KOSDAQHolding Companies028080

Humax Holdings

₩5,170 0.00%2026-10-02 close

Market Cap

₩12.5B

Turnover

₩0

Volume

0 shares

Shares out.

2.4M

PER

2.2×

PBR

0.2×

EPS

₩2,322

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Absorbed Into Humax: Delisting Set for Oct 1

Humax Holdings is scheduled to be absorbed into its subsidiary Humax on October 1, 2026, ending its separate listing as shareholders will receive newly issued Humax shares.

1
Humax's board resolved on June 30, 2026 to absorb Humax Holdings, shareholders approved it on August 28, and the merger effective date is set for October 1.
2
Humax Holdings has already been designated an administrative issue for falling below the tightened KOSDAQ market-cap threshold, with the merger pursued as a way to avoid delisting.
3
The appraisal price offered to dissenting shareholders (KRW 6,839) has been reported to be well below the intrinsic and asset values estimated by an independent appraiser.
4
Subsidiary Humax Mobility posted operating profit for two consecutive quarters in 2026, led by improved earnings at Hi-Parking and Humax EV.
5
Consolidated revenue declined for four straight years through 2025 and turned to an operating loss that year, but owner net income over the most recent four quarters turned positive.

Business structure

Humax Holdings, established in 1989, is the holding company of the Humax Group; since a 2009 spin-off separated the investment arm from operating subsidiary Humax, its main revenue sources have been brand royalties and dividend income from subsidiaries under its holding business.

Following the 2020 absorption of Humax IT, the company has also run an IT services segment offering outsourcing and system-integration services to corporate clients alongside the holding business.

Its largest subsidiary is KOSDAQ-listed Humax (115160), which has broadened its portfolio from set-top boxes to automotive electronics such as vehicle antennas and electric-vehicle charging solutions (EVCS).

Humax's own subsidiary, Humax Mobility, is expanding its mobility infrastructure business through parking operator Hi-Parking and EV-charging affiliate Humax EV.

However, on June 30, 2026, the boards of both companies resolved that Humax would absorb holding company Humax Holdings, with Humax remaining as the sole surviving entity after the merger.

The merger ratio was set at 1 Humax share to 0.9646707 Humax Holdings shares, with merger values of KRW 5,659 for Humax and KRW 5,459 for Humax Holdings.

The deal consolidates the dual listing of holding company and operating company into a single listed entity, and the roughly 1,535,273 Humax common shares held by Humax Holdings will be entirely cancelled immediately after the merger.

Following completion, the largest shareholder will become Chairman Byun Dae-gyu, whose expected stake, assuming completed share cancellations, was calculated at 16.61%.

Earnings trend

Quarterly revenue · Operating profit

₩113.5B-₩5.7B25Q2₩99.2B-₩1.7B25Q3₩88.5B-₩14.1B25Q4₩93.9B₩2.3B26Q1₩111B-₩1.7B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩697.4B-₩4.1B2022₩659.8B₩11.8B2023₩542.7B₩6B2024₩400.7B-₩28.7B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩113.5B	-₩5.7B	−5.1%
2025Q3	₩99.2B	-₩1.7B	−1.8%
2025Q4	₩88.5B	-₩14.1B	−15.9%
2026Q1	₩93.9B	₩2.3B	2.5%
2026Q2	₩111B	-₩1.7B	−1.5%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩697.4B	-₩4.1B	-₩14.1B	−0.6%	−13.9%	215.4%
2023	₩659.8B	₩11.8B	-₩24.6B	1.8%	−32.4%	240.6%
2024	₩542.7B	₩6B	-₩21.3B	1.1%	−39.5%	308.8%
2025	₩400.7B	-₩28.7B	-₩28.3B	−7.2%	−91.4%	434.6%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Consolidated revenue fell for four consecutive years, from KRW 697.4 billion in 2022 to KRW 659.8 billion in 2023, KRW 542.7 billion in 2024, and KRW 400.7 billion in 2025.

