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
Kumho HT posted two consecutive quarters of owner-attributable net profit in the first and second quarters of 2026 on stable automotive lighting supply, but the trailing four-quarter sum remains a net loss due to a large fourth-quarter 2025 loss.
The company turned owner-attributable net profit positive for two straight quarters in Q1 2026 (+KRW 3.78bn) and Q2 2026 (+KRW 2.62bn).
Because of a KRW -21.06bn net loss in Q4 2025, the trailing four-quarter (2025Q3-2026Q2) owner-attributable net income remains negative at KRW -17.03bn.
Annual revenue expanded from KRW 277.8bn in 2022 to KRW 444.9bn in 2024 before contracting to KRW 385.4bn in 2025, while the operating margin narrowed from 3.3% in 2022 to 1.6% in 2025.
The antibody drug pipeline DNP002 and DNP007 from bio subsidiary Dinona has completed Phase 1 trials and is pursuing out-licensing deals.
The company has not paid dividends in recent years, and the shares trade at a substantial discount to net asset value per share.
Kumho HT is a second-tier automotive lighting components supplier, organized into an LED module division and an incandescent bulb (BULB) division depending on the light source.
It supplies parts for headlamps, brake lights, daytime running lights, instrument clusters, and interior lights to first-tier vendors such as SL Group, which in turn supply Korean automakers Hyundai and Kia as the ultimate end customers.
According to company estimates, Kumho HT holds more than a 95% share of the domestic automotive incandescent bulb market, but the bulb segment faces structural volume decline as automotive lighting shifts to LED.
The LED module division has expanded capacity through its Gwangju plant, a Tianjin subsidiary in China, and a Vietnamese subsidiary (S-MAC HT VINA), positioning itself to capture rising LED adoption rates among automakers.
In 2021 the company absorbed antibody drug developer Dinona through merger, creating a bio-pharmaceutical division that develops antibody-based therapeutic and diagnostic technology and pursues out-licensing deals.
Its lead pipeline assets are DNP002, an immuno-oncology candidate for solid tumors, and DNP007, an immunomodulatory candidate for autoimmune disease, both of which have completed Phase 1 trials and are now at the licensing stage.
The company has articulated a 'two-track' strategy of using stable cash flow from its legacy auto-lighting business to fund biotech R&D.
The automotive lighting components market is a lagging derivative of OEM production and export volumes, while the bio segment carries the high earnings volatility typical of early-stage clinical development.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩97B | ₩700M | 0.8% |
| 2025Q3 | ₩90.3B | ₩800M | 0.9% |
| 2025Q4 | ₩95.2B | ₩2.1B | 2.2% |
| 2026Q1 | ₩85.3B | ₩1.6B | 1.9% |
| 2026Q2 | ₩94B | ₩2.5B | 2.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩277.8B | ₩9.3B | -₩22.6B | 3.3% | −7.0% | 30.9% |
| 2023 | ₩364.3B | ₩10.8B | -₩20.2B | 3.0% | −6.7% | 45.7% |
| 2024 | ₩444.9B | ₩11.9B | -₩14.9B | 2.7% | −4.9% | 42.1% |
| 2025 | ₩385.4B | ₩6.2B | -₩23.3B | 1.6% | −8.3% | 42.5% |
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
Annual revenue rose from KRW 277.8bn in 2022 to KRW 364.3bn in 2023 and KRW 444.9bn in 2024, before pulling back to KRW 385.4bn in 2025.
Operating profit increased from KRW 9.29bn in 2022 to KRW 10.77bn in 2023 and KRW 11.89bn in 2024, then fell to KRW 6.25bn in 2025, with the operating margin declining for four straight years from 3.3% to 3.0% to 2.7% to 1.6%.
Despite this, owner-attributable net income remained negative across all four years, at KRW -22.64bn, -20.23bn, -14.94bn, and -23.27bn respectively from 2022 through 2025, illustrating a persistent gap between positive operating profit and negative bottom-line results.
