KOSDAQElectronic Components347890

MX On

₩4,355▲ 0.69%2026-10-02 close

Market Cap

₩74.1B

Turnover

₩28,589,140

Volume

6,575 shares

Shares out.

17M

PER

—

PBR

1.0×

EPS

—

Dividend Yield

1.32%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩60 per share · Prices as of the 2026-10-02 close

Report overview

Semiconductor Tailwind Meets a Robotics Pivot

MX On is in a transition period, expanding from its core HMI supply to Samsung Electronics and SK Hynix into a robotics and autonomous manufacturing platform through its subsidiary MX Robotics.

1
2025 consolidated revenue rose sharply due to subsidiary consolidation, but operating profit turned negative.
2
In Q1-Q2 2026, both revenue expansion and a return to positive operating profit and owners' net income were recorded.
3
Expanded semiconductor capex from key customers Samsung Electronics and SK Hynix is cited as the key variable for second-half performance.
4
The company changed its name from M2I Corporation to MX On and is expanding into robotics and autonomous manufacturing alongside subsidiary MX Robotics.
5
The M&A has brought financial structure changes, including a rise in the debt ratio and a large non-controlling interest position.

Business structure

MX On traces its roots to M2I Corporation, founded in 1999, and changed its name to MX On at its March 2026 annual general meeting.

Its core business is smart factory solutions built on industrial HMI (human-machine interface) and SCADA products, and it is presented as the leading domestic company in HMI-based smart factory solutions.

Its major customers are the semiconductor division of Samsung Electronics and SK Hynix, to which it supplies most of its HMI product volume.

The company is developing a software-based PLC to target the programmable logic controller market, which it says is more than twice the size of the HMI market, while also working to internalize robot controller technology.

In September 2025, it acquired a controlling stake in logistics robotics company SM Core (now MX Robotics) from SK, becoming its largest shareholder; the subsidiary has developed and supplied logistics robots such as rail-guided vehicles, automated guided vehicles, and gantry robots since 2006.

MX Robotics is expanding its lineup with autonomous mobile robots (AMR) and overhead hoist transport (OHT) systems for semiconductor process logistics, entering the semiconductor logistics market.

The group has also formed a cooperation framework with SK AX, which specializes in ERP and MES, and partner Bem Robotics (in which MX On holds a 5% stake) with robot control technology, aiming to build an autonomous manufacturing platform integrating equipment control, logistics, and robot operations.

The competitive landscape mixes global automation majors such as Vitesco Technologies Korea, Honeywell Korea, and Emerson Korea with smaller domestic control equipment makers, and the company positions its close relationships with semiconductor customers as its core competitive edge.

Earnings trend

Quarterly revenue · Operating profit

₩9.2B₩1.2B25Q225Q3₩36.6B-₩8.2B25Q4₩36B₩500M26Q1₩40.4B₩300M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩41.7B₩11.7B2022₩33B₩5.6B2023₩36.8B₩5.6B2024₩62.3B-₩5.8B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩9.2B	₩1.2B	12.7%
2025Q3	—	—	—
2025Q4	₩36.6B	-₩8.2B	−22.5%
2026Q1	₩36B	₩500M	1.4%
2026Q2	₩40.4B	₩300M	0.7%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩41.7B	₩11.7B	₩10.5B	28.0%	14.4%	8.6%
2023	₩33B	₩5.6B	₩6.3B	17.0%	8.7%	6.3%
2024	₩36.8B	₩5.6B	₩6.4B	15.3%	8.8%	6.9%
2025	₩62.3B	-₩5.8B	₩1.7B	−9.4%	2.3%	60.6%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05

Earnings analysis

Consolidated revenue in 2025 reached KRW 62.25 billion, sharply higher than KRW 36.79 billion in 2024, largely reflecting the scale-up effect from consolidating MX Robotics.

Operating profit, however, swung to a loss of KRW 5.83 billion from a profit of KRW 5.64 billion in 2024, and the operating margin plunged from double digits in 2022-2024 (28.0%, 17.0%, 15.3%) to -9.4% in 2025.

Net income attributable to owners of the parent remained slightly positive at KRW 1.70 billion in 2025, even as total consolidated net income was a loss of KRW 2.84 billion, a gap that reflects non-controlling shareholders (including minority holders of MX Robotics) absorbing a large portion of the loss.

On a quarterly basis, the business scale shifted abruptly from revenue of KRW 9.22 billion and operating profit of KRW 1.18 billion in Q2 2025 to revenue of KRW 36.57 billion and an operating loss of KRW 8.21 billion in Q4 2025, a period that appears concentrated with one-time costs and balance-sheet restructuring immediately following the subsidiary's consolidation.

