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JONBUR Research · Update note

HPSP · 403870 · Machinery

HPSP Announces Change of CEO

Why this report

Written after:

HPSP filed a change of CEO on 2026-10-22, the same day as the results of its extraordinary shareholders' meeting. The filing excerpt is not available, so the reasons and the identity of the new CEO cannot be confirmed from the data.

Written Oct 22, 2026 · Data as of Oct 21, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

A filing dated 2026-10-22 reports a change of CEO (대표이사변경). No filing excerpt was provided, so we do not know who is stepping down, who is taking over, the effective date or the stated reason. Another filing the same day reports the results of an extraordinary shareholders' meeting, and a notice and proxy reference document for that meeting were filed on 2026-10-07. The link between the meeting and the CEO change is likely but not confirmed by the data. The CEO listed in the data (이케빈기두) is as of 2026-10-21, before the filing. No smaller recent events are flagged as background. The share price closed at ₩50,900 on 2026-10-21, down 6.9% over one month.

What it changes for the thesis

The previous report (2026-10-13) described a very profitable business: operating margin of 53.4%, low liabilities and free cash flow of ₩92.3B, but with revenue falling since 2024. Nothing in the data shows the CEO change altering these figures, which are based on results to H1 2026. What it may affect is the strategy and execution behind any earnings recovery, which that report said was the key open question. Without details on the succession, we cannot judge whether this signals continuity or a change of direction.

What it changes for the valuation

The model estimates a fair value of ₩9,954 (bear), ₩13,332 (base) and ₩18,494 (bull) per share, a model estimate based on the assumptions shown (DCF, 8.1% rate, TTM to H1 2026). The previous report had no model estimate, so there is no earlier range to compare. The current price of ₩50,900 is well above this range, and current multiples are P/E 48.9x and P/B 13.4x, versus 59.4x and 16.2x in the previous report. That change reflects the lower share price. The CEO change is not reflected in the model inputs.

Closing view

The CEO change is the most material recent event, but the data gives no details to assess it. The financial profile of high margins, low liabilities and declining revenue is unchanged, and the gap between the share price and the model estimate remains wide. The key points to watch are who the new CEO is and whether the filings point to continuity or a shift in strategy. This note offers no recommendation or price view.

Model estimate of fair value

Bear
₩9,954
-78%
Base
₩13,332
-70%
Bull
₩18,494
-59%

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 8.1%). 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 noteCEO / control changeHPSP Announces Change of CEO
  2. Oct 13, 2026InitiationHPSP: High margins and a sharp share price rebound, alongside a premium valuation

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