KOSDAQMachinery319400

Hyundai Movex

₩20,800▲ 0.48%2026-10-02 close

Market Cap

₩2.3T

Turnover

₩14.2B

Volume

680K

Shares out.

110M

PER

140.4×

PBR

14.9×

EPS

₩157

Dividend Yield

0.23%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close

Report overview

Order Backlog Recovery and Margin Normalization Are the Key Variables

Revenue has grown for four consecutive years on logistics automation, but operating margins have swung sharply each year, and 2026 results hinge on second-half revenue recognition and a recovery in new orders.

1
The business rests on three pillars, with logistics automation dominating. Per the Q1 2026 quarterly report, logistics automation accounted for roughly 79.1% of revenue and platform screen doors (PSD) about 13.3%.
2
Revenue rose from KRW 210.5bn in 2022 to KRW 393.9bn in 2025, yet the operating margin swung widely at 5.8%, 1.5%, 7.2% and 4.6% over those four years.
3
Q1 2026 posted KRW 75.0bn in revenue with an operating loss of KRW 0.6bn, while Q2 2026 returned to profit with KRW 100.4bn in revenue and KRW 3.2bn in operating profit.
4
The order backlog was reported at about KRW 363.2bn as of Q3 2025, and new orders are seasonally concentrated in the fourth quarter.
5
Operating cash flow flips sharply year to year given the project-based model, and the debt-to-equity ratio rose from 42.0% in 2022 to 76.8% in 2025.

Business structure

Hyundai Movex is a Hyundai Group affiliate operating across three pillars: logistics automation, platform screen doors (PSD), and IT services.

According to the quarterly report filed in May 2026, logistics automation represented about 79.1% of revenue and PSD about 13.3%, with the logistics automation unit bundling equipment, installation, consulting and maintenance for customers in distribution and parcel delivery, large central distribution centers (CDC), autos and tires, secondary batteries and energy storage systems (ESS), food and beverage, petrochemicals and airport terminals.

Its core offering is automated storage and retrieval systems (AS/RS) spanning racking, stacker cranes, transfer equipment, conveyors and sorters, with intermediate processes replaced by automated guided or autonomous mobile robots (AGV/AMR) depending on customer needs, delivered as total engineering packages.

After building its Cheongna R&D Center in 2019, the company developed dozens of logistics robots in house, including AGVs, AMRs and gantry robots.

As summarized by Hana Securities in a December 2025 report, logistics automation and PSD are entirely third-party revenue while the IT unit serves group affiliates, and the 2024 revenue mix was 80% logistics automation, 15% PSD and 5% IT.

The PSD business is described as the domestic market leader with more than 50% share, and it began accumulating overseas references after winning the Sydney Metro project in Australia in 2022.

Eugene Investment & Securities noted in an August 2025 note that the total contract value of the Sydney Metro award was KRW 77.5bn.

Order history spans tires (KRW 107.7bn in 2023), secondary batteries (KRW 100.0bn in 2023), ESS (KRW 77.7bn in 2024), home appliances (KRW 63.5bn in 2025), meat processing (KRW 10.0bn in 2025) and cosmetics (KRW 55.9bn in 2025), indicating a broad end-market spread.

On the competitive front, global logistics automation players such as Dematic, Daifuku and Knapp operate in the same market. Relying on external rather than captive orders cuts both ways: it widens the addressable market but also makes the order flow less predictable.

Earnings trend

Quarterly revenue · Operating profit

₩98.9B₩4.5B25Q2₩103.5B₩6.7B25Q3₩113.9B₩1.9B25Q4₩75B-₩600M26Q1₩100.4B₩3.2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩210.5B₩12.2B2022₩267.8B₩4.1B2023₩341.4B₩24.6B2024₩393.9B₩18.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩98.9B	₩4.5B	4.5%
2025Q3	₩103.5B	₩6.7B	6.5%
2025Q4	₩113.9B	₩1.9B	1.6%
2026Q1	₩75B	-₩600M	−0.9%
2026Q2	₩100.4B	₩3.2B	3.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩210.5B	₩12.2B	₩9.2B	5.8%	6.0%	42.0%
2023	₩267.8B	₩4.1B	₩4.2B	1.5%	2.6%	54.9%
2024	₩341.4B	₩24.6B	₩26.9B	7.2%	15.6%	73.6%
2025	₩393.9B	₩18.2B	₩11.3B	4.6%	7.0%	76.8%

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

Annual revenue rose for four straight years: KRW 210.5bn in 2022, KRW 267.8bn in 2023, KRW 341.4bn in 2024 and KRW 393.9bn in 2025. Operating profit, by contrast, moved unevenly at KRW 12.2bn (5.8% margin) in 2022, KRW 4.1bn (1.5%) in 2023, KRW 24.6bn (7.2%) in 2024 and KRW 18.2bn (4.6%) in 2025.