Since then, revenue growth and a recovery in owners' net income have continued, with Q1 2026 posting revenue of KRW 36.03 billion, operating profit of KRW 0.50 billion, and owners' net income of KRW 1.55 billion, followed by Q2 2026 revenue of KRW 40.41 billion, operating profit of KRW 0.28 billion, and owners' net income of KRW 2.11 billion.

On a standalone basis, the company reported Q2 2026 revenue of KRW 11.68 billion and operating profit of KRW 1.83 billion, up 14.0% and 20.4% quarter over quarter, respectively.

The company attributed the result to overseas and non-semiconductor segment growth achieved before the full effect of expanded capex from key semiconductor customers Samsung Electronics and SK Hynix materialized.

The debt ratio jumped to 60.6% in 2025 from a stable 6-9% range in 2022-2024, reflecting the balance-sheet impact of consolidating MX Robotics.

Industry analysis

MX On's core end market is the semiconductor capex cycle, with HMI and control system demand hinging on whether Samsung Electronics and SK Hynix expand facility investment.

The company has said it expects HMI and control system supply to increase sequentially in the second half as Samsung Electronics and SK Hynix expand semiconductor facility investment.

The smart factory market's center of gravity is shifting from equipment and data collection toward judgment, control, and execution, and the government has also outlined a 2026 AI transformation initiative aimed at solving manufacturing-floor problems such as production planning, quality control, and equipment control through AI agents.

In the logistics robotics segment, demand for AMR and OHT systems inside semiconductor fabs is expanding, and MX Robotics has reportedly secured large domestic orders including one linked to SK Hynix's Yongin semiconductor cluster as well as an overseas order tied to a Petronet LNG project in India.

The competitive landscape mixes global automation majors such as Vitesco Technologies Korea, Honeywell Korea, and Emerson Korea with smaller domestic control equipment makers, and MX On maintains its market position based on its long-standing relationships with semiconductor customers.

However, the robotics subsidiary has a history of posting losses tied to a pre-acquisition order slowdown and one-time provisions, meaning earnings volatility could increase during industry downturns.

Outlook

The company said its first-half 2026 results exceeded its internal targets and stated it expects to achieve record annual revenue if the second-half growth trend continues.

It said HMI and control system supply is expected to increase sequentially in the second half as Samsung Electronics and SK Hynix expand semiconductor facility investment.

A company representative said growth momentum is expected to become more pronounced in the second half as expanded semiconductor capex combines with earnings improvement at MX Robotics.

MX Robotics plans to begin supplying semiconductor-oriented autonomous mobile robots (AMR) to customers from the second half of this year, and in June it signed a memorandum of understanding with Daim Research for an OHT-based process logistics automation business.

On the product development side, the company is targeting completion of its software PLC development next year, alongside expanded investment in developing and testing robot controllers, as outlined in a corporate value-up plan disclosed in April.

In that disclosure, the company laid out plans to prepare new products, cooperate with MX Robotics, and expand overseas business, alongside a policy of expanding dividends.

MX Robotics recently decided on a KRW 10 billion third-party allotment capital raise, with the entire allotment to be taken up by largest shareholder MX On, indicating continued group-level investment in the robotics business.

Valuation

PER

—

PBR

1.0×

ROE

2.3%

EPS

—

BPS

₩4,541

Dividend per share

₩60

The current share price sits close to book value per share, suggesting the stock trades in a range without a large premium or discount relative to net assets.

A useful reference point when assessing valuation against earnings is that the company generated steady profits on double-digit operating margins from 2022 through 2024, then swung to an operating loss in 2025 due to one-time costs tied to the subsidiary consolidation before showing a renewed profit recovery trend in 2026.

On the dividend front, the company has disclosed a dividend-expansion policy as part of its value-up plan and has been classified as a high-dividend company, though the sustainability of actual dividend levels will depend on the pace of future earnings recovery.

As a small-cap stock, relatively larger price volatility driven by trading volume and supply-demand conditions is also worth factoring into any valuation interpretation.

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 2026-09-05

Bull factors

Exposure to Expanding Semiconductor Capex

Samsung Electronics and SK Hynix are the company's core HMI customers, and it has said it expects supply to increase sequentially in the second half as these customers expand facility investment.

In the first half, the company exceeded its targets through overseas and non-semiconductor segment growth even before customer capex expansion fully materialized. Its long-standing relationships with major semiconductor customers may function as a barrier to new competitive entry.

Diversification into Robotics and Autonomous Manufacturing

Through the September 2025 acquisition of MX Robotics, the company entered the logistics robotics market with semiconductor-process AMR and OHT products, with customer supply set to begin in the second half of this year.

