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443060KOSPI

HD Hyundai Marine Solution

233,500
-3,500 (-1.48%)

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

HD Hyundai Marine Solution was established on November 28, 2016, through a contribution in kind of the after-sales business from Hyundai Heavy Industries. The company is listed on the KOSPI market and is part of the HD Hyundai group.

The company provides after-service solutions for the entire life cycle of vessels. Its business segments include AM solutions for parts and maintenance, bunkering for fuel supply, eco-friendly solutions for vessel retrofitting, and digital solutions for smart ship hardware and software.

Business overview as filed

가. 사업의 현황당사는 신조선 인도 이후 선박 생애주기 전반에 필요한 서비스를 제공하는 선박 After Service 사업을 영위하고 있습니다. 선박 생애주기 전반에 필요한 서비스를 통합적으로 제공하는 회사는 전세계적으로 당사가 유일합니다. 당사는 AM솔루션, 벙커링, 친환경솔루션, 디지털솔루션 4개 군에 관한 제품 및 서비스를 제공하고 있습니다.당사와 종속기업의 주요 사업 현황은 아래와 같습니다.

나. 주요 사업의 특징

AM솔루션은 선박 및 선박에 탑재된 엔진의 유지/보수/관리 서비스, 엔진을 활용한 육상발전 기술서비스 및 HD현대 그룹 건조 선박의 유무상보증 대행 서비스입니다. 벙커링은 선박에 연료를 공급하는 서비스이며, 선주 및 선사에게 One-Stop 솔루션을 제공하는 데 기여하고 있습니다.친환경솔루션는 환경 규제에 대응하기 위한 선박의 개조 서비스를 의미합니다.디지털솔루션은 차세대 선박 운항기술 및 선박 빅데이터 기반 해양 플랫폼 서비스로, 당사는 현재 선박자동화, 전동화 및 스마트십 관련 HW 및 SW 솔루션을 제공하고 있습니다.각 제품군별 특징을 살펴보면, AM솔루션은 선박 유지/보수/수리를 위한 기술력과 부품 및 기자재 조달 안정성이 중요하고, 선주와의 글로벌 네트워크가 요구되는 등 제조업과 서비스업 요소가 융합된 특징을 지니고 있습니다. 벙커링은 해운업황과 연동되는 경향이 존재합니다. 친환경솔루션는 환경 규제에 민감하고, 턴키(Turn-key) 기반의 프로젝트 수주 산업이 주를 이루며, 맞춤형 설계 역량이 중요한 사업입니다. 디지털 제어 및 솔루션은 선박 운항 안전성과 연관되어 규제의 영향이 크고, 디지털화를 위한 HW와 SW를 통합하여 제공할 수 있는 역량이 핵심입니다.

Company overview

가. 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적·상업적 명칭

당사의 명칭은 "에이치디현대마린솔루션 주식회사"이며, 영문명은 "HD Hyundai Marine Solution CO.,LTD." 입니다.

다. 설립일자

당사는 2016년 11월 28일 현대중공업㈜의 조선, 엔진, 전기전자 사업부의 AS사업을 양수하는 현물출자에 의하여 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 신조 인도 이후 선박의 생애주기 전반을 아우르는 "Total Marine Solution Provider" 입니다. 주요 사업으로는 선박부품/서비스의 공급, HD현대그룹 건조 선박의 유/무상보증 대행으로 구성되는 'AM(After Market) 솔루션', 인도 선박 출항유 공급 및 운항 연료 제공 서비스를 제공하며 고객 확보 채널로 시너지를 창출하는 '벙커링' , 강화되는 환경규제에 대응하기 위하여 선주/선사의 요구에 맞춰 Turn-key 방식으로 개조공사를 수행하는 '친환경 솔루션', 전동화를 비롯하여 스마트쉽 및 자율운항, 디지털플랫폼 등 선박의 디지털 전환과 관련되는 '디지털 솔루션' 등의 사업을 영위하고 있습니다.

사. 신용평가에 관한 사항

당사는 최근 3년간 회사채 등 자금조달을 목적으로 신용평가전문기관을 통해 부여받은 신용평가 등급은 없습니다.