On a quarterly basis, both Q3 2025 (revenue KRW 90.28bn, operating profit KRW 0.81bn, net loss KRW -2.38bn) and Q4 2025 (revenue KRW 95.22bn, operating profit KRW 2.06bn, net loss KRW -21.06bn) combined operating profitability with large net losses, and the Q4 2025 loss of KRW -21.06bn appears to carry a strong one-off character, accounting for most of the full-year net loss.
In contrast, Q1 2026 (revenue KRW 85.31bn, operating profit KRW 1.63bn, net income KRW +3.78bn) and Q2 2026 (revenue KRW 93.99bn, operating profit KRW 2.54bn, net income KRW +2.62bn) both turned to net profit, marking a clear two-quarter improvement trend.
Revenue itself remained volatile, tied to OEM production and export conditions, falling from KRW 97.01bn in Q2 2025 to KRW 85.31bn in Q1 2026 before recovering modestly to KRW 93.99bn in Q2 2026.
Summed over the trailing four quarters (Q3 2025-Q2 2026), owner-attributable net income totals KRW -17.03bn, showing that the recent two-quarter profit turnaround has not yet offset the large Q4 2025 loss.
On the cash flow side, 2025 operating cash flow was a positive KRW 13.86bn despite the net loss, though this was markedly lower than the KRW 40.76bn generated in 2024.
The automotive lighting components industry lags front-end indicators such as OEM production volumes, export shipments, and LED adoption rates.
Recent domestic auto production slowdown combined with weak parts exports appears to have driven a double-digit year-on-year revenue decline in Q1 2026, illustrating how changes in automaker production environments feed directly into second-tier vendor results.
The incandescent bulb segment faces structurally limited growth potential as LED substitution continues, but it still generates higher profitability than the LED module segment, providing a buffer for overall company margins.
The LED module segment benefits from the structural tailwind of rising LED adoption rates in vehicles, but as a second-tier vendor it faces price competition from multiple rivals and ongoing capital expenditure burdens.
The antibody drug out-licensing market in which the bio segment participates has seen a growing volume of early-stage pipeline licensing deals both domestically and globally, but timing and deal terms remain highly uncertain, making it difficult to predict individual company outcomes.
Competitively, the company's second-tier vendor status limits its negotiating leverage with OEMs, while its bio business remains at an early stage competing against numerous other antibody drug developers.
The company has stated in recent media interviews a two-track strategy of continuing to invest in high-value-added biopharmaceutical R&D on the back of stable earnings from its legacy auto-lighting business.
In the auto-lighting business, the key task is maintaining production systems to capture rising LED adoption rates in vehicles, while the bulb segment aims to preserve profitability despite structural demand decline.
In the bio segment, the immuno-oncology candidate DNP002 has completed Phase 1 trials and is pursuing out-licensing, while the immunomodulatory candidate DNP007 has also completed Phase 1 and is reportedly seeking additional licensing revenue.
The two consecutive quarters of net profit in Q1 and Q2 2026 coincided with improved operating profit in the auto-lighting business, but more time appears needed to offset the large Q4 2025 loss.
If OEM production and export conditions stabilize, LED module sales volume could expand, though continued weakness in domestic auto production could keep revenue volatile.
Whether and when the bio segment secures an out-licensing agreement is a key variable for earnings, but no specific deal terms or timing have been confirmed at this stage.
The shares tend to trade at a meaningful discount to net asset value per share, a pattern that coincides with four consecutive years of net losses through 2025.
While the two most recent quarters (Q1 and Q2 2026) turned to net profit, the trailing four-quarter sum remains in net loss territory, making earnings-based valuation metrics difficult to apply consistently.
The operating margin narrowed from around 3% in 2022-2024 to 1.6% in 2025, a margin trend that may factor into how the market values the stock.
