Hmnex에이치엠넥스

Hmnex's trailing revenue has grown sharply since 2024, but profit is thin on an operating basis and the share price has swung widely.

Hmnex makes automotive LED packages and, through its subsidiary SMI, semiconductor equipment for customers including SK Hynix. Trailing twelve-month revenue to H1 2026 was ₩48.1B... wait, correction: trailing revenue was ₩48.1B, with an operating margin of 9.2% and free cash flow of about -₩2.4B. The share price closed at ₩2,530 on 2026-10-28, with a market cap of about ₩155B and a 1-year return of 204.1%.

What stands out

• Revenue rose from ₩15.2B in 2024 to ₩31.7B in 2025 (up 109.1%), and trailing revenue to H1 2026 reached ₩48.1B.
• Reported net income is far above operating income in several years, including 2025 (₩11.0B net versus ₩2.4B operating), so the gap is worth reading in the filings.
• Trailing free cash flow is negative at about -₩2.4B, and borrowings of ₩22.8B exceed cash of ₩7.9B.
• The valuation model's base case is ₩398 per share, well below the ₩2,530 close, while its bull case is ₩1,058; these are model outputs, not forecasts.
• Foreign ownership fell from 3.8% to 2.9% over about 60 days, and foreign investors were net sellers over the last 20 days.

What to watch

• The loan provision decision amended on 2026-08-04 (loan period extension) and how the borrowings are handled.
• Full-year 2026 results and any further filings on the change in revenue or profit structure.
• Customer concentration in automotive and SK Hynix-linked semiconductor equipment, as named in the company profile.