KOSDAQElectronic Components115160

Humax

₩5,530▲ 1.84%2026-10-02 close

Market Cap

₩23.6B

Turnover

₩22,010,680

Volume

4,032 shares

Shares out.

4.3M

PER

1.7×

PBR

0.2×

EPS

₩3,036

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

Humax at a Merger and Mobility Turning Point

Humax, which has been restructuring from a set-top box-centered business toward automotive electronics and mobility, is set to unify its governance structure through a merger with Humax Holdings effective October 1.

1
2025 revenue was KRW 394.2 billion with an operating loss of KRW 29.2 billion, marking four consecutive years of annual net losses while the debt ratio rose to 410.8%.
2
Net income attributable to owners over the trailing four quarters (Q3 2025-Q2 2026) turned positive at KRW 13.08 billion, though quarterly operating income alternated between profit and loss.
3
Core subsidiary Humax Mobility posted a second consecutive quarter of operating profit in Q2 2026, bringing cumulative H1 operating profit to KRW 1.85 billion.
4
Humax and Humax Holdings will eliminate their dual-listing structure with a merger effective October 1, with the surviving entity retaining the Humax name.
5
The EV charging solutions (EVCS) business is expanding into European markets including Germany and France, starting from UK certification.

Business structure

Founded in 1989, Humax is a gateway equipment specialist that has supplied digital set-top boxes and video/broadband gateways to broadcasters and telecom operators worldwide.

The set-top box and gateway business still accounts for a significant share of revenue, but as the pay-TV hardware market has matured, the company has pursued continuous diversification.

The automotive electronics segment, run through subsidiary Winercom, supplies integrated shark-fin antennas and smart-key antennas to automakers including Hyundai and Kia, providing a relatively stable revenue base.

The mobility segment is overseen by subsidiary Humax Mobility, under which sit parking infrastructure operator Hi-Parking and EV charging operator Humax EV. Hi-Parking operates roughly 290,000 parking spaces across about 1,400 nationwide locations, while Humax EV runs more than 20,000 EV chargers nationwide.

Drawing on 35 years of European business experience, Humax is expanding its EV charging solutions (EVCS), which apply next-generation standards such as OCPP and V2G, starting with UK OZEV certification and extending into Germany and France, and it recently partnered with UK EV payment platform Rightcharge to launch a B2B fleet charging integration solution that automatically separates costs between corporate and personal vehicle use.

Once the merger with holding company Humax Holdings is completed on October 1, 2026, the results of a business transformation that began with set-top boxes and expanded into automotive electronics and mobility platforms will be fully reflected within a single listed entity.

Competitively, the set-top box business faces global hardware makers while the mobility and parking business competes with domestic parking and charging operators.

Earnings trend

Quarterly revenue · Operating profit

₩111.9B-₩5.5B25Q2₩97.6B-₩2B25Q3₩86.7B-₩15B25Q4₩92.1B₩2.8B26Q1₩109.6B-₩1.5B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩689.5B-₩5.3B2022₩652.6B₩11.2B2023₩535.6B₩6.2B2024₩394.2B-₩29.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩111.9B	-₩5.5B	−4.9%
2025Q3	₩97.6B	-₩2B	−2.0%
2025Q4	₩86.7B	-₩15B	−17.3%
2026Q1	₩92.1B	₩2.8B	3.1%
2026Q2	₩109.6B	-₩1.5B	−1.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩689.5B	-₩5.3B	-₩38.4B	−0.8%	−13.8%	212.4%
2023	₩652.6B	₩11.2B	-₩61.5B	1.7%	−28.5%	235.8%
2024	₩535.6B	₩6.2B	-₩57B	1.2%	−36.4%	300.7%
2025	₩394.2B	-₩29.2B	-₩78.1B	−7.4%	−86.1%	410.8%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04

Earnings analysis

Humax's annual revenue declined for four consecutive years, from KRW 689.5 billion in 2022 to KRW 652.6 billion in 2023, KRW 535.6 billion in 2024, and KRW 394.2 billion in 2025.

Operating income stayed modestly positive at KRW 11.2 billion in 2023 and KRW 6.2 billion in 2024, but swung back to a loss of KRW 29.2 billion in 2025, with the operating margin worsening from 1.2% in 2024 to -7.4% in 2025.

Net income attributable to owners posted losses for four straight years from 2022 to 2025 (-KRW 38.4 billion, -KRW 61.5 billion, -KRW 57.0 billion, and -KRW 78.1 billion, respectively), steadily eroding equity.

As a result, equity attributable to owners fell from KRW 277.2 billion in 2022 to KRW 90.7 billion in 2025, less than a third of the earlier level within three years, while the debt ratio climbed steadily from 212.4% (2022) to 235.8% (2023), 300.7% (2024), and 410.8% (2025).

