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KREDKRED
071970KOSPI

HD Hyundai Marine Engine

42,800
-2,200 (-4.89%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

HD Hyundai Marine Engine Co., Ltd. was established on June 15, 2001. The company is listed on the KOSPI market and is part of the HD Hyundai corporate group.

The company operates in the marine engine and engine parts sectors. It produces diesel, LNG dual-fuel, and LPG dual-fuel engines. It also manufactures crankshafts and turbochargers and provides related parts and maintenance services to customers.

Business overview as filed

가. 주요 사업의 특성

당사의 핵심 사업인 선박 엔진 분야는 현재 디젤엔진과 이중연료 엔진을 중심으로 형성되어 있으며 최근 글로벌 해운시장을 중심으로 친환경 엔진 수요는 대형 선박을 시작으로 지속적으로 확대가 예상됩니다.

당사 또한 이러한 시장 변화에 대응하기 위해 친환경 엔진 기술 및 생산 역량 확보를 위한 투자를 진행 중입니다. 더불어 환경 규제 강화와 노후 선박 증가에 따른 신조선 발주 확대는 당사의 사업 성장과 신규 수주 기회 확보에 긍정적으로 작용할 것으로 기대됩니다.

나. 주요 사업 내용

(1) 선박엔진 사업 주기 엔진(Main Engine)은 선박운항을 위한 고출력의 추진기로서 선박 내 설치되는 핵심 기기입니다. 당사는 디젤엔진, LNG가스엔진(이중연료), LPG가스엔진(이중연료)을 생산하고 있으며, 글로벌 시장에서 선박용 저속엔진의 주요 메이커로서 자리하고 있습니다.

(2) 엔진부품 사업 선박엔진의 핵심 부품인 2ST Crankshaft(종속회사)와 터보차저를 자체생산을 하고, 주요 부품을 조달하여 판매를 하는 엔진부품 전문기업으로서 다양한 고객들에게 부품 및 서비스(A/S)를 제공하고 있습니다.

다. 사업별 매출(당기)

주) 상기표는 연결재무제표 기준으로 작성되었습니다.

라. 원재료 매입액(당기)

주) 상기표는 연결재무제표 기준으로 작성되었습니다.

마. 생산 가동률(당기)

주) 전기에 선박용 엔진과 2ST Crankshaft의 연간 생산능력 산출기준이 변경 되었습니다. 자세한 내용은 'Ⅱ. 사업의 내용 → 3. 원재료 및 생산설비 → 다. 생산능력'을 참고 바랍니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '에이치디현대마린엔진 주식회사'이며, 'HD현대마린엔진㈜'으로도 표기하고 있습니다. 영문 명칭은 'HD-Hyundai Marine Engine Co., Ltd.'(약호 HME)로 표기합니다.

나. 설립일자

당사는 2001년 6월 15일에 설립되었습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

라. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

주) STX에너지솔루션㈜는 전기에 청산되어 당기부터 연결대상 회사에서 제외하였습니다.

(2) 연결대상회사의 변동내용

마. 주요 사업의 내용

당기 연결재무제표 기준, 주요 사업의 매출 비중은 선박용 엔진사업이 78.9%, 선박용 엔진부품 및 서비스 사업이 21.1%이며, 주요 제품은 아래와 같습니다.

바. 신용평가에 관한 사항

주) 회사채, 기업어음에 대한 신용등급은 평가는 없었으며, 신용등급별 부여 의미는 다음 표를 참고 바랍니다.

