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KREDKRED
083650KOSDAQ

BHI

53,600
-3,600 (-6.29%)

Price chart

  • MA5
  • MA20
  • MA60
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

BHI was established on June 12, 1998, to produce and distribute industrial equipment for power generation and steelmaking. The company is headquartered in Haman-gun, Gyeongsangnam-do, and is listed on the KOSDAQ market.

The company specializes in the design, manufacture, and installation of power plant equipment. Its main products include boilers, heat recovery steam generators, condensers, heat exchangers, and deaerators. Its primary customers are power companies, power plant operators, large construction firms, and steel companies such as POSCO.

Business overview as filed

당사는 발전소공정 및 제철공정에 필요한 발전용 기자재를 설계, 제작, 설치, 시공하는 발전기자재 전문기업입니다. 주된 고객으로는 한전을 비롯한 전력회사 및 발전사업자, 국내외 대형건설사, 포스코를 포함한 제철회사 등이 있습니다. 발전용 기자재는 주기기와 보조기기(Balance of Plant)로 나뉘어지는데, 열을 발생시키는 연료에 따라 발전형태와 주기기가 정해지며, 보조기기류는 발전형태와 상관없이 공통적으로 적용이 되고 있습니다. 주기기는 원자로(원자력), 보일러(화력), 가스터빈·HRSG(복합화력)등으로 나뉘며, 그에 따른 보조기기류는 크게 복수기, 급수가열기, CCW 쿨러, 탈기기 등이 있습니다. 이 중 당사가 생산하는 발전설비는 주기기인 각종 보일러(Boiler)류 및 배열회수보일러(HRSG), 보조기기인 복수기(Condenser), 열교환기(Heat Exchanger), 탈기기(Deaerator)등이 있습니다.

당사가 영위하는 사업은 수주산업으로 모든 제품이 주문제작 방식에 의해 생산, 판매되고 있으며 특정산업에 한정된 고객을 대상으로 하고 있습니다.

Company overview

가. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '비에이치아이 주식회사'라고 표기하며 영문으로는 BHI Co., LTD.로 표기합니다. 약식으로 표기할 경우에는 비에이치아이(주)라고 표기합니다.

다. 설립일자 및 존속기간

1998년 6월 12일 국내외 발전용, 제철용 산업설비를 제작, 판매하는 것을 주 영업목적으로 설립되었으며, 2005년 12월 발행주식을 한국거래소가 개설하는 코스닥시장에 상장한 주권상장 법인입니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

주소: 경상남도 함안군 군북면 장백로 122전화: 055-585-3800홈페이지: http://www.bhi.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 발전용 설비를 전문으로 설계ㆍ생산하는 사업을 영위하고 있습니다. 주된 고객으로는 한전을 비롯한 전력회사 및 발전사업자, 대형건설사, 포스코를 포함한 제철회사 등이 있습니다. 설비의 경제성 및 효율, 납기준수 등 다양한 고객의 요구를 충족시키는 것이 사업의 중요한 요소이며, 이를 위해 우수한 설계인력 및 엄격한 생산관리, 축적된 사업수행실적 및 경험이 중요한 사업입니다.

사. 신용평가에 관한 사항

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

6.83%
[4.42%, 10.34%] · 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 68.4% (2026-07-30). 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

0.94
Beta [0.79, 1.10] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.148%[-0.332%, +0.628%]
R squared
0.32
Observations
252
Trading-time corrected beta
1.18[0.88, 1.48]
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 KOSDAQ150 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 100M3,5643,1323,2522,1182,2292,4342,3493,3023,6744,0477,74110,466
Revenue growth%—-12.133.83-34.865.219.24-3.5240.5811.2710.1691.26—
Operating incomeKRW 100M-411149191-233-125113-306811512197551,235
Operating income growth%——28.07-221.53——-371.70—86.0745.34244.30—
Net incomeKRW 100M-67210181-296-14846-346-19175196652520
Net income growth%——-19.60-463.77——-858.08——162.40232.89—
Attributable to ownersKRW 100M——81-296-14845-346-19175196652521
Attributable to minoritiesKRW 100M——-0000-00-0-0-0-0
Operating margin%-11.524.775.88-10.98-5.594.63-13.032.464.115.429.7511.80
Net margin%-18.863.232.50-13.99-6.631.87-14.73-5.792.034.848.424.97
ROE%——7.28-35.28-21.174.63-53.74-38.7610.2116.8436.7225.78
ROA%-14.762.271.92-8.11-3.991.16-8.86-4.251.753.737.854.73
Debt ratio%411.93347.83278.44335.13429.87301.94505.93807.12477.25350.66367.65444.61
Current ratio%68.6464.5367.7252.5260.2560.8254.1265.2658.5765.1086.7393.38
Quick ratio%66.1361.3565.3550.7158.1258.7452.6763.8556.8562.2685.2791.64
Reserve ratio%317.18402.30463.52270.83159.11198.43-63.53-200.73-7.31113.66530.63676.19
Free cash flowKRW 100M———18417932-186137395355967—
FCF margin%———8.678.051.31-7.924.1610.758.7712.49—
OCF conversion%—145.52305.65——76.75——585.70204.05172.25—
Capex to revenue%———0.290.080.130.440.461.151.102.02—
Receivable daysdays—62.553.651.930.331.830.341.848.634.134.2—
Inventory daysdays—12.010.59.58.18.36.24.95.68.65.5—
Payable daysdays—74.375.186.388.9103.982.581.686.591.881.4—
Cash conversion cycledays—0.3-11.0-24.9-50.6-63.7-45.9-34.9-32.3-49.0-41.6—
EPSKRW——316-1,140-568174-1,330-7362676332,1071,682
PERx——12.31——14.74——30.3424.3924.8232.46
BPSKRW—3,8354,3043,2302,6853,7702,4741,8972,3773,7605,7396,525
PBRx—0.920.901.040.790.681.673.423.414.119.118.37
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
7,741
Cost of sales
6,537
Gross profit
1,204
Operating income
755
SG&A expenses
449
Non-operating income
40
Profit before tax
795
Net income
652
Income tax expense
143