Margins collapsed in 2023, recovered in 2024, then softened again in 2025, showing that top-line growth has not automatically translated into profitability.

Net profit attributable to owners jumped from KRW 4.2bn in 2023 to KRW 26.9bn in 2024, exceeding that year's operating profit of KRW 24.6bn, which suggests non-operating items contributed, before easing back to KRW 11.3bn in 2025.

On a quarterly basis, Q3 2025 was the strongest for margins with KRW 103.5bn in revenue and KRW 6.7bn in operating profit, whereas Q4 2025 delivered the largest revenue at KRW 113.9bn but only KRW 1.9bn of operating profit.

Q1 2026 swung to an operating loss of KRW 0.6bn on KRW 75.0bn of revenue, and Q2 2026 returned to profit with KRW 100.4bn of revenue and KRW 3.2bn of operating profit.

Q2 2026 net profit attributable to owners reached KRW 11.4bn, far above operating profit, implying a sizable non-operating contribution, though the exact composition cannot be pinned down from verified sources.

Cash flow has been equally volatile, with operating cash flow at negative KRW 26.0bn in 2022, negative KRW 9.9bn in 2023, positive KRW 55.1bn in 2024 and negative KRW 1.4bn in 2025.

On the balance sheet, the debt-to-equity ratio climbed from 42.0% in 2022 to 54.9%, 73.6% and 76.8% in the following years, while total equity slipped from KRW 172.1bn in 2024 to KRW 160.3bn in 2025.

Industry analysis

Logistics automation is a market underpinned by structural pressures such as rising labor costs and shortages of on-site workers. In a December 2025 report, Hana Securities projected a compound annual growth rate above 15% for the logistics automation and logistics robotics markets over 2024-2030.

The same report argued that the ability to rotate target industries as investment cycles shift from e-commerce to batteries and ESS and then to food, beauty and tires helps diversify industry-specific risk.

In North America, demand for ESS and battery materials is expected to grow even amid a plateau in electric vehicle demand, and tire makers are expected to expand global production bases in line with high-inch and premium strategies.

That said, this is also a market where the company competes directly with global heavyweights. Dematic, Daifuku and Knapp all participate heavily at the leading North American trade show, underscoring the intensity of global competition. Profitability constraints are equally clear.

Eugene Investment & Securities noted in August 2025 that the company's normalized operating margin is around 7%, describing the business as effectively construction-like, with heavy outsourcing and limited room for high margins.

The order backlog rose from KRW 189.0bn in 2022 to KRW 375.5bn in 2023 and KRW 392.7bn in 2024, and stood at about KRW 363.2bn as of Q3 2025.

Outlook

No company-issued guidance is verifiable; what is public are brokerage estimates. Per early March 2026 reporting, Hana Securities forecast 2026 revenue of KRW 509.8bn and operating profit of KRW 42.5bn, while Bookook Securities forecast revenue of KRW 496.3bn and operating profit of KRW 38.5bn.

In a March 2026 note, Bookook Securities maintained its 2026 forecast of KRW 496.3bn in revenue and KRW 38.5bn in operating profit, which it described as roughly 26.0% revenue growth and about 111.5% operating profit growth year on year.

Actual first-half 2026 revenue, however, totaled KRW 175.3bn (KRW 75.0bn in Q1 plus KRW 100.4bn in Q2), meaning second-half revenue recognition would have to run far ahead of the first half for such annual figures to be met.

On the order side, new awards are seasonally concentrated in the fourth quarter, so the annual order total is typically only settled late in the year.

A supply contract with Kolmar Korea for logistics automation modules and robots, disclosed in December 2025, is worth KRW 55.9bn and runs through August 31, 2027, so it will be recognized across future quarters.

On overseas expansion, the company exhibited at MODEX 2026 in Atlanta in April 2026, unveiling a total smart logistics solution combining artificial intelligence and robotics.

R&D head Lee Young-ho also said at the 2026 Smart Factory and Automation World show that the company aims to build a logistics AI agent capable of fully automating even facility layout.