Dividends have not been paid in recent years, limiting the stock's appeal from an income perspective, and the outcome of bio-segment out-licensing efforts could become a variable affecting how the shares are valued relative to net assets going forward.
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
Owner-attributable net income turned positive in both Q1 2026 (+KRW 3.78bn) and Q2 2026 (+KRW 2.62bn). Operating profit also rose to KRW 1.63bn and KRW 2.54bn respectively over the same period, an early sign of profitability recovery. This is notable as a consecutive improvement following the large Q4 2025 loss.
The company estimates it holds over a 95% share of the domestic automotive incandescent bulb market, and its LED module division has long supplied Hyundai/Kia partner SL Group. This supply chain position provides a certain revenue base even amid fluctuations in OEM production.
Both antibody drug candidates DNP002 (immuno-oncology) and DNP007 (immunomodulator) have completed Phase 1 trials and are pursuing out-licensing. If a deal is concluded, it could become a revenue source separate from the core auto-lighting business, which the company has positioned as a mid-to-long-term growth driver.
From 2022 through 2025, operating profit was positive every year, yet owner-attributable net income posted losses for four consecutive years.
Despite the recent two-quarter profit turnaround, the trailing four-quarter sum still shows a net loss of KRW -17.03bn, indicating that non-operating volatility significantly affects reported results.
The operating margin declined for four consecutive years, from 3.3% in 2022 to 1.6% in 2025. The combination of bulb demand shifting to LED and changing OEM production conditions appears to be pressuring profitability.
Q1 2026 revenue appears to have declined by a double-digit percentage year-on-year, attributed directly to weaker domestic auto production and parts exports. As a second-tier vendor, the company has limited means to independently offset such front-end industry swings.
A significant portion of revenue is tied to domestic OEM production and export volumes, so changes in automaker production plans or demand softness directly affect results. As a second-tier vendor, the company has limited negotiating power and remains exposed to unit price reduction pressure.
While pipeline candidates DNP002 and DNP007 have completed Phase 1 trials, the timing and terms of any follow-on clinical development or out-licensing deal remain unconfirmed. Given the nature of drug development, clinical failure or deal delays could result in further losses.
In Q4 2025, despite positive operating profit, the company recorded a large net loss of KRW -21.06bn, indicating substantial earnings volatility driven by non-operating factors. If such volatility recurs, it could reduce the predictability of future net income.
This is when the Q3 report is expected to be filed; check whether net profit continues for a third straight quarter following Q1 and Q2, and whether the trailing four-quarter net loss narrows.
Watch for disclosures or news regarding whether an out-licensing agreement is reached for the Dinona bio pipeline (DNP002, DNP007). The timing and deal terms could materially affect earnings.
Monthly OEM production and export statistics released by industry bodies such as the Korea Automobile & Mobility Industry Association should be checked to gauge front-end demand recovery.
This is when the audit report and business report for fiscal year 2026 are expected to be filed, allowing final confirmation of whether the first-half 2026 profit turnaround holds up on a full-year basis.
Kumho HT operates a core automotive LED module and incandescent bulb supply business alongside a bio segment seeking out-licensing deals for its antibody drug pipeline.
Despite consistent operating profit from 2022 through 2024, owner-attributable net income posted losses for four straight years, and the operating margin fell to 1.6% in 2025, reflecting clear margin pressure.
Still, the turn to net profit in both Q1 and Q2 2026 is a notable development, even though the trailing four-quarter sum remains in loss territory.
Front-end conditions in OEM production and exports, along with the ongoing LED transition, are likely to continue driving auto-lighting segment revenue and margins, while the outcome of out-licensing efforts for DNP002 and DNP007 remains an unconfirmed variable.
Dividends have not been paid in recent years, and the shares have tended to trade at a discount to net asset value per share. Investors will need to monitor upcoming quarterly results and bio out-licensing disclosures to see whether these trends persist.
Report written 2026-09-05 · Data as of 2026-09-04
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