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JONBUR Research · Initiation

You're reading an earlier report from Oct 13, 2026. See the latest report

Ipark Hyundai Development · 294870 · Construction

Ipark Hyundai Development: Higher Margins and Low Multiples, Alongside a Wide Range of Model Estimates

Why this report

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

Ipark Hyundai Development (KOSPI: 294870) closed at ₩21,650 on 2026-10-12 with a market cap of ₩1.4T, trading at 7.7x earnings and 0.4x book value. Filed statements show operating margin rising to 8.7% over the trailing twelve months to H1 2026, while the share price fell 12.9% over the past month.

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 picture of improving profitability. Operating margin rose from 4.3% in 2024 to 6.0% in 2025 and 8.7% in the trailing twelve months. The balance sheet shows cash of ₩809.7B against borrowings of ₩460.8B, and free cash flow of ₩512.6B.

The data does not show a clear growth story. Revenue fell 2.6% in 2025 and has been in a range of roughly ₩4.1T to ₩4.3T since 2023. Return on equity is modest at 5.8%, which fits with a price-to-book ratio of 0.4x. Investor flow, foreign ownership and short balance data are not available, so we cannot say who has been buying or selling the shares.

Recent filings include several supply contracts, two debt guarantee decisions for other parties and a designation as an unfaithful disclosure corporation (2026-09-07). These need to be read alongside the valuation.

Business overview

Ipark Hyundai Development is a KOSPI-listed construction company, listed on 2018-06-12, with 65,907,330 listed shares and a market cap of about ₩1.4T. The CEO is listed as 정경구.

Revenue was ₩3.4T in 2021, ₩3.3T in 2022, then ₩4.2T in 2023, ₩4.3T in 2024 and ₩4.1T in 2025. Trailing twelve-month revenue to H1 2026 is ₩3.7T. The data gives no breakdown by business line.

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Model estimate of fair value

Bear
₩84,603
+245%
Base
₩145,876
+495%
Bull
₩264,998
+982%

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 5.8%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 22, 2026Update noteEarningsIpark Hyundai Development: Q3 2026 Preliminary Operating Profit Up 127.1% Year on Year
  2. Oct 13, 2026InitiationStart of coverage (300 largest)Ipark Hyundai Development: Higher Margins and Low Multiples, Alongside a Wide Range of Model Estimates

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