Eugene Investment & Securities noted in August 2025 that a rising share of maintenance contracts could support further margin improvement, and that given the surge in logistics automation orders since 2023, meaningful maintenance revenue should begin to appear.

Valuation

PER

140.4×

PBR

14.9×

ROE

11.0%

EPS

₩157

BPS

₩1,480

Dividend per share

₩50

The earnings-based multiple the market currently assigns sits well above the range typically observed among Korean machinery and equipment names, and the premium to net assets is also substantial.

This price structure appears to reflect expected future earnings as the order backlog converts into revenue, rather than the most recently confirmed results.

For reference, Eugene Investment & Securities assessed in August 2025 that the share price at the time implied about 15 times 2026 estimated earnings; both the share price and the earnings assumptions have since changed, so that figure cannot be applied directly today.

On shareholder returns, Eugene Investment & Securities noted in August 2025 that total dividends had risen sharply to KRW 5.7bn from the prior KRW 3bn range, and put total shareholder return including roughly KRW 25bn of treasury share cancellation at around 21%.

Even so, the dividend yield implied at recent price levels sits well below the average for Korean listed companies, meaning the current valuation is driven far more by growth expectations than by income.

Ultimately, whether the multiple is supported depends on the pace of revenue recognition from the second half of 2026 and on whether the operating margin returns toward its historical average.

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

Diversified end markets with third-party order references

Winning orders across tires, secondary batteries, ESS, home appliances, meat processing and cosmetics means earnings are not tied wholesale to any single sector's investment cycle.

Hana Securities argued in December 2025 that the ability to flexibly rotate target industries as cycles shift helps diversify industry risk. The fact that logistics automation and PSD revenue is entirely third-party also indicates low dependence on group volumes. The flip side is that there is no captive order cushion to fall back on.

In-house robot lineup spanning hardware and software

Since building the Cheongna R&D Center in 2019, the company has developed dozens of logistics robots in house, including AGVs, AMRs and gantry robots.

Management has outlined a direction of combining artificial intelligence with in-house design and production capability across the full hardware range, from AGVs to autonomous mobile robots, gantry robots and delivery robots.

Gantry robot technology is reported to have played a role in winning a smart logistics system order worth over KRW 100bn for Hankook Tire's plant in Tennessee. Supplying equipment together with control software raises project value per contract and improves the odds of attaching maintenance work.

Room for operating margin improvement as maintenance revenue accumulates

Eugene Investment & Securities noted in August 2025 that maintenance contracts consume far fewer raw materials than new builds and are dominated by fixed labor costs, creating operating leverage.

The same note observed that, given the typical pattern of one to two years of free after-service followed by recurring maintenance contracts, the surge in logistics automation orders since 2023 should begin translating into maintenance revenue.

March 2026 reporting likewise cited a rising maintenance revenue share alongside growing automation equipment sales as contributors to profitability. Whether this actually shows up must be verified through the trajectory of quarterly operating margins.

Bear factors

Wide margin swings and a recent quarterly loss

The operating margin plunged from 5.8% in 2022 to 1.5% in 2023, recovered to 7.2% in 2024, then eased back to 4.6% in 2025. By quarter, Q4 2025 generated the largest revenue at KRW 113.9bn but only KRW 1.9bn of operating profit, and Q1 2026 produced an operating loss of KRW 0.6bn on KRW 75.0bn of revenue.

Q2 2026 operating profit of KRW 3.2bn also fell short of the KRW 6.7bn recorded in Q3 2025. The pattern of quarterly profit swinging sharply with project-level costs and percentage of completion keeps recurring.

Backlog decline and first-half progress versus full-year forecasts

The order backlog as of Q3 2025 was KRW 363.1bn, down 25% year on year. Against KRW 375.5bn in 2023 and KRW 392.7bn in 2024, the backlog has stalled or retreated rather than grown.

Cumulative first-half 2026 revenue was KRW 175.3bn, so meeting the brokerage full-year forecasts cited above would require second-half recognition well in excess of the first half. The seasonal concentration of orders in Q4 also means the annual outcome is only confirmed late, adding to verification uncertainty.

Market multiple that is demanding relative to confirmed earnings

Both the earnings-based multiple and the price-to-book multiple the market assigns sit well above ranges commonly seen among Korean machinery and equipment names. Compared with the roughly 7% normalized operating margin cited by Eugene Investment & Securities in August 2025, the 2025 outcome of 4.6% fell short.

