HD Hyundai: Sharp 1-Month Share Price Drop as Trailing Earnings Climb

Thesis

The data supports a picture of sharply improving earnings: operating margin rose from 3.3% in 2023 to 13.5% on a trailing basis, and trailing ROE is 26.2%. The share price has moved the other way recently, with returns of -30.9% over one month and -13.6% over three months, though it is still up 8.2% over one year. The data does not explain the recent decline, and no investor flow, foreign ownership or short balance figures are available to test explanations. Trailing net income of ₩2.7T is far below operating income of ₩10.6T, so the gap between the two matters when reading the low P/E. As a holding company, results are consolidated from subsidiaries, and several recent filings relate to subsidiary matters.

Business overview

HD Hyundai is listed on KOSPI and classified as a holding company. It was founded on 2017-04-03 and listed on 2017-05-10, with 78,993,085 listed shares and a market capitalization of about ₩13.5T. The CEOs listed are 정기선 and 조영철. Revenue grew from ₩28.2T in 2021 to ₩71.3T in 2025, with a 116.1% jump in 2022. Recent news headlines concern shipbuilding activity, including a digital shipbuilding center with Siemens in Busan, an offshore patrol vessel for the Philippines and tanker naming ceremonies in Vietnam. The data gives no segment breakdown.

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 28, 2026Update noteEarningsHD Hyundai Q3 Operating Profit Rises 71.5% Year on Year, but Falls 29.2% From Q2
2. Oct 13, 2026InitiationHD Hyundai: Sharp 1-Month Share Price Drop as Trailing Earnings Climb