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

5.66%
[3.93%, 8.54%] · As of 2026-09-29
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 37.1% (2026-03-04). 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

0.35
Beta [0.22, 0.49] · KOSPI200 · As of 2026-10-02
Intercept
-0.036%[-0.480%, +0.408%]
R squared
0.11
Observations
252
Trading-time corrected beta
0.37[0.15, 0.59]
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

202320242025TTM
RevenueKRW 100M14,30517,45519,82721,844
Revenue growth%—22.0213.59—
Operating incomeKRW 100M2,0152,7173,5013,751
Operating income growth%—34.8728.86—
Net incomeKRW 100M1,5112,2792,6963,344
Net income growth%—50.8418.26—
Attributable to ownersKRW 100M1,5112,2792,6963,344
Attributable to minoritiesKRW 100M0000
Operating margin%14.0815.5717.6617.17
Net margin%10.5613.0613.6015.31
ROE%62.9729.4732.6937.48
ROA%23.0119.7821.1924.03
Debt ratio%173.6348.9654.2755.98
Current ratio%154.02313.91290.36290.09
Quick ratio%92.74234.11224.13224.80
Reserve ratio%1,091.793,186.283,486.073,744.86
Free cash flowKRW 100M7032,3693,070—
FCF margin%4.9113.5715.48—
OCF conversion%48.21108.16120.24—
Capex to revenue%0.180.550.87—
Receivable daysdays—49.553.4—
Inventory daysdays—67.465.0—
Payable daysdays—43.647.6—
Cash conversion cycledays—73.370.9—
EPSKRW3,7785,3046,0137,459
PERx—30.4332.1830.10
BPSKRW—17,40218,39719,898
PBRx—9.2710.5211.28
Dividend per shareKRW2,0004504,800—
Payout ratio%52.948.4879.83—

Consolidated basis

Profit flowKRW 100M

Revenue
19,827
Cost of sales
15,278
Gross profit
4,549
Operating income
3,501
SG&A expenses
1,047
Non-operating income
47
Profit before tax
3,548
Net income
2,696
Income tax expense
852

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.

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

202320242025
6,56611,52212,723
4,1673,7874,476
2,4007,7358,247

Income statement

202320242025
14,30517,45519,827
2,0152,7173,501
2,0102,9693,548
1,5112,2792,696
Basic earnings per shareKRW3,7785,3046,013
Diluted earnings per shareKRW3,7765,2756,013
1,4722,3772,662

Cash flow statement

202320242025
Net incomefrom the income statement1,5112,2792,696
Total adjustments to operating cash flowcomputed-783186546
7292,4653,241
47-1,959-213
-4391,491-2,233
Cash at beginning of periodKRW 100M6369572,985
9572,9853,779
Net change in cash and cash equivalentsKRW 100M3222,028795

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 10한영회계법인2025-12-31
2024적정의견Term 9삼일회계법인2025-12-31
2023적정의견Term 8삼일회계법인2025-12-31

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.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

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 · 2026-10-024.37%
BetaDaily 1Y0.35
%
%
Cost of equity6.12%
Weighted average cost of capital—
Initial growth6.6%
Effective tax rate24.0%
Base fiscal year2025
Current priceKRW233,500

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 model118,825-49.1%
Dividend discount model DDM132,191-43.4%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE188,578-19.2%
Residual income model RIM157,688-32.5%
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 = 4.37% + 0.35 × 5.00% = 6.12%

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(32.69% × (1 − 79.83%), 0) = 6.59%

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

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 4,800 × (1 + 2.00%) / (6.12% − 2.00%) = 4,896 / 0.0412 = 118,825 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 4,800, g_1 = 6.59%, g_T = 2.00%, r = 6.12%

YearGrowthDividend KRWDiscount factorPresent value KRW
16.59%5,1170.94234,821
25.45%5,3950.88804,791
34.30%5,6270.83684,708
43.15%5,8040.78854,577
52.00%5,9200.74304,399
Terminal value2.00%146,5550.7430108,895
Total132,191

P_0 = 132,191 KRW

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 = 18,397 KRW, ROE = 32.69%, payout ratio = 79.83%, r = 6.12%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
118,3976,0131,1264,8870.94234,605
219,6106,4101,2005,2100.88804,626
320,9036,8321,2795,5530.83684,647
422,2817,2831,3645,9190.78854,667
523,7517,7631,4546,3100.74304,688
Terminal value156,1950.7430116,057

P_0 = 18,397 + 23,234 + 116,057 = 157,688 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 = 3,241.3 − 171.6 + 0.0 (net borrowing) = 3,069.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
16.59%3,272.10.94233,083.4
25.45%3,450.20.88803,063.7
34.30%3,598.50.83683,011.1
43.15%3,711.80.78852,926.8
52.00%3,786.00.74302,813.1
Terminal value2.00%93,724.00.743069,639.8
Total84,537.9

P_0 = 84,537.9 KRW hundred million ÷ 44,829,210 (shares) = 188,578 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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