DhautonexDH오토넥스

Dhautonex has returned to a thin operating profit on a trailing basis, but its valuation is very high relative to earnings and it faces a listing-eligibility improvement process and a merger decision.

Dhautonex, an auto parts maker supplying LPG fuel tank modules and related components to Hyundai Motor and Kia, reported trailing twelve-month revenue of ₩44.7B through H1 2026 with an operating margin of about 7% and a net margin of 0.5%. Its share price was ₩4,200 on 2026-10-23, giving a market cap of about ₩174B, a trailing P/E of 818.6 and P/B of 5.6. Recent filings show a listing-eligibility improvement period, an extraordinary shareholders' meeting, a merger decision and a major sales or supply contract.

What stands out

• Trailing free cash flow is negative at about -₩3.5B, and borrowings of ₩9.0B exceed cash of ₩15.9B only on the reported figures, so the balance sheet is not clearly net cash on a borrowings basis.
• Annual results are volatile: 2023 and 2024 showed large operating losses, while 2025 reported revenue of ₩40.2B, revenue growth of 24.1% and an operating margin of about 8%.
• 2025 net income of ₩5.8B is far above operating income of ₩3.2B, and the 2024 net income of ₩113.5B was well above its operating loss, so non-operating items appear to have driven bottom-line swings; the data does not explain these.
• Valuation looks stretched against the peer group, where Hyundai Mobis, SL, HL Mando and Hyundai WIA trade at P/E ratios between about 6 and 19, though peers are much larger.
• Foreign ownership is 2.1% and unchanged over 60 days, and 20-day flows show foreign and institutional net selling against retail net buying. No dividend yield is listed.

What to watch

• A July 2026 filing describes a material improvement plan and improvement period related to substantive review for listing eligibility, so the exchange process and its outcome are key to monitor.
• An October 2026 merger decision and record-date notice have been filed, but the terms and effects are not described in the data provided.
• Full-year 2026 results and the outcome of the September 2026 major supply contract are not yet in the data.