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
Motrex, which runs on two pillars—automotive infotainment (IVI) electronics and its subsidiary Junjin Construction & Robot's construction-equipment business—posted a large net loss in the fourth quarter of 2025 before showing a clear rebound in operating profit and owner net income through the first half of 2026.
2025 consolidated revenue rose 19.7% year over year to KRW 702.3 billion, but the operating margin fell to 6.0%, and the company posted an owner net loss of KRW -7.38 billion in the fourth quarter.
Owner net income returned to positive in both the first and second quarters of 2026, with the second-quarter operating margin reaching 9.8%, the highest of the recent quarters.
Subsidiary Junjin Construction & Robot, a concrete pump car maker, continues to expand exports to North America and Europe, and Motrex held around a 73% stake as of April 2026.
The company is expanding into purpose-built vehicles (PBV), on-device AI electronics platforms, and EV charging, while broadening its automaker customer base beyond Hyundai and Kia to include Stellantis.
The company has not paid a dividend, and shares trade below per-share net asset value.
Founded in 2001 and listed on KOSDAQ in 2017, Motrex is an automotive electronics specialist that supplies in-vehicle infotainment (IVI) and HMI products to global markets served by domestic automakers.
Based on past disclosures, the company's business was split into an electronics segment and a heavy-equipment segment (via Junjin Construction & Robot), with electronics accounting for roughly 70% and heavy equipment about 30% of cumulative revenue through the third quarter of 2023.
Its main customers are Hyundai Motor and Kia, and emerging-market regions such as Asia-Pacific and Southeast Asia have historically accounted for more than half of sales. More recently, the company has added Stellantis, a top-five global automaker, as a new customer, broadening its client base.
Subsidiary Hanmin Naejang absorbed Jeseong Naejang and was reorganized into Motrex EFM, strengthening its automotive HMI development capability and advanced IVI product development and production.
In December 2025, the company obtained ISO/IEC 27001 information security certification, citing the need for security capabilities amid the spread of connected cars in the automotive industry.
The heavy-equipment segment operates through Junjin Construction & Robot, acquired in 2018, which manufactures concrete pump cars (CPCs) and exports them to North America, Europe, and the Middle East as a separately listed subsidiary.
Competitors in the domestic IVI and electronics market include Mobile Appliance, Infobank, and Hyundai Autoever, and Motrex is seen as having carved out competitiveness in niche markets through fast development cycles and a global network centered on emerging markets.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩176.7B | ₩12.9B | 7.3% |
| 2025Q3 | ₩167.5B | ₩8.1B | 4.8% |
| 2025Q4 | ₩168B | ₩1.2B | 0.7% |
| 2026Q1 | ₩179.8B | ₩11.7B | 6.5% |
| 2026Q2 | ₩186.4B | ₩18.3B | 9.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩568.5B | ₩58.8B | ₩38.5B | 10.3% | 21.7% | 188.3% |
| 2023 | ₩531B | ₩53.2B | ₩31.6B | 10.0% | 15.2% | 158.6% |
| 2024 | ₩586.9B | ₩43.6B | ₩19.3B | 7.4% | 8.3% | 242.8% |
| 2025 | ₩702.3B | ₩41.8B | ₩7.4B | 6.0% | 3.0% | 218.6% |
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
2025 consolidated revenue rose 19.7% year over year to KRW 702.3 billion from KRW 586.9 billion, but operating profit slipped slightly to KRW 41.8 billion from KRW 43.6 billion, pulling the operating margin down from 7.4% to 6.0%.
Owner net income fell sharply to KRW 7.4 billion from KRW 19.3 billion a year earlier, largely because of a large fourth-quarter 2025 owner net loss of KRW -7.38 billion.
By quarter, operating profit held up at KRW 12.87 billion (7.3% margin) in the second quarter of 2025 and KRW 8.07 billion (4.8%) in the third quarter, before collapsing to KRW 1.17 billion (0.7%) in the fourth quarter, when the bottom line swung to a large loss.
The company then returned to profit in the first quarter of 2026 with operating profit of KRW 11.71 billion (6.5% margin) and owner net income of KRW 6.02 billion, and posted its strongest recent quarter in the second quarter of 2026 with operating profit of KRW 18.31 billion (9.8% margin) and owner net income of KRW 16.21 billion.
