BHI비에이치아이

BHI's share price has fallen sharply over the past year despite strong revenue growth in 2025 and 2026, and valuation is high against its earnings.

BHI makes boilers, heat recovery steam generators and related equipment for power and steel plants, mostly on a made-to-order basis. Trailing revenue to H1 2026 was about ₩1.05T with a net profit of about ₩52B, after revenue grew 91% in 2025. The shares closed at ₩42,600 on 26 October 2026, down 28.9% over one month and 15.1% over one year, and the data includes a DCF base value of ₩38,186.

What stands out

• 2025 revenue reached ₩774B, up 91.3%, with net income of ₩65B, a large step up from 2024.
• Trailing operating margin is 11.8% and net margin is 5%, while liabilities are 444.6% of equity and borrowings are ₩141B against cash of ₩125B.
• Trailing free cash flow is ₩129B, which is above trailing net income.
• Foreign ownership fell from 14.2% to 10.2% over 60 days, while institutions sold about ₩44B net over the last 20 days.
• Recent filings are mostly amendments to major sales or supply contracts, plus a derivatives trading loss notice on 14 August 2026 and the H1 2026 half-year report.
• A Yuanta note reported in Edaily on 14 October expects an 84% rise in Q3 operating profit but a lowered order target; the data does not include the note's rating or price target.

What to watch

• The Q3 2026 results and whether they match the expected operating profit rebound.
• Further amendments to the major supply contracts and whether order targets change.
• The size of the derivatives trading loss and any effect on cash and earnings; the data does not give the amount.