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JONBUR Research · Initiation

Hyundai Movex · 319400 · Machinery

Hyundai Movex: Strong one-year price gain, thin margins and a share price far above model fair value

Why this report

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

Hyundai Movex (KOSDAQ, Machinery) closed at ₩18,840 on 2026-10-12, up 106.8% over one year but down 13.0% over one month, with a market cap of ₩2.2T. Filed financials show growing revenue but modest profit, and the simple model fair value range sits far below the current price.

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 company with growing sales: revenue rose from ₩210.5B in 2022 to ₩393.9M... correction: ₩393.9B in 2025, and trailing revenue to H1 2026 is ₩392.7B. It does not clearly support the current valuation, since operating margin is 2.8% and trailing free cash flow is negative at ₩17.0B. The share price is 13.0% lower over one month and 11.8% lower over three months, yet it remains 106.8% higher over one year. The 52-week high was ₩50,400, so the price is well below that peak. The 52-week low is shown as 0 and is not usable. Investor flow, foreign ownership, short balance and news data are not available.

Business overview

Hyundai Movex is listed on KOSDAQ in the Machinery sector. It was founded on 2019-02-18 and listed on 2019-05-08, with 117,845,901 listed shares. The CEO is listed as 도익한. Revenue grew from ₩240.1B in 2021 to ₩393.9B in 2025, with a decline of 12.3% in 2022 and growth of 27.3%, 27.5% and 15.4% in 2023, 2024 and 2025. Recent filings include a major sales or supply contract (2026-09-30), a treasury share disposal result (2026-09-23), a corporate value-up plan (2026-04-24) and several insider transaction reports. The data gives no further description of products or customers.

Financial analysis

From filed financial statements (DART): trailing revenue to H1 2026 was ₩392.7B, operating income ₩11.1B (margin 2.8%) and net income ₩17.4B (net margin 4.4%). Net income exceeds operating income, so non-operating items likely contributed, though the data does not break them down. Trailing ROE is 10.3%. Annual operating margin was 1.5% in 2023, 7.2% in 2024 and 4.6% in 2025; operating income was ₩24.6B in 2024 and ₩18.2B in 2025. Net income was ₩26.9B in 2024 and ₩11.3B in 2025, with ROE of 16.2% and 6.8%. Liabilities to equity is 105.8%. Cash is ₩37.0B; borrowings are not available. Trailing free cash flow is -₩17.0B.

Valuation

Current P/E is 127.3, P/B 13.5 and P/S 5.7, with a dividend yield of 0.8%; EV/EBITDA is not available. Year-end 2025 P/E was 196.1 and P/B 13.8, so the multiples are lower than then but still high. Peers show very wide ranges: P/E from 37.1 (Wonik IPS) to 4,456.7 (Rainbow Robotics), and P/B from 5.6 (Doosan Enerbility) to 57.1 (Rainbow Robotics). Hyundai Movex's P/B of 13.5 sits within that range. Our simple 5-year discounted cash flow model (15% growth, 9% discount rate, base free cash flow ₩9.6B, net cash ₩37.0B) gives a fair value of ₩1,585 (bear), ₩1,900 (base) and ₩2,331 (bull) per share. All are far below the ₩18,840 close, meaning the price reflects expectations well beyond what this simple model assumes.

Catalysts

  • A major sales or supply contract was filed on 2026-09-30, though the data does not give its size.
  • A treasury share disposal result was reported on 2026-09-23 following the 2026-08-06 sale decision.
  • The corporate value-up plan filed on 2026-04-24 may bear on shareholder return policy.
  • A 5%+ holding report and insider shareholding report were filed on 2026-09-21, showing ownership changes.
  • The next quarterly report will show whether trailing margins recover from 2.8%.

Risks

  • The valuation is high (P/E 127.3, P/B 13.5) relative to a 2.8% trailing operating margin.
  • Trailing free cash flow is negative at -₩17.0B.
  • Operating margin has swung between 1.5% and 7.2% over the last three years, showing earnings volatility.
  • The price fell 13.0% in one month, and it is very volatile over the longer period.
  • Investor flows, foreign ownership, short interest and borrowings are not available, limiting the picture.

Closing view

The data shows steady revenue growth and a large one-year price rise, but profitability is modest, cash flow is negative and the model fair value range of ₩1,585 to ₩2,331 is far below the ₩18,840 share price. Peer multiples are also high, so the premium is not unique, but the evidence on hand does not explain it. Missing flow, ownership and borrowing data leave gaps, and the recent supply contract could matter if its size is disclosed. This report is informational and offers no recommendation.

Model estimate of fair value

Bear
₩1,585
-91%
Base
₩1,900
-89%
Bull
₩2,331
-87%

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

A simple 5-year discounted cash flow from filed statements (H1 2026): revenue growth 15% fading to 2%, discount rate 9%. Per share, not a price target. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Hyundai Movex: Strong one-year price gain, thin margins and a share price far above model fair value

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