JONBUR Research · Initiation
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HD Hyundai Marine Solution · 443060 · Engineering services
HD Hyundai Marine Solution: High Margins and Returns, Premium Multiples, Pullback Over the Past Month
HD Hyundai Marine Solution reported TTM revenue of ₩2.18T and an operating margin of 17.2% as of H1 2026, while the shares fell 10.7% over the past month to ₩220,500. The stock trades at 29.6x earnings and 11.1x book value, and recent filings point to a planned equity acquisition.
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.
Thesis
The data supports a profitable, growing business: revenue rose 13.6% in 2025, operating margin moved from 15.6% in 2024 to 17.7% in 2025, and TTM ROE is 40.2%. Free cash flow of ₩267.6B and a liabilities-to-equity ratio of 56% suggest solid cash generation and a moderate balance sheet. What the data does not support is a clear read on valuation versus peers, because peer multiples are not available. The shares are 23.2% below the 52-week high of ₩287,000 but 39.6% above the low of ₩158,000, and the 3-month return of 13.9% contrasts with the 1-month decline of 10.7%. Investor flow, foreign ownership and short-balance data are not available, so the cause of the recent move cannot be assessed from this data.
Business overview
The company is listed on KOSPI in the engineering services sector. It was founded on 2016-11-28 and listed on 2024-05-08, with 44,829,210 listed shares. Market capitalization is about ₩9.88T and enterprise value is about ₩9.43T. Annual revenue was ₩1.75T in 2024 and ₩1.98T in 2025. Peers in the data include Samsung E&A (market cap ₩9.03T), KEPCO Engineering & Construction (₩4.29T), POSCO DX (₩3.01T), SemiFive (₩682.6B) and Hanyang ENG (₩566.1B). Descriptions of products or customers are not in the data.
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The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).
Report history
- Oct 29, 2026Update noteBig price moveHD Hyundai Marine Solution Shares Fall 16.2% in Five Days After Q3 Earnings
- Oct 13, 2026Update noteM&A / restructuringHD Hyundai Marine Solution Agrees to Acquire Goltens New York and Goltens Oslo for ₩331.5B
- Oct 13, 2026InitiationHD Hyundai Marine Solution: High Margins and Returns, Premium Multiples, Pullback Over the Past Month
Source: KRX statistical information