Operating profit stayed marginally positive in 2023 (KRW 11.8 billion) and 2024 (KRW 6.0 billion) after a 2022 loss of KRW 4.1 billion, but swung back to a loss of KRW 28.7 billion in 2025, pulling the operating margin down to -7.2%.

Owner net income was negative in every one of the four years examined, at -KRW 14.1 billion (2022), -KRW 24.6 billion (2023), -KRW 21.3 billion (2024), and -KRW 28.3 billion (2025).

By quarter, losses persisted through the third quarter of 2025 (revenue KRW 99.2 billion, operating loss KRW 1.7 billion) and the fourth quarter (revenue KRW 88.5 billion, operating loss KRW 14.1 billion, net loss KRW 7.8 billion).

However, the first quarter of 2026 saw operating profit turn positive at KRW 2.3 billion with owner net income jumping to KRW 11.8 billion, and while the second quarter slipped back into an operating loss of KRW 1.7 billion, owner net income remained positive at KRW 1.9 billion, marking two consecutive quarters of positive net income.

As a result, owner net income summed over the most recent four quarters (Q3 2025 through Q2 2026) came to KRW 5.9 billion, a departure from the loss pattern that had persisted on an annual basis.

The debt ratio climbed every year, from 215.4% in 2022 to 240.6% in 2023, 308.8% in 2024, and 434.6% in 2025, driven largely by owner's equity shrinking from KRW 101.8 billion in 2022 to KRW 31.0 billion in 2025.

Operating cash flow improved from -KRW 23.1 billion in 2022 to KRW 37.2 billion in 2023 and KRW 81.4 billion in 2024, before falling back to KRW 17.0 billion in 2025.

Industry analysis

The company's holding and IT-services businesses are structurally tied to subsidiary performance and dividend policy; analysts have noted that the 24.5% year-on-year drop in cumulative consolidated revenue and the swing to an operating loss through the third quarter of 2025 reflected both lower dividend income at the holding segment and fewer orders in the IT-services business.

The KOSDAQ market has been progressively tightening listing-maintenance requirements for low-price, low-market-cap stocks, with the market-cap threshold rising from KRW 20 billion in July 2026 to KRW 30 billion in January 2027.

Recovery requirements after being designated an administrative issue have also become stricter, with delisting procedures beginning if a company fails to meet the threshold for 45 consecutive trading days within a 90-trading-day window.

Humax Holdings has in fact been designated an administrative issue for falling below the KRW 20 billion market-cap threshold. Against this regulatory backdrop, legal circles anticipate more mergers between parent holding companies and listed operating subsidiaries aimed at resolving dual-listing structures.

Subsidiary Humax's growth drivers in mobility and automotive electronics are anchored in expanding domestic parking and EV-charging infrastructure and supplying components to automakers, even as the revenue share of its legacy set-top-box business continues to shrink.

Outlook

The nearest event is the exercise of appraisal rights tied to the merger: dissenting shareholders may claim buyback at KRW 6,839 per share between August 28 and September 17, 2026.

If the total claimed amount exceeds KRW 2 billion for Humax or KRW 1 billion for Humax Holdings, either party may terminate the merger agreement, making the aggregate claim size a key hurdle for the deal's completion.

The merger effective date is set for October 1, 2026, at which point Humax Holdings will be dissolved and consolidated into surviving entity Humax.

The companies have outlined plans to integrate Humax Holdings' enterprise AI-transformation technology, 'AXNEXUS,' into Humax's mobility platform after the merger, aiming to strengthen operational data analytics and service automation.

However, an external accounting firm's discounted-cash-flow valuation attached to the merger's securities filing indicated that the electric-vehicle charging solutions (EVCS) business, touted as a key new growth driver, is expected to remain in deficit through 2029.