Operating cash flow, however, improved from -KRW 22.7 billion in 2022 to KRW 36.8 billion in 2023 and KRW 81.8 billion in 2024, before easing to KRW 17.9 billion in 2025 while still remaining positive.

On a quarterly basis, Q3 2025 saw a net profit of KRW 2.7 billion despite an operating loss of KRW 2.0 billion, while Q4 2025 deteriorated sharply with revenue of KRW 86.7 billion, an operating loss of KRW 15.0 billion, and a net loss of KRW 26.1 billion.

Q1 2026 turned to an operating profit of KRW 2.8 billion on revenue of KRW 92.1 billion, with net income of KRW 35.2 billion far exceeding operating profit, suggesting a significant non-operating factor, while Q2 2026 revenue recovered to KRW 109.6 billion but posted an operating loss of KRW 1.5 billion alongside a modest net profit of KRW 1.3 billion.

As a result, cumulative net income attributable to owners over the trailing four quarters (Q3 2025-Q2 2026) came to KRW 13.08 billion, moving into positive territory on a net-income basis despite the volatility in quarterly operating results.

Industry analysis

The set-top box and gateway market that Humax operates in is generally seen as having entered a mature phase amid the spread of OTT services and slowing pay-TV subscriber growth. That said, demand for IPTV expansion and Android-based set-top boxes continues in developed markets, creating regional variation in demand.

In response, the company has pursued a business realignment that extends its accumulated set-top box technology into automotive electronics and EV charging solutions.

The automotive electronics segment benefits from large automaker customers in Hyundai and Kia, linking its performance to the broader vehicle production cycle.

The EV charging infrastructure market is in a growth phase both in Europe and domestically, with competition among integrated parking and charging operators continuing in Korea.

The attempt to position the company as a mobility hub infrastructure provider for the autonomous driving and robotaxi era remains at an early stage, with limited revenue contribution so far.

The merger unifying the previously dual-listed holding company and operating company structure is interpreted as an effort to more clearly convey the results of the group's business realignment to the market.

Outlook

The nearest event to monitor is the completion of the merger between Humax and Humax Holdings, scheduled for October 1, 2026.

The merger ratio is approximately 0.96 shares of Humax per share of Humax Holdings, calculated using the statutory market price basis under capital markets law, and the surviving entity will retain the Humax name.

The merger will eliminate the dual-listing structure between the holding company and operating company, with management stating a goal of fully reflecting the results of business realignment in corporate value and strengthening investor communication.

On the mobility side, Humax Mobility has stated it plans to continue improving parking operation efficiency and EV charging profitability in the second half, while pursuing AI- and data-driven operational upgrades.

The EV charging business is in a stage of expanding into European markets including Germany and France, building on its UK certification. The company has outlined a direction to develop its nationwide parking and charging infrastructure into a mobility hub for the autonomous driving and robotaxi era.

However, whether this new-business expansion can offset the decline in set-top box revenue, and how the balance sheet will be reshaped after the merger, remain to be confirmed through future disclosures.

Valuation

PER

1.7×

PBR

0.2×

ROE

11.2%

EPS

₩3,036

BPS

₩28,916

Dividend per share

₩0

Humax passed through a period in which price-to-earnings figures were effectively not meaningful due to four consecutive years of net losses, and has only recently entered a phase where earnings-based multiples can be calculated again, as net income attributable to owners turned positive over the trailing four quarters.

The stock trades at a substantial discount to owners' net asset value, a pattern that should be read alongside the steady contraction of total equity driven by four straight years of net losses. With no recently confirmed per-share cash dividend, dividend-related metrics sit on the lower end within the industry.

It is also worth noting that the governance unification through the merger could itself alter the basis for future valuation calculations, since it involves changes to share count and capital structure independent of the sustainability of any earnings improvement.

Ultimately, current valuation metrics appear to reflect both an early signal of an earnings turnaround and the countervailing factor of a weakened balance sheet at the same time.

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 2026-09-04

Bull factors

Sustained Turnaround in the Mobility Segment

Core subsidiary Humax Mobility posted a second straight quarter of operating profit in Q2 2026, bringing cumulative H1 operating profit to KRW 1.85 billion. Hi-Parking's H1 revenue reached KRW 98.6 billion with operating profit of KRW 7.9 billion, up 66% year-on-year, with the operating margin improving from 5% to 8%.

EV charging subsidiary Humax EV also generated approximately KRW 3.0 billion in EBITDA in H1, extending its streak to four consecutive quarters of positive EBITDA. If this improvement in new-business performance continues, it could positively affect the group's overall earnings structure.

Improved Transparency Through Governance Unification

The merger with Humax Holdings, set to be completed on October 1, 2026, will eliminate the dual-listing structure between the holding company and the operating company. Management has stated a goal of fully reflecting the results of business realignment in corporate value and strengthening investor communication.

