Korea Movenex한국무브넥스

Korea Movenex's trailing profits are thin and its shares have fallen sharply, with debt high relative to equity.

Korea Movenex, an auto parts maker supplying mainly Hyundai Motor and Kia, reported trailing twelve-month revenue of ₩1.72T to H1 2026 but an operating margin of just 1.1%. Net income of ₩21.9B is above operating income, and liabilities are 155% of equity, with borrowings of ₩278B against cash of ₩184B. The share price closed at ₩3,075 on 2026-10-23, down 24.2% over one year and near its 52-week low of ₩3,035.

What stands out

• Revenue has grown from ₩1.00T in 2021 to ₩1.70T in 2025, but operating income fell from ₩59B in 2023 to ₩25B in 2025 and the margin narrowed from 3.9% to 1.5%.
• Trailing net income of ₩21.9B is well above trailing operating income of ₩18.7B, so non-operating items or other factors are contributing; the data does not explain the difference.
• Valuation metrics are low: P/E 4.3, P/B 0.2, EV/EBITDA 2.8, with a 3.3% dividend yield. The discounted cash flow fair value model gives a base of ₩14,218, far above the current price, but the model is not a forecast and its bear case is listed as zero.
• Foreign ownership rose from 2.2% to 3% over about 60 days, while retail investors were net sellers over the last 20 days (about -₩82M), with foreign buying of about ₩89M.
• Recent filings include the H1 2026 half-year report (August 2026), a guarantee of debt for another party (April 2026), and a change in the largest shareholder's holdings (May 2026). No recent news headlines are included in the data.

What to watch

• The next quarterly and annual results, to see whether operating margins recover from around 1% and whether debt levels ease.
• Details of the debt guarantee for another party and any further filings on borrowings or largest-shareholder holdings, which the data does not explain.
• Dependence on Hyundai Motor and Kia for most sales; any change in their production or orders would directly affect the business.