Summing the most recent four quarters from the third quarter of 2025 through the second quarter of 2026, owner net income totals roughly KRW 17.56 billion, with the first- and second-quarter 2026 recovery offsetting much of the fourth-quarter 2025 loss.
Still, this four-quarter total remains below the full-year net income levels of 2022 and 2023 (KRW 38.5 billion and KRW 31.6 billion, respectively).
Compared with operating margins that stayed in the double digits in 2022 and 2023, the margin decline seen in 2024 and 2025 can be read as a byproduct of cost structures expanding alongside revenue growth.
Since Junjin Construction & Robot's separate listing in August 2024, non-controlling interests have been reflected on the balance sheet, and the gap between consolidated total net income and owner-attributable net income has structurally widened in recent periods.
The automotive IVI and electronics market is shifting toward integrated systems that combine display and computing functions, driven by the transition to software-defined vehicles (SDV) and the spread of autonomous-driving technology.
As automakers advance purpose-built vehicle (PBV) projects, in-vehicle displays are expanding beyond simple audio and navigation into platform functions such as workflow, logistics management, and service operations.
Motrex competes in this space against large tier-1 suppliers such as Hyundai Autoever and LG Innotek, as well as smaller specialists like Infobank and Mobile Appliance, and is pursuing a strategy of building entry barriers through joint development experience with automakers and a global network centered on emerging markets.
In the heavy-equipment segment, the concrete pump car (CPC) market is oligopolistic, with Junjin Construction & Robot maintaining roughly the second-largest position in North America by units sold, at about 255 units versus roughly 275 for Germany's Putzmeister, the market leader.
Growth drivers in this segment include expanding North American infrastructure investment, housing-start demand, and rising demand for hybrid and electrified CPCs amid tightening European environmental regulations.
Still, the construction-equipment cycle is sensitive to interest rates, housing starts, and the pace of infrastructure budget execution, exposing it to cyclical swings.
Junjin Construction & Robot participated in the WOC 2026 concrete trade show, showcasing smart construction robot technology including an autonomous, remote-controlled concrete distribution robot (D-MCR), continuing to publicize its technological competitiveness.
In a report dated March 18, 2026, NH Investment & Securities estimated Motrex's 2026 revenue at KRW 760.6 billion (up 8.3% year over year) and operating profit at KRW 51.0 billion (up 21.7%), projecting the company would enter an earnings-improvement phase.
The same report described Motrex as transitioning its existing IVI business into a visualization platform for autonomous-driving environments while expanding into PBV and on-device AI-based electronics.
It also cited the launch of an electric mid-size van (CV1) as evidence of the company building capabilities in managing in-vehicle space and operations. In February 2026, alongside its 2025 earnings announcement, the company decided to retire treasury shares worth KRW 3.7 billion as a shareholder-value measure.
Subsidiary Junjin Construction & Robot, separately listed, continues to grow through expanded exports to North America and Europe and new eco-friendly hybrid CPC products, recently receiving a 'USD 100 Million Export Tower' award at a trade day ceremony.
In April 2026, Motrex reduced part of its stake in Junjin Construction & Robot via an exchange transaction, but its holding remains around 73%, leaving its controlling position unchanged.
Key items to watch going forward include whether the fourth-quarter loss factors recur, the pace of volume growth from new customers such as Stellantis, and actual order wins from the PBV and on-device AI platform businesses.
Shares recently trade below per-share net asset value, suggesting the market has not fully priced in the company's total asset base.
In a March 2026 report, NH Investment & Securities noted that Junjin Construction & Robot's stake value accounts for a significant portion of Motrex's market capitalization, arguing that valuation discussions should account for the business expansion and subsidiary value.
However, this reflects that brokerage's own analysis rather than a settled conclusion, and no investment rating or target price was provided. The company has not paid a dividend recently, which limits its appeal from a dividend-yield standpoint.
On the earnings side, a directional shift from a fourth-quarter 2025 loss to profits in the first and second quarters of 2026 is confirmed, but it should also be considered that annual profit levels comparable to 2022–2023 have not yet been restored.
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
Owner net income turned positive in both the first and second quarters of 2026, with the second-quarter operating margin reaching 9.8%, the highest of recent quarters. This stands in clear contrast to the large fourth-quarter 2025 loss.
