H.Pio에이치피오

H.Pio's earnings have slipped from their 2023 peak, and its shares have fallen sharply over the past year, though the company still reports positive profit.

H.Pio sells health functional foods under its Denps brand, along with children's products and a newer beauty business. Trailing twelve-month revenue to H1 2026 was about ₩270B with operating income of about ₩13.5B and net income of about ₩9.0B. The share price closed at ₩1,960 on 2026-10-26, near its 52-week low of ₩1,926 and well below its 52-week high of ₩3,295.

What stands out

• Revenue has grown each year since 2022, reaching ₩258B in 2025, but operating margin fell from 14.3% in 2021 and 9.5% in 2023 to 5.2% in 2025 and about 5% on a trailing basis.
• Trailing net margin is 3.3% and ROE is 6%, while liabilities are 39.2% of equity, with cash of about ₩29.6B against borrowings of about ₩20.9B.
• Trailing free cash flow is about ₩2.6B, a small figure relative to revenue.
• The data shows a P/E of 8.9, P/B of 0.5 and a dividend yield of 3.6%, and the company's own discounted cash flow base value is ₩5,733, well above the current price; the model's bear case is ₩2,480.
• Recent filings include a corporate value-up plan, a share cancellation decision and a half-year report, and a news item says the cosmetics subsidiary has been listed on Musinsa Beauty.
• Foreign ownership eased slightly to 1% and 20-day flows show foreign and retail net selling against institutional net buying, though the amounts are small.

What to watch

• The share cancellation decision filed on 2026-08-24 and any follow-up on the value-up plan, as the data does not give the details or timing.
• Whether operating margin stabilises near its current level, since it has fallen from higher levels in earlier years.
• Next quarterly results and the beauty business's contribution, which the data does not yet show in detail.