs peers Overvalued
Compared against domestic listed companies whose business substance is close (logistics automation and smart-factory equipment, motors and automation components, the same group) and for which figures are verifiable on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SFA Engineering | 13.69x | 0.84x | 6.14% |
| Hyundai Elevator | 10.17x | 1.97x | 19.38% |
| SPG | 174.84x | 6.19x | 3.54% |
(a) Position versus true peers: against the closest smart-factory and logistics-equipment company, SFA (P/E 15.3x, P/B 0.9x), and its parent Hyundai Elevator (P/E 10.8x, P/B 2.1x), Hyundai Movex's P/E of 250.99x and P/B of 17.68x are high enough to make comparison almost meaningless. (b) Premium/discount: this is a large premium relative to the business substance, best read as a case where growth and theme expectations pulled the price up ahead of results. (c) The limits of trailing and the forward basis: the P/E is largely due to last year's net profit being pressed down 58%, shrinking the denominator, so it cannot be taken at face value. On a forward basis reflecting this year's earnings normalization the multiple comes down considerably, but even that lower figure still runs higher than the peers above. In other words, trailing is clearly exaggerated, but even measured against normalized earnings the premium is large, which is why the read is Overvalued. The more the profitability recovery and the actual conversion of the semiconductor push into revenue are confirmed, the more this premium is justified.
Price history Close · MA20 · MA60
The latest close is ₩22,750 and the market capitalization is ₩2.5 trillion. The price sits below its 20-day moving average (₩28,118) and below its 60-day moving average (₩32,631). 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 34.9, a neutral level. The one-month change is -35.7%, the three-month change is -9.9%, and the position relative to the 52-week high is -50.9%. Relative strength versus the KOSDAQ is 94 (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 95% of all stocks. Over the past three months it outpaced the index by 6.9%. 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 +6.94% / 6M +13.19% / 12M +352.80%
Key metrics vs whole-market median
Valuation
The P/E of 224.36x is above the whole-market median (13.81x). The P/B of 15.81x 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.
Profitability & financials
Return on equity (ROE) is 7.0%, above the whole-market average (5.0%). The operating margin is 4.6%. The debt ratio is 176.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $177.5M | $226.3M | $261.1M | +15.40% ↓ slower |
| Operating profit | $2.7M | $16.3M | $12.1M | -25.88% ↓ slower |
| Net profit | $2.8M | $17.8M | $7.5M | -58.04% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $159.1M | $139.5M | $177.5M | $226.3M | $261.1M |
| Operating profit | $10.2M | $8.1M | $2.7M | $16.3M | $12.1M |
| Net profit | $5.4M | $6.1M | $2.8M | $17.8M | $7.5M |
| Revenue CAGR | 4-yr avg 13.18% | ||||
Revenue rose 15.4% year over year (2023 ₩267.8 billion → 2024 ₩341.4 billion → 2025 ₩393.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 25.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 13.2%. The two-year revenue CAGR is 21.3%. In the most recent quarter (Q1 2026), revenue was 3.5% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 15.4% year over year, a sign of growth.
- 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
- 2025-12-01UpdateSigned a logistics-automation module and robot supply contract with Kolmar Korea, contract value ₩55.9 billion (16.4% of 2024 revenue), delivery to Sejong City, contract period 2025-11-28 to 2027-08-31.Short term: a large single order secures about two years of revenue visibility ahead. Mid term: the key is whether the order flows steadily through into revenue and earnings. Source
- 2026-04-24FilingVoluntary corporate value-up disclosure, setting out three goals: profitability improvement through cost innovation, securing AI and robotics as mid-to-long-term growth drivers, and predictable shareholder returns (2025 payout ratio of 48.8%). Qualifies as a high-dividend company under the Restriction of Special Taxation Act.Short term: confirms the company's official growth and return direction. Mid term: the crux is whether the plan is actually executed (margin improvement and return execution). No numeric financial targets were provided. Source
- 2026-02-05Earnings2025 full-year preliminary results, confirming simultaneous top-line growth and earnings decline: revenue ₩395.4 billion (+15.8%), operating profit ₩18.5 billion (-24.5%), net profit ₩11.9 billion (-55.7%).Short term: revenue growth is confirmed but the earnings slowdown stands out. Mid term: whether profitability recovers governs whether the valuation is justified. Source
- 2026-05-15EarningsQ1 2026 quarterly report, revenue ₩75.0 billion (-3.5%), operating profit -₩0.6 billion, net profit -₩0.2 billion, a quarterly loss to start the year. A seasonality effect as orders concentrate in the fourth quarter.Short term: a loss to start the year reflects profitability concerns. Mid term: a turn to profit from Q2 and the conversion of orders into revenue mark the inflection of the recovery. Source
- 2025-06-20DividendRetirement of 6,594,000 treasury shares (confirmed in the value-up disclosure), a shareholder return via a reduction in total shares outstanding.Short term: eases per-share dilution. Mid term: whether the return policy continues (further retirements and dividend expansion) is the point to watch. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue (annual) | ₩393.9 billion | ₩395.4 billion | Confirmed | link |
| 2025 operating profit (annual) | ₩18.2 billion | ₩18.5 billion | Confirmed | link |
| Largest-shareholder stake | 48.9%, HMM 13.0% | ㈜ 54,434,905(48.9%)·㈜ 14,488,876(13.0%) | Confirmed | link |
| 2025 payout ratio and dividend per share | 48.8%, DPS ₩50 | 48.8%, DPS ₩50,x approx. 55 | Confirmed | link |
| 2026 estimated net profit | ₩20.0 billion (self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-24Disclosure
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-17OwnershipOwnership-change filing
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' 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.