Meanwhile, subsidiary Humax Mobility posted operating profit for two consecutive quarters in the first half of 2026, with first-half revenue of KRW 130.6 billion and operating profit of KRW 1.85 billion, an improvement from an KRW 8.9 billion loss in the same period a year earlier.

Parking subsidiary Hi-Parking posted first-half revenue of KRW 98.6 billion and operating profit of KRW 7.9 billion, driving the group's profitability improvement.

Valuation

PER

2.2×

PBR

0.2×

ROE

14.3%

EPS

₩2,322

BPS

₩20,488

Dividend per share

₩0

Because Humax Holdings' separate listing is set to end through the merger, deal-specific metrics such as the merger value and appraisal price are functioning as more practical benchmarks than conventional market multiples.

It has been reported that the independent appraiser retained for the merger estimated Humax Holdings' per-share intrinsic value at a level above the appraisal price, and that its net-asset-based asset value likewise exceeded the appraisal price.

This has produced a structure with a clear gap between the market-formed price, the company-offered appraisal price, and the independently estimated intrinsic value.

Owner's equity has declined every year, from KRW 101.8 billion in 2022 to KRW 31.0 billion in 2025, and this shrinking net-asset base is also part of the backdrop to the valuation discussion.

On the dividend front, no record of cash dividend payments has been identified in recent years, meaning shareholder returns have effectively been confined to whatever capital gains or losses arise from price movements.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23

Bull factors

Mobility Subsidiary Sustains Profit Turnaround

Subsidiary Humax Mobility recorded operating profit for two consecutive quarters in the first half of 2026, posting cumulative first-half revenue of KRW 130.6 billion and operating profit of KRW 1.85 billion.

This marked a KRW 10.7 billion improvement from an KRW 8.9 billion loss in the same period a year earlier, driven by improved results at parking subsidiary Hi-Parking and EV-charging affiliate Humax EV.

Hi-Parking posted first-half revenue of KRW 98.6 billion and operating profit of KRW 7.9 billion, establishing itself as the group's largest profit contributor.

Simplified Governance and Merger Synergy Plans

The merger consolidates the dual listing of holding company and operating company into a single listed entity, simplifying the governance structure.

The companies have outlined plans to integrate Humax Holdings' enterprise AI-transformation technology, AXNEXUS, into Humax's mobility platform to strengthen operational data analytics and service automation.

Legal advisors on the deal stated that procedural review to protect minority shareholders was adequately conducted.

Recent Quarterly Net Income Turns Positive

Owner net income posted two consecutive positive quarters, at KRW 11.8 billion in the first quarter of 2026 and KRW 1.9 billion in the second.

As a result, owner net income summed over the most recent four quarters (Q3 2025 through Q2 2026) totaled KRW 5.9 billion, a departure from the loss pattern seen on an annual basis.

Operating profit itself, however, continued to fluctuate over this period, leaving open the question of whether the net income improvement reflects one-off factors or a sustained business turnaround.

Bear factors

Four Straight Years of Revenue Decline, 2025 Operating Loss

Consolidated revenue fell for four straight years, from KRW 697.4 billion in 2022 to KRW 400.7 billion in 2025, and 2025 operating profit swung to a loss of KRW 28.7 billion.

The debt ratio also climbed every year, from 215.4% in 2022 to 434.6% in 2025, reflecting both shrinking owner's equity and a growing financial burden. Analysts pointed to fewer IT-business orders and lower dividend income at the holding segment as behind the weak cumulative results through the third quarter of 2025.

Merger Terms Seen as Unfavorable to Minority Shareholders

Reports indicate the appraisal price offered to dissenting shareholders, KRW 6,839 per share, falls well short of both the intrinsic value estimated by an independent appraiser (KRW 23,166 to KRW 29,488) and the net-asset-based asset value (KRW 13,870).

Yet if the total claimed amount exceeds KRW 2 billion for Humax or KRW 1 billion for Humax Holdings, the agreement can be terminated, making it difficult for dissenting shareholders to prevail.