The merger process emphasized procedural transparency, having gone through review by an independent outside-director special committee and external legal and accounting advisors.

Expansion in Automotive Electronics and EV Charging

Through subsidiary Winercom, the automotive antenna business supplying automakers including Hyundai and Kia functions as a relatively stable revenue source.

The EV charging solutions (EVCS) business, built on 35 years of European experience, is expanding from UK OZEV certification into markets such as Germany and France.

It has also recently partnered with UK-based Rightcharge to launch a B2B fleet charging integration solution for mixed corporate and personal vehicle environments, broadening its business scope.

Bear factors

Structural Revenue Decline in the Core Set-Top Box Business

Annual revenue nearly halved over three years, from KRW 689.5 billion in 2022 to KRW 394.2 billion in 2025. The set-top box and gateway revenue base appears to be weakening amid pay-TV market maturity and OTT expansion. New businesses have not yet fully offset this decline in terms of revenue contribution.

Deteriorating Balance Sheet and Shrinking Equity

Net income attributable to owners posted losses for four consecutive years from 2022 to 2025, and as a result, equity attributable to owners shrank to less than a third, from KRW 277.2 billion in 2022 to KRW 90.7 billion in 2025.

The debt ratio also rose steadily from 212.4% (2022) to 410.8% (2025), showing a worsening trend in financial stability metrics. With the capital base continuing to shrink, the need for additional funding or capital restructuring could increase.

High Volatility in Quarterly Results

Operating results swung sharply between quarters, from an operating loss of KRW 15.0 billion in Q4 2025 to an operating profit of KRW 2.8 billion in Q1 2026, before reverting to an operating loss of KRW 1.5 billion in Q2 2026.

Q1 2026 net income of KRW 35.2 billion far exceeded the scale of operating profit, suggesting a possible one-off non-operating factor. This volatility can be interpreted as reflecting the transitional nature of an ongoing business realignment.

Risk factors

Financial Risk

Four consecutive years of net losses have substantially reduced equity attributable to owners, while the debt ratio rose to 410.8% at the end of 2025. With the capital base continuing to thin, the possibility of capital-raising issues such as additional rights offerings or increased borrowing cannot be ruled out.

Whether the balance sheet improves needs to be continuously verified through future quarterly results and disclosures.

Merger and Restructuring Risk

The merger with Humax Holdings, scheduled for October 1, 2026, is only finalized once procedures such as the merger ratio determination and new share issuance are completed.

The impact on existing shareholder value from changes in the combined entity's capital structure and share count after the merger needs to be separately verified. As the business realignment is still in progress, there is also a possibility of unexpected costs or delays during the integration process.

Industry and Competitive Risk

The global set-top box and gateway hardware market is assessed to be in a structurally stagnating phase amid pay-TV market maturity and OTT expansion.

The EV charging and mobility businesses are growth markets, but face intense competition from domestic and overseas rivals, and responding to overseas certification and regulatory requirements can take time and cost.

The automotive electronics segment also has a structural characteristic of being linked to automakers' production plans and supply-chain conditions.

What to watch next

October 1, 2026
The merger effective date between Humax and Humax Holdings; check whether the dual-listing structure is resolved and the surviving Humax entity transitions to a single-listing structure.
Q4 2026 earnings release
The first combined quarterly report after the merger; check the profit contribution of the set-top box, automotive electronics, and mobility segments, along with any changes to the balance sheet.
During H2 2026
Check whether the profitability improvement in Humax Mobility's parking and EV charging businesses can extend beyond two consecutive quarters, testing the durability of the profit trend.
From H2 2026 onward
Additional confirmation is needed on the progress of certification and contracts related to EV charging market entry in Germany, France, and other European markets.

Overall view

Humax is building a new earnings structure through its shift toward automotive electronics and mobility (parking and EV charging) even as its traditional set-top box-centered business faces structural contraction.

Annual results carry a financial burden of four consecutive years of net losses, shrinking equity, and a rising debt ratio, but net income turned positive over the trailing four quarters, and core subsidiary Humax Mobility posted operating profit for two consecutive quarters.

The merger with Humax Holdings, scheduled for October 1, 2026, is an attempt to eliminate the dual-listing structure and reflect the results of business realignment within a single entity, and it will bring changes to the company's governance and capital structure.

On the industry side, the maturity of the set-top box market and the growth of the mobility and EV charging markets represent two opposing trends occurring simultaneously.

Investors should watch the changes to the balance sheet after the merger is completed, whether the mobility segment's profit trend continues, and whether the set-top box business stabilizes in terms of revenue.

This report is provided for informational purposes and does not include a buy or sell recommendation or a target price.

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.