'AA'부터 'CCC'까지는 등급내 우열에 따라 '+' 또는 '-' 를 부가함

사. 중소기업 등 해당 여부

당사는 독점규제 및 공정거래에 관한 법률에 따라 2024년 09월 02일부로 HD현대 기업집단으로 편입이 되어 중견기업에 해당되지 않습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.61%
[3.90%, 8.27%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 62.9% (2026-10-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.56
Beta [0.42, 0.70] · KOSPI200 · As of 2026-10-08
Intercept
-0.375%[-0.890%, +0.141%]
R squared
0.19
Observations
252
Trading-time corrected beta
0.66[0.25, 1.08]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M10,5724,1652,5242,1482,5402,4801,6391,7932,4503,1584,0244,817
Revenue growth%—-60.60-39.39-14.9118.24-2.37-33.929.4536.6328.8827.42—
Operating incomeKRW 100M78-2,832302-145-10723-1091131793327591,120
Operating income growth%—-3,731.45—-147.98——-569.82—58.0485.18128.69—
Net incomeKRW 100M-49-7,1837,355-1,047-35911-781413167581,6511,947
Net income growth%———-114.24——-809.49—123.71139.48117.88—
Attributable to ownersKRW 100M-49-7,1837,355-1,047———1413167581,6511,947
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%0.74-68.0011.97-6.75-4.210.94-6.656.327.3210.5118.8623.26
Net margin%-0.47-172.47291.35-48.75-14.130.44-4.787.8912.9124.0041.0340.42
ROE%——505.30-68.06———7.3614.0424.4933.7737.30
ROA%-0.35-84.5298.81-18.46-8.020.24-1.823.406.9715.3120.2719.72
Debt ratio%1,230.19-239.01411.37268.62244.26168.72179.56116.66101.4559.9966.6389.11
Current ratio%98.9920.3070.4370.4787.8759.0074.4989.3495.08162.45161.23156.75
Quick ratio%75.2212.7948.4645.1048.0536.9752.9050.9351.97114.52124.70115.75
Reserve ratio%-32.13-1,138.05524.43513.61479.85476.63473.24510.89551.56552.59747.69491.04
Free cash flowKRW 100M-55-10957103-163137121-2993109361,675—
FCF margin%-0.52-2.612.274.80-6.425.537.41-16.7012.6529.6541.63—
OCF conversion%——1.01——1,381.16—-144.45114.96133.87109.39—
Capex to revenue%0.890.960.670.591.160.621.705.302.202.473.25—
Receivable daysdays—98.060.316.94.04.77.56.432.239.437.8—
Inventory daysdays—81.9149.0122.8116.7112.7133.4150.4144.5130.3124.0—
Payable daysdays—————————71.566.8—
Cash conversion cycledays—————————98.195.0—
EPSKRW-236-31,51833,016-18,037-1,27839-2764991,1012,4644,8675,740
PERx——0.14——98.97—14.1910.639.9218.3910.21
BPSKRW——5,9015,4794,6306,1315,4286,7707,8939,12014,41315,390
PBRx——0.781.030.660.630.871.051.482.686.213.81
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
4,024
Cost of sales
2,998
Gross profit
1,026
Non-operating income
846
Operating income
759
SG&A expenses
267
Profit before tax
1,605
Income tax benefit
46
Net income
1,651

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
14,1988,4997,4435,6724,4754,6744,3044,1634,5404,9508,147
13,13114,6135,9884,133*3,1752,9342,7642,2422,2861,8563,258
1,067-6,1141,4561,539*1,3001,7391,5401,9212,2543,0944,889

Income statement

20152016201720182019202020212022202320242025
10,5724,1652,524*2,1482,5402,4801,639*1,793*2,450*3,1584,024
78-2,832302*-145*-10723-109*113*179*332759
109-6,9757,355*-1,438*-359-102-52*157*148*2771,605
-49-7,1837,355-1,047*-35911-781413167581,651
Basic earnings per shareKRW-236-31,518*33,016*-18,037*-1,27839-276499*1,101*2,464Not applicable
Diluted earnings per shareKRWNot applicable-31,518Not applicable-18,037*-1,27839-276499*1,101*2,464Not applicable
269-7,1817,363-1,379*-362439-2003693324191,795

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-49-7,1837,355-1,047-35911-781413167581,651
Total adjustments to operating cash flowcomputed887,114-7,2811,163225141227-34647257155
39-6974116-134152149*-204*364*1,0141,806
23250-389692-60225239*481*-135*-241-1,450
379-263-76-353-331-44-361*-590*-186-514-11
Cash at beginning of periodKRW 100M356796712321775250584611297339598
796712321775250584611297339598943
Net change in cash and cash equivalentsKRW 100M439-84-391454-52533427-31542259345

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 25삼정회계법인2025-12-31
2024적정의견Term 24삼정회계법인2025-12-31
2023적정의견Term 23삼도회계법인2025-12-31
2022적정Term 22삼도회계법인2022-12-31
2021적정Term 21신우회계법인2022-12-31
2020적정Term 20신우회계법인2022-12-31
2019적정Term 19한울회계법인2019-12-31
2018적정Term 18대주회계법인2019-12-31
2017적정Term 17대주회계법인2019-12-31
2016적정Term 16삼일회계법인2016-12-31
2015적정Term 15삼일회계법인2016-12-31
2014적정Term 14삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.63
%
%
Cost of equity7.56%
Weighted average cost of capital—
Initial growth33.8%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW42,800

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE176,905+313.3%
Residual income model RIM197,026+360.3%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.63 × 5.00% = 7.56%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(33.77% × (1 − 0.00%), 0) = 33.77%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 14,413 KRW, ROE = 33.77%, payout ratio = 0.00%, r = 7.56%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
114,4134,8671,0903,7780.92973,512
219,2806,5111,4585,0530.86444,368
325,7918,7091,9506,7600.80365,432
434,50011,6512,6089,0420.74716,756
546,15115,5853,48912,0960.69468,402
Terminal value221,9080.6946154,143

P_0 = 14,413 + 28,470 + 154,143 = 197,026 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,806.0 − 130.9 + 0.0 (net borrowing) = 1,675.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
133.77%2,240.80.92972,083.3
225.83%2,819.50.86442,437.1
317.88%3,323.70.80362,671.0
49.94%3,654.20.74712,730.2
52.00%3,727.30.69462,589.0
Terminal value2.00%68,379.70.694647,498.1
Total60,008.7

P_0 = 60,008.7 KRW hundred million ÷ 33,921,495 (shares) = 176,905 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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