One outlet noted that under this structure, shareholders face difficulty avoiding losses regardless of whether they vote for or against the deal.

End of Separate Listing and Conversion Risk

Humax Holdings will be dissolved as of the merger's effective date of October 1, 2026, its ticker (028080) delisted, with shareholders converted into newly issued shares of surviving entity Humax (115160).

The approximately 1,535,273 Humax common shares held by Humax Holdings will be entirely cancelled immediately after the merger, meaning the former holding company's equity value is reflected solely through the share-exchange ratio of 1 to 0.9646707.

After the merger, former shareholders' investment outcomes will hinge entirely on the price performance of the single surviving Humax stock.

Risk factors

Risk of Merger Failure or Term Changes

If the combined appraisal claim amount exceeds KRW 2 billion for Humax or KRW 1 billion for Humax Holdings, either party may terminate the merger agreement.

If terminated, both companies would again face the tightened KOSDAQ listing-maintenance criteria, and delisting procedures could resume if they fail to meet the recovery requirement of 45 consecutive trading days within a 90-trading-day window after administrative-issue designation. Five rounds of disclosure amendments also underscore procedural uncertainty.

Prolonged Losses in EVCS and Other New Growth Businesses

An external accounting firm's discounted-cash-flow valuation attached to the merger filing indicated that the electric-vehicle charging solutions (EVCS) business, presented as a key new growth driver, is expected to remain in deficit through 2029.

Separate from the broader mobility segment's improving profitability, this suggests the individual business touted as a growth engine may need more time to turn profitable.

Financial Burden on the Combined Entity

Surviving entity Humax posted consolidated revenue of KRW 394.1 billion last year but still recorded a net loss of KRW 81.4 billion, meaning the merger also transfers holding-company functions and related financial liabilities.

Humax Holdings' standalone cash and cash equivalents stood at only around KRW 200 million as of the end of the first quarter of 2026, while financial liabilities remained, including KRW 7 billion in short-term borrowings and KRW 2.8 billion in convertible/exchangeable bond book value, which could weigh on funding after integration.

What to watch next

September 17, 2026
The deadline for exercising appraisal rights; whether cumulative claims exceed KRW 2 billion for Humax or KRW 1 billion for Humax Holdings will determine whether the merger proceeds.
October 1, 2026
The merger effective date, on which Humax Holdings (028080) will be dissolved and its listing terminated, with shareholders converted into newly issued Humax (115160) shares.
Early November 2026 (expected Q3 earnings release)
Whether Humax Mobility extends its operating-profit streak to a third consecutive quarter, and how the earnings trends at Hi-Parking and Humax EV evolve, should be monitored.
First regular disclosure after the merger (expected Q4 2026-early 2027)
A point to examine the combined Humax entity's holding, mobility, and EVCS segment earnings, and whether the planned AXNEXUS AI synergy materializes in practice.

Overall view

Against the backdrop of an administrative-issue designation stemming from tightened KOSDAQ listing-maintenance rules, Humax Holdings is set to be absorbed into subsidiary Humax on October 1, 2026, ending its separate listing.

Consolidated revenue fell for four straight years through 2025 and swung to an operating loss that year, yet owner net income has stayed positive for the last two quarters and turned positive on a trailing four-quarter basis as well.

Subsidiary Humax Mobility, led by Hi-Parking and Humax EV, has posted operating profit for two consecutive quarters, providing evidence of improving profitability.

On the other hand, the appraisal price offered to dissenting shareholders has been reported to fall well short of the intrinsic and asset values estimated by an independent appraiser, and the electric-vehicle charging solutions (EVCS) business touted as a new growth driver is projected to remain in deficit through 2029.

The most important upcoming events are the scale of appraisal-rights claims by the September 17 deadline and whether the merger actually completes on its scheduled October 1 effective date. This report offers no investment opinion or target price, and the decision to buy or sell rests with the reader.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.