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JONBUR Research · Initiation

BHI · 083650 · Machinery

BHI: Revenue Has More Than Tripled Since 2022 While the Share Price Fell 26.8% in a Month

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

BHI's filed financials show revenue of ₩1.05T over the last twelve months to H1 2026, up from ₩330.2B in 2022, with an operating margin of 11.8%. The shares closed at ₩50,100, 26.8% lower over one month, and trade at 29.8 times earnings against a DCF-based model estimate of ₩102,274 per share.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a sharp improvement in scale and profitability. Revenue rose 91.3% in 2025 and operating margin went from -13.0% in 2021 to 9.8% in 2025, and 11.8% on a trailing basis. Return on equity of 32.7% is high, and free cash flow of ₩128.6B exceeds net income of ₩52.1B.

The data also shows reasons for caution. Liabilities are 444.6% of equity, trailing net income (₩52.1B) is below 2025 net income (₩65.2B) even though revenue is higher, and a derivative trading loss filing appeared on 2026-08-14. The share price is 56.1% below its 52-week high of ₩114,200, and the 1-month drop of 26.8% sits alongside a 3-month gain of 8.1%. Investor flow, foreign ownership, short balance and news data are not available, so the cause of the recent decline cannot be determined from this data.

Business overview

BHI (비에이치아이) is a KOSDAQ-listed company in the Machinery sector. It was founded on 1998-06-12 and listed on 2005-12-02, with 30,944,375 shares outstanding. It has two co-CEOs, 이근흥 and 조원래. Market capitalisation is about ₩1.55T and enterprise value about ₩1.42T.

The filing list is dominated by repeated major sales or supply contract disclosures and amendments between July and September 2026. The data does not give contract sizes, customers or products, so what they cover cannot be described here.

Financial analysis

These figures come from filed financial statements (DART), consolidated where available.

Revenue grew from ₩234.9B in 2021 to ₩330.2B in 2022, ₩367.4B in 2023, ₩404.7B in 2024 and ₩774.1B in 2025. Trailing revenue to H1 2026 is ₩1.05T. Operating income rose from a ₩30.6B loss in 2021 to ₩75.5B in 2025 and ₩123.5B on a trailing basis (11.8% margin).

Net income was a ₩34.6B loss in 2021 and a ₩19.1B loss in 2022, then ₩7.5B in 2023, ₩19.6B in 2024 and ₩65.2B in 2025. Trailing net income is ₩52.1B, a 5.0% net margin, well below the operating margin. ROE was 44.4% in 2025 and is 32.7% trailing.

Cash is ₩125.4B and trailing free cash flow is ₩128.6B. Borrowings are not available in the data. Liabilities to equity is 444.6%, which indicates a heavily leveraged balance sheet.

Valuation

The shares trade at 29.8 times trailing earnings, 7.7 times book value and 1.5 times sales. At the end of 2025 the multiples were 24.8 times earnings and 9.1 times book value. EV/EBITDA and dividend yield are not available.

Peers in the data show a wide range: Doosan Enerbility at 252.9 times earnings and 5.6 times book, Hanmi Semiconductor 108.1 and 32.1, Jusung Engineering 1,650 and 20.2, Rainbow Robotics 4,456.7 and 57.1, and Wonik IPS 37.1 and 6.0. BHI's multiples are below all of these on earnings, and below all but Doosan Enerbility and Wonik IPS on book value. The peers are much larger and the spread is extreme, so the comparison is of limited use.

The model estimate, based on the assumptions shown (a 5-year DCF at a 6.5% rate, on trailing data to H1 2026), is ₩102,274 per share in the base case, ₩61,149 in the bear case and ₩175,605 in the bull case. The ₩50,100 close is below even the bear case. This is a model estimate based on the assumptions shown, not a target, and the wide range reflects how sensitive it is to its inputs.

Catalysts

  • Repeated major sales or supply contract filings and amendments, most recently on 2026-09-23, 2026-09-21 and 2026-09-16, could show whether order flow is continuing.
  • The half-year report for June 2026, filed on 2026-08-14, provides the latest trailing figures of ₩1.05T revenue and ₩123.5B operating income.
  • The derivative trading loss filing of 2026-08-14 may matter for how the gap between operating income and net income develops.
  • Whether the recent 26.8% one-month share price decline reverses or continues is visible in future KRX price data, though no news or flow data explains it.

Risks

  • Liabilities are 444.6% of equity, which leaves the company exposed to financing conditions.
  • Trailing net income of ₩52.1B is below 2025's ₩65.2B despite higher revenue, and the net margin of 5.0% is far below the 11.8% operating margin.
  • A derivative trading loss was disclosed on 2026-08-14, and its size is not in the data.
  • Earnings history is short: the company recorded losses in 2021 and 2022, so the current profitability is recent.
  • The share price fell 26.8% in one month and sits 56.1% below its 52-week high, and with no flow, short-interest or news data the cause is unknown.

Closing view

The filed numbers show a sharp change in scale and profitability, supported by strong free cash flow and a high ROE. Against that, leverage is high, net income has not kept pace with revenue, and a derivative loss was disclosed. The price is below the model's bear case, but that model depends on assumptions that may not hold, and missing data on contracts, borrowings, flows and news limits what can be concluded. The evidence is mixed and does not lead to a single clear reading.

Model estimate of fair value

Bear
₩61,149
+37%
Base
₩102,274
+129%
Bull
₩175,605
+293%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 6.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)BHI: Revenue Has More Than Tripled Since 2022 While the Share Price Fell 26.8% in a Month

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information