Hyundai Glovis: Steady Profits and Lower Multiples After a Sharp One-Month Share Price Decline

Thesis

The data supports a profitable, cash-generative logistics company with modest debt. Trailing free cash flow is ₩1.4T, cash of ₩2.4T exceeds borrowings of ₩1.2T, and the dividend yield is 3.2%. Revenue has grown in most years since 2021.

The data does not explain the recent share price drop. No news headlines are provided, and investor flow, foreign ownership and short balance data are not available. Operating profit in 2025 was slightly higher than in 2024, but net income was much higher, so the quality of that gain cannot be assessed from this data. Margins have stayed in a fairly narrow range of 5.2% to 7.0%, and the trailing margin of 6.5% is slightly below the 2025 figure of 7.0%.

Business overview

Hyundai Glovis is listed on the KOSPI in the Transport & Logistics sector. It was founded on 2001-02-22 and listed on 2005-12-26. It has 75.0M listed shares and a market capitalisation of ₩13.6T. The CEO is listed as 이규복. Revenue rose from ₩21.8T in 2021 to ₩29.6T in 2025, and trailing revenue to H1 2026 is ₩31.3T. The data does not give a breakdown by business segment.

Financial analysis

These figures come from filed financial statements (DART). Annual revenue was ₩21.8T in 2021, ₩27.0T in 2022 (+23.9%), ₩25.7T in 2023 (-4.8%), ₩28.4T in 2024 (+10.6%) and ₩29.6T in 2025 (+4.1%).

Operating income was ₩1.1T in 2021 and ₩2.1T in 2025. Net income was ₩783.2B in 2021 and ₩1.7T in 2025. The 2025 operating margin was 7.0% and return on equity was 18.1%.

Trailing figures to H1 2026 show operating income of ₩2.0T (6.5% margin), net income of ₩1.5T (4.9% margin) and ROE of 15.7%. Liabilities to equity are 90.3%. Cash is ₩2.4T, borrowings are ₩1.2T and free cash flow is ₩1.4T.

Valuation

The current price-to-earnings ratio is 8.9 and the price-to-book ratio is 1.3. The price-to-sales ratio is 0.4 and the dividend yield is 3.2%. Enterprise value is ₩12.4T. EV/EBITDA is not available.

At the end of 2025 the P/E was 7.8 and the P/B was 1.3, so the P/E is somewhat higher now and the P/B is unchanged. Earlier year-end multiples are not available.

The only peer with multiples in the data is HMM, at a P/E of 15.6 and a P/B of 0.8, with a market cap of ₩22.3T. Other peers (Pan Ocean, CJ Logistics, Korea Line, Heung-A Shipping) have no multiples listed, so the peer comparison is very limited.

Catalysts

• The half-year report for June 2026 was filed on 2026-08-14 and confirmed the trailing figures.
• Preliminary consolidated earnings were released on 2026-07-23, and the next earnings release would be the next update on profit trends.
• Investor relations events were held on 2026-07-16, 2026-08-24, 2026-09-08 and 2026-09-23, indicating regular investor engagement.
• A sustainability report-related voluntary disclosure was filed on 2026-06-30.

Risks

• The share price is down 12.8% over one month and the data gives no explanation, so the cause is unclear.
• The trailing operating margin of 6.5% is below the 7.0% reported for 2025, and the trailing net margin of 4.9% is well below the 2025 figure implied by net income of ₩1.7T.
• Revenue has been volatile, with a 4.8% decline in 2023 after a 23.9% rise in 2022.
• Investor flow, foreign ownership and short balance data are not available, so positioning cannot be assessed.
• Peer valuation data is sparse, so relative valuation conclusions are weak.

Closing view

The filed numbers show a profitable company with positive free cash flow, net cash and a 3.2% dividend yield, trading at a P/E of 8.9 and a P/B of 1.3. Against that, the recent price fall is unexplained, margins have eased from 2025 levels, and missing flow and news data limit the picture. The evidence is mixed and more information would be needed to explain the recent share price move.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationHyundai Glovis: Steady Profits and Lower Multiples After a Sharp One-Month Share Price Decline