HPSP: High margins and a sharp share price rebound, alongside a premium valuation

HPSP, a KOSDAQ-listed machinery company, reports operating margins above 50.0% and has seen its share price rise 45.6% over three months to ₩61,000. Revenue has declined since 2024, while the stock trades at 59.4x earnings and 16.2x book value, above its year-end 2025 levels.

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 a very profitable business: trailing operating margin is 53.4%, net margin is 52.7%, and ROE is 29.0%. The balance sheet looks conservative, with liabilities at 29.8% of equity and free cash flow of ₩92.3B.

The data does not show revenue growth. Annual revenue fell 4.7% in 2025 after rising 1.3% in 2024, and operating income has slipped from its 2023 level. The share price is up 66.9% over one year and 14.4% over one month, yet it remains below the 52-week high of ₩92,000. Valuation multiples have risen faster than earnings. Data on investor flows, foreign ownership, short balances and news is not available.

Business overview

HPSP is listed on KOSDAQ in the Machinery sector. It was founded on 2017-03-14 and listed on 2022-07-15. The CEO is listed as 이케빈기두. There are 83,498,568 listed shares and a market capitalisation of about ₩5.1T. The data gives no description of products or customers, so this report does not describe them.

Revenue was ₩159.3B in 2022, ₩179.1B in 2023, ₩181.4B in 2024 and ₩173.0B in 2025. Trailing revenue through H1 2026 is ₩162.8B.

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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

Source: KRX statistical information