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
4,5544,4644,2343,6543,7023,9433,9024,4944,2545,2488,308
3,6653,4673,1152,8143,0032,9623,2583,9983,5174,0836,531
8909971,1198406999816444957371,1641,776

Income statement

20152016201720182019202020212022202320242025
3,5643,1323,2522,1182,2292,4342,3493,3023,6744,0477,741
-411149191-233-125113-30681151219755
-6499591-304-15645-345-20838-39795
-67210181-296-14846-346-19175196652
Basic earnings per shareKRWNot applicableNot applicable316-1,140-568174-1,330-7362676332,107
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable2,107
Not applicableNot applicable82-279-141284-337-18065429612

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-67210181-296-14846-346-19175196652
Total adjustments to operating cash flowcomputed92346167486329-11170344363204471
25114724919018135-1761524374001,123
-10824-12921-5827-66-252-150-2-878
-101-199-78-281-2613130225-387-366176
Cash at beginning of periodKRW 100M851269913865151220110236139176
1269913865151220110236139176600
Net change in cash and cash equivalentsKRW 100M41*-27*39-738669-110126-9737Not applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 28삼정회계법인2025-12-31
2024적정의견Term 27삼정회계법인2025-12-31
2023적정의견Term 26삼정회계법인2025-12-31
2022적정 (연결/별도)Term 25서현회계법인2022-12-31
2021적정 (연결/별도)Term 24서현회계법인2022-12-31
2020적정 (연결/별도)Term 23서현회계법인2022-12-31
2019적정 (연결/별도)Term 22삼정회계법인2019-12-31
적정 (연결/별도)Term 21삼정회계법인2019-12-31
적정 (연결/별도)Term 20삼정회계법인2019-12-31

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 5Y0.76
%
%
Cost of equity8.18%
Weighted average cost of capital7.81%
Initial growth36.7%
Effective tax rate18.0%
Base fiscal year2025
Current priceKRW53,600

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 FCFF116,127+116.7%
Discounted cash flow FCFE127,031+137.0%
Residual income model RIM82,213+53.4%
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% + 0.76 × 5.00% = 8.18%

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(36.72% × (1 − 0.00%), 0) = 36.72%

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 = 5,739 KRW, ROE = 36.72%, payout ratio = 0.00%, r = 8.18%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
15,7392,1074691,6380.92441,514
27,8462,8816422,2390.85451,913
310,7263,9388783,0610.78982,418
414,6655,3841,2004,1850.73013,055
520,0497,3611,6405,7210.67493,861
Terminal value94,4060.674963,714

P_0 = 5,739 + 12,761 + 63,714 = 82,213 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,123.0 − 156.4 + 61.1 × (1 − 17.96%) = 1,016.7 KRW hundred million

Weighted average cost of capital

E = 16,586.2, D = 1,444.6 KRW hundred million; equity weight = 91.99%, debt weight = 8.01%; cost of debt k_d = 4.40%

WACC = 91.99% × 8.18% + 8.01% × 4.40% × (1 − 17.96%) = 7.81%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
136.72%1,390.00.92751,289.3
228.04%1,779.80.86031,531.1
319.36%2,124.30.79791,695.1
410.68%2,351.20.74011,740.1
52.00%2,398.20.68651,646.2
Terminal value2.00%42,068.50.686528,877.9
Total36,779.8

Firm value = 36,779.8; less borrowings 1,444.6; plus cash 599.5 → 35,934.6 KRW hundred million

P_0 = 35,934.6 KRW hundred million ÷ 30,944,375 (shares) = 116,127 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 = 1,123.0 − 156.4 + 190.9 (net borrowing) = 1,157.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
136.72%1,582.60.92441,462.9
228.04%2,026.30.85451,731.4
319.36%2,418.50.78981,910.3
410.68%2,676.80.73011,954.4
52.00%2,730.40.67491,842.7
Terminal value2.00%45,054.70.674930,407.4
Total39,309.1

P_0 = 39,309.1 KRW hundred million ÷ 30,944,375 (shares) = 127,031 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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