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JONBUR Research · Initiation

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

HD Hyundai Energy Solutions · 322000 · Semiconductors

HD Hyundai Energy Solutions: Profit Recovery and a Sharp Share Price Rise Meet a Model Estimate Far Below the Market Price

Why this report

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

The company's trailing profit has recovered, with H1 2026 TTM operating margin at 15.8% and net income of ₩61.0B, and the share price is up 205.1% over one year to ₩143,100. The valuation model's base estimate of ₩16,559 per share is far below the market price, and several flow and ownership data points are not available.

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 clear earnings recovery. Operating income rose from ₩3.5B in 2024 to ₩41.2B in 2025 and ₩94.3B on a trailing basis to H1 2026. ROE improved from 0.0% in 2024 to 14.5%, and free cash flow is positive at ₩60.0B.

The data does not show that this recovery is stable. Revenue fell 44.5% in 2023 and 22.7% in 2024, and profits have swung between losses and gains over five years. The share price is 44.1% below its 52-week high of ₩256,000 but 223.7% above its low of ₩44,200, so the market is pricing in a lot of future improvement. One news headline links recent gains to expectations around AI data center power demand and a US market push, but the data gives no figures to confirm this.

Business overview

HD Hyundai Energy Solutions is listed on KOSPI and classified in the data under Semiconductors. It was founded on 2016-12-21 and listed on 2019-11-19, with 11.2M listed shares. Market capitalization is ₩1.6T and enterprise value is about ₩1.5T.

The numbers show a cyclical history. Revenue was ₩593.2B in 2021, peaked at ₩984.8B in 2022, fell to ₩546.1B in 2023 and ₩422.4B in 2024, then recovered to ₩492.7B in 2025. The data does not break revenue down by product or customer.

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Model estimate of fair value

Bear
₩0
-100%
Base
₩16,559
-83%
Bull
₩67,673
-30%

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 4.7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeHD Hyundai Energy Solutions: Model Fair Value Estimate Rises to ₩31,727 After Discount Rate Change
  2. Oct 13, 2026InitiationStart of coverage (300 largest)HD Hyundai Energy Solutions: Profit Recovery and a Sharp Share Price Rise Meet a Model Estimate Far Below the Market Price

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