Software PLC is being developed as a new growth axis targeting the PLC market, which is assessed to be more than twice the size of the HMI market. A cooperation framework with Bem Robotics and SK AX is being pursued to integrate equipment control with logistics and robot operations into a single platform strategy.

Earnings Recovery Trend and Shareholder Return Policy

Following a large one-time loss in Q4 2025, both operating profit and owners' net income remained positive for two consecutive quarters in Q1 and Q2 2026, showing a recovery trend.

The company presented a dividend-expansion policy in its April value-up plan disclosure and stated it is classified as a high-dividend company. Standalone Q2 results also supported the improvement trend, with revenue and operating profit both rising by double digits quarter over quarter.

Bear factors

2025 Swing to Loss and Margin Pressure

Consolidated operating profit swung to a loss of KRW 5.83 billion in 2025, and the operating margin fell sharply to -9.4% from previous double-digit levels. While operating profit returned to positive territory in 2026, its absolute scale remains low compared with prior years.

If semiconductor customers' investment timing is delayed, the pace of margin recovery could be slower than expected.

Balance-Sheet Shift and Growing Non-Controlling Interest

The debt ratio jumped from 6.9% in 2024 to 60.6% in 2025, and non-controlling interests grew to KRW 48.2 billion within total equity, approaching the KRW 73.6 billion attributable to owners.

This reflects a structural change from consolidating MX Robotics, and further financial burdens cannot be ruled out as integration continues. The subsidiary's recent decision to raise KRW 10 billion in new capital also shows that additional group-level funding continues to be injected.

Customer/Sector Concentration and the Robotics Subsidiary's Track Record

A significant portion of the company's revenue is concentrated in two major customers, Samsung Electronics and SK Hynix, meaning performance can be heavily influenced by changes in their investment plans.

Subsidiary MX Robotics has a history of posting losses tied to a pre-acquisition order slowdown and one-time provisions, suggesting the robotics business may need more time to normalize profitability.

As a small-cap stock, limited liquidity means price volatility from supply-demand shifts can also be relatively pronounced.

Risk factors

Customer Concentration Risk

Core revenue is tied to the semiconductor facility investment schedules of Samsung Electronics and SK Hynix, so delays or reductions in their investment could directly affect results.

The company itself frames its second-half outlook on the premise of expanded customer capex, meaning a gap between guidance and actual results could emerge if that premise does not hold.

M&A Integration and Robotics Execution Risk

MX Robotics has previously posted losses tied to a pre-acquisition order slowdown and one-time provisions, so if the new semiconductor-oriented AMR and OHT business does not deliver and monetize as planned, it could weigh on group results.

The sharp rise in the debt ratio and the growth of non-controlling interests also reflect integration risk within the consolidated balance sheet.

Industry Cycle and Competitive Risk

Semiconductor facility investment is subject to significant volatility tied to global demand and memory price cycles, and orders for HMI and control systems could also slow during periods of reduced investment.

Intensifying competition with global automation majors such as Vitesco Technologies Korea, Honeywell Korea, and Emerson Korea is another factor that could affect the company's market position.

What to watch next

Mid-November 2026
The Q3 2026 earnings release should be checked to see whether the second-half semiconductor capex expansion effect the company has cited is actually reflected in revenue and operating profit.
Q4 2026
This is a point to check the start of MX Robotics' AMR deliveries to semiconductor customers and progress on the OHT cooperation business with Daim Research.
First half of 2027
It will be important to confirm whether the software PLC, which the company has targeted for completion next year, actually launches and contributes to revenue.
Early 2027
The implementation status of the April value-up plan and whether the dividend-expansion policy is actually reflected should be checked.

Overall view

MX On is in a transition period, adding the acquisition of MX Robotics to its existing strength in HMI supply to semiconductor customers, thereby broadening into a robotics and autonomous manufacturing platform. 2025 was a year in which revenue expanded due to subsidiary consolidation while one-time costs drove an operating loss, but since 2026 the company has shown a recovery trend, maintaining positive operating profit and owners' net income for two consecutive quarters in Q1 and Q2.

The company has identified expanded semiconductor facility investment from Samsung Electronics and SK Hynix in the second half as the key variable for earnings improvement, alongside the planned start of AMR and OHT supply from its new robotics business.

However, the sharp rise in the debt ratio, the large non-controlling interest position, and customer/sector concentration remain structural burdens to be managed through the integration process.

The development timeline for new products such as software PLC and robot controllers, along with the actual pace of the semiconductor capex cycle, are likely to be the key variables shaping the company's future earnings trajectory.

Investors should continue to monitor earnings releases and the progress of the subsidiary's business before forming a judgment.

Sources

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

Show 18 more articles and sources

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.