THN티에이치엔

THN's profit has held up well through 2026, but its shares have fallen sharply and now trade at a very low multiple of earnings.

THN is an auto parts maker that supplies wire harnesses, mainly to Hyundai Kia Motor Group affiliates. Trailing results to H1 2026 show revenue of ₩1.13T and net income of ₩75.8B, after a strong 2025. The share price, at ₩4,450, is down 27.4% over one year and sits well below its 52-week high of ₩10,270.

What stands out

• Revenue rose 51.9% in 2025 to ₩989B, and trailing revenue to H1 2026 reached ₩1.13T.
• Trailing operating margin is 7% and net margin is 6.7%, close to the 2025 level, though well above 2022 when operating income was near zero.
• Valuation metrics are very low: P/E about 1.1, P/B about 0.3, and a 2.7% dividend yield, while the base-case DCF value in the data is ₩81,337 versus the current price.
• Liabilities are 153.8% of equity, and the company holds ₩80B in cash against ₩3.4B in borrowings.
• Foreign ownership eased from 8.5% to 8.1% over about 60 days, and 20-day flows show foreign and institutional selling against retail buying. No recent news headlines were provided.

What to watch

• The Q3 2026 quarterly report and any change in margins or revenue, given the sharp share price decline.
• Any filings on executive or major shareholder share sales, since a trading plan report was filed in April and later withdrawn in June.
• Customer concentration on Hyundai Kia Motor Group affiliates, and the wider DCF range from ₩40,066 to ₩152,180 in the data, which shows high uncertainty.