Because the price embeds expected future earnings rather than confirmed results, any slippage in orders or revenue recognition schedules could expose the gap between expectation and reality. The dividend yield also sits well below the average for Korean listed companies, offering little in the way of downside support.

Risk factors

Cash flow and balance sheet

Operating cash flow flipped sign each year: negative KRW 26.0bn in 2022, negative KRW 9.9bn in 2023, positive KRW 55.1bn in 2024 and negative KRW 1.4bn in 2025.

This reflects working capital swings tied to project advances and progress billing, and funding pressure can build when several large projects run concurrently. The debt-to-equity ratio rose from 42.0% in 2022 to 76.8% in 2025, while total equity fell from KRW 172.1bn in 2024 to KRW 160.3bn in 2025. How working capital needs are managed as orders expand is a key item to monitor.

FX and outsourcing costs

Eugene Investment & Securities explained in August 2025 that outsourced service costs make up a large share of cost of sales, consisting of subcontractor labor and purchased goods, and that these costs edge higher when the exchange rate falls sharply.

Indeed, in Q2 2025 revenue rose 36.06% year on year yet operating profit fell 8.22%, reportedly due to higher outsourcing costs stemming from a weaker exchange rate. The larger the share of overseas projects, the greater the impact of currency moves and local installation costs on earnings. The direction of exchange rates is an exogenous variable outside the company's control.

End-market capex cuts and global competition

Intensifying competition in the global logistics automation market and reduced corporate capital expenditure amid an economic slowdown have been flagged as risks facing the company. It must compete in the same bidding arenas as global players such as Dematic, Daifuku and Knapp.

When customers defer investment decisions, order timing slips, and the effect flows into revenue one to two years later. The greater the weight of policy- and demand-sensitive areas such as batteries and ESS, the less predictable the order pipeline may become.

What to watch next

Mid-November 2026
Q3 2026 quarterly report filing. The key points are how far Q3 revenue and operating margin recover from the weak first half of 2026 (a KRW 0.6bn operating loss in Q1 and KRW 3.2bn operating profit in Q2), and which direction the disclosed order backlog moves versus the KRW 363.2bn reported for Q3 2025.
October to December 2026
This is the seasonal peak for order intake. The number and size of single supply contract disclosures, and in particular whether any are overseas projects, will shape the 2027 revenue base.
Around February 2027
Preliminary FY2026 results and dividend decision disclosures. This will show the gap between actual figures and the KRW 496.3bn to KRW 509.8bn revenue forecasts brokerages published in March 2026, along with the direction of dividend policy.
Around March 2027
FY2026 annual business report filing. Segment revenue mix across logistics automation, PSD and IT, the domestic versus overseas split, annual new orders and year-end backlog will all be disclosed as confirmed figures.
Second half of 2026 through August 2027
Progress on the KRW 55.9bn Kolmar Korea contract, which runs from November 28, 2025 to August 31, 2027, together with the pace at which North American tire and battery-related projects flow into quarterly revenue, warrants monitoring.

Overall view

Hyundai Movex is a project-based company where logistics automation contributes roughly 80% of revenue, complemented by platform screen doors and group-facing IT services.

Revenue grew for four straight years from KRW 210.5bn in 2022 to KRW 393.9bn in 2025, but the operating margin oscillated between 1.5% and 7.2%, settling at 4.6% in 2025.

In 2026 the company posted an operating loss of KRW 0.6bn in Q1 and a modest KRW 3.2bn profit in Q2, leaving first-half revenue at KRW 175.3bn, so second-half recognition would need to accelerate sharply to meet the full-year forecasts brokerages published in March 2026.

On the positive side are third-party order references spread across tires, batteries, ESS, home appliances and cosmetics, an in-house technology stack covering both robot hardware and control software, and scope for operating margin improvement as maintenance revenue accumulates.

On the negative side are an order backlog down 25% year on year as of Q3 2025, quarterly profits that swing widely with project costs and exchange rates, a rising debt-to-equity ratio and irregular operating cash flow.

The earnings and book-value multiples the market assigns sit well above the usual range for Korean machinery and equipment names, reflecting expectations of future order-to-revenue conversion rather than confirmed results.

Q3 results, the scale of Q4 new orders and the pace of overseas project revenue recognition are therefore the checkpoints that will separate expectation from outcome. This report is for informational purposes only and contains no buy or sell recommendation or 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.