The four-quarter trailing owner net income also totals roughly KRW 17.5 billion, which could be read as a sign of moderating quarterly earnings volatility.
Beyond its core IVI business, Motrex is expanding into purpose-built vehicles (PBV), on-device AI electronics platforms, and EV charging. Its automaker customer base is also broadening from a Hyundai/Kia-centered structure to include Stellantis, a top-five global automaker.
Obtaining ISO/IEC 27001 information security certification can be seen as supporting trust-based dealings with automakers amid the spread of connected cars.
Subsidiary Junjin Construction & Robot maintains a leading position in North American unit sales of concrete pump cars (CPCs) and continues to expand exports. It recently received a 'USD 100 Million Export Tower' award, extending its overseas track record.
However, Motrex holds this value only indirectly through its stake in the separately listed subsidiary, so its contribution to consolidated results can shift as the ownership percentage changes.
The KRW -7.38 billion owner net loss in the fourth quarter of 2025 shows that quarterly earnings volatility remains significant. While a recovery was confirmed in the first half of 2026, it remains to be seen whether the specific factors behind that loss will recur.
On an annual basis, the 2025 operating margin of 6.0% is also lower than the double-digit levels seen in 2022–2023.
A substantial portion of revenue remains concentrated with Hyundai Motor and Kia, making results sensitive to changes in those automakers' production and sales policies.
While new customer wins such as Stellantis are underway, they appear to be at an early stage, and it remains to be confirmed whether their revenue contribution has become meaningful.
Since Junjin Construction & Robot's separate listing, non-controlling interests have been fully reflected in the financial statements, widening the gap between consolidated total net income and owner-attributable net income.
In 2025, consolidated total net income was KRW 12.5 billion, but owner-attributable net income was only KRW 7.4 billion, illustrating this structural shift.
Rising component costs and labor expenses could pressure margins in the electronics business. Given the business's high exposure to emerging-market sales, currency fluctuation risk also persists. The margin decline seen in 2024–2025 can be interpreted as related to these shifting cost structures.
Changes in Hyundai Motor and Kia's overseas production and sales policies, or a slowdown in emerging-market vehicle demand, could directly affect electronics segment revenue. If volumes from new customers such as Stellantis remain small, it may take time to move away from dependence on existing customers.
Junjin Construction & Robot's concrete pump car business is sensitive to North American infrastructure investment, housing starts, and interest-rate conditions.
Demand expectations tied to specific regions, such as Ukraine reconstruction, can be swayed by political and diplomatic uncertainty, making the timing and scale of any resulting revenue difficult to predict.
Check the third-quarter 2026 earnings release to see whether the second quarter's operating margin improvement (9.8%) continues and whether the factors behind the 2025 fourth-quarter loss recur.
Watch for any new product or partnership announcements related to the on-device AI electronics platform and PBV business to gauge tangible progress in business diversification.
Monitor Junjin Construction & Robot's North American and European export results and any dividend-policy disclosures to assess changes in the subsidiary's contribution to overall value.
The 2026 annual results and audit report should provide final confirmation of whether the first-half 2026 recovery was sustained on a full-year basis.
Motrex operates on two pillars—automotive infotainment electronics and its high-margin construction-equipment subsidiary, Junjin Construction & Robot—and showed a clear recovery in operating profit and owner net income in the first half of 2026 following a large loss in the fourth quarter of 2025.
Whether this recovery will translate into annual profit levels comparable to 2022–2023 remains unconfirmed, and quarter-to-quarter earnings volatility remains significant.
On the business side, the company is pursuing diversification into PBV, on-device AI electronics platforms, and EV charging, while securing new customers such as Stellantis, alongside continued export expansion at subsidiary Junjin Construction & Robot in North America and Europe.
Shares trade below net asset value and the company has not paid a dividend, and some brokerages have argued that valuation discussions should account for the subsidiary's stake value and business expansion.
High revenue dependence on Hyundai Motor and Kia, the cyclical nature of the construction-equipment market, and the possibility that fourth-quarter loss factors could recur remain variables that warrant continued monitoring.
On balance, the stock sits at a juncture where early signs of earnings recovery and diversification efforts coexist with ongoing volatility and concentration risks.
Report written 2026-09-05 · Data as of 2026-09-04
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