Humax휴맥스

Humax remains loss-making at the operating level, though trailing net income is positive and the share price has fallen sharply over the past year.

Humax makes set-top boxes and gateways for pay-TV operators and in-vehicle antennas through its Winncom subsidiary. Over the trailing twelve months to H1 2026 it reported revenue of about ₩386B and an operating loss of about ₩15.6B, with net income of about ₩13.1B. The shares closed at ₩5,150 on 2026-10-28, roughly 46% lower over one year and near the bottom of their 52-week range.

What stands out

• Trailing operating margin is -4% and the 2025 full-year operating margin was -7.4%, so core operations are still loss-making despite positive trailing net income.
• Revenue fell 26.4% in 2025 and has declined in most recent years, while 2022 was the only year of growth in the table shown.
• Liabilities are about 256% of equity and borrowings are about ₩56.5B against cash of about ₩21.1B, so the balance sheet carries meaningful debt.
• Filings in October 2026 include a rights offering of about ₩5B, a convertible bond issue, a merger decision, and a change of largest shareholder; the news reports a further stake increase in Altimobility to 58.3%.
• Valuation metrics show a P/E of 2.6 and P/B of 0.3, with no dividend, but the data does not explain why the market values the company so low.

What to watch

• Details and timing of the rights offering, convertible bonds and merger, including dilution and terms, as set out in the filings.
• Whether operating income returns to a sustained profit, since the trailing figure is negative while net income is positive.
• Foreign ownership rose from 3.3% to 4.3% over 60 days, and the largest shareholder change and mandatory holding notice may affect share trading; the data does not give further detail.