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Changwon-based maker of marine engines and engine parts for shipbuilders; formerly STX Heavy Industries, now backed by HD Hyundai.
Changwon-based maker of marine engines and engine parts for shipbuilders; formerly STX Heavy Industries, now backed by HD Hyundai.
Builds large marine engines and the heavy parts inside them for shipyards, so sales follow new ship orders, with after-sales service and spare parts adding steadier income. HD Hyundai's shipbuilding holding company owns a significant stake, tying it to the group's yards.
Moat: narrow (process know-how, customer qualification). Engine-building know-how and qualification with Korean shipyards; demand follows new ship orders.
Headquarters: Changwon, South Korea · Founded: 1976 · Employees: 298
Size HD-Hyundai Marine Engine (071970.KS) is a South Korea Industrials company (Trucks/Construction/Farm Machinery) with a market value of $887M, the 249th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩35,500 on 6 Nov 2026.
Performance Over six months the shares fell 66.5%, against -17.5% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 53.7% over the last twelve months (peer median +12.0%); the operating margin is 26.1% (peer median 6.8%).
Valuation It trades at 8.7× forward earnings against a peer median of 16.2× (2nd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.0 points above its cost of capital (6.9% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩584B | ₩402B | ₩316B | ₩244B | ₩177B |
| Revenue growth | — | +27% | +29% | +38% | — |
| Gross profit | n/a | ₩121B | ₩78.4B | ₩51.0B | ₩27.9B |
| EBITDA | n/a | ₩78.4B | ₩33.4B | ₩18.2B | ₩14.2B |
| Net income | ₩219B | ₩165B | ₩75.8B | ₩31.6B | ₩14.1B |
| Free cash flow | n/a | ₩167B | ₩88.7B | ₩19.8B | -₩41.2B |
| Capital expenditure | n/a | ₩13.8B | ₩8.25B | ₩5.51B | ₩10.3B |
| Total debt | n/a | ₩1.80B | ₩2.43B | ₩90.8B | ₩100B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HD-Hyundai Marine Engine 071970.KS | $887M | -66% | +54% | 26% | 8.7× | -9.8% |
| Hanwha Engine 082740.KS | $1.50B | -72% | +3% | 12% | 10.9× | -0.3% |
| Doosan Enerbility 034020.KS | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% |
| Mitsubishi Heavy Industries 7011.T | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 071970.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.1% | -8.1% | 4th lowest of 21 |
| 6-month return | -66.5% | -17.5% | lowest of 21 |
| Distance from 52-week high | -70.0% | -31.2% | lowest of 21 |
| Revenue growth (TTM) | +53.7% | +12.0% | 3rd highest of 21 |
| Operating margin | 26.1% | 6.8% | 3rd highest of 21 |
| Forward P/E | 8.7× | 16.2× | 2nd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -9.8% | 8.1% | least demanding of 10 |
| Growth delivered (Del g) | +10.2% | +6.6% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | -20.0 pp | +2.0 pp | least demanding of 10 |
| ROIC minus cost of capital | +16.0 pp | -2.8 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HD-Hyundai Marine Engine 071970.KS | South Korea | $887M | -66% | +54% | 26% | 8.7× | -9.8% | +10.2% |
| Jupiter Wagons JWL.NS | India | $896M | -35% | -12% | 10% | 32.8× | n/a | n/a |
| Knowledge Marine & Engineering Works KMEW.NS | India | $876M | +44% | +57% | 40% | n/a | n/a | n/a |
| engcon ENGCON-B.ST | Sweden | $876M | -13% | +16% | 16% | 29.7× | 7.0% | +11.9% |
| Douglas Dynamics PLOW | United States | $839M | -20% | +23% | 13% | 11.0× | 5.6% | +6.4% |
| Chengdu Xiling Power Science & Technology 300733.SZ | China | $831M | -9% | +4% | 3% | 29.3× | n/a | n/a |
| DAEHAN SHIPBUILDING 439260.KS | South Korea | $955M | -62% | +14% | 26% | 4.4× | n/a | n/a |
| Astec Industries ASTE | United States | $822M | -33% | +19% | 5% | 9.8× | 9.5% | +6.6% |
| Power HF 605100.SS | China | $816M | -35% | +17% | 2% | n/a | n/a | n/a |
| Titagarh Rail Systems TITAGARH.NS | India | $967M | -20% | -10% | 10% | 34.8× | 45.4% | +15.9% |
| Manitowoc MTW | United States | $808M | -3% | +9% | 3% | 16.2× | 11.2% | +9.2% |
| Greenworks (Jiangsu) 301260.SZ | China | $804M | -35% | -1% | -8% | 19.1× | n/a | n/a |
| Gemac Engineering Machinery 301048.SZ | China | $801M | -8% | +7% | 8% | n/a | 4.1% | +4.0% |
| Sunward Intelligent Equipment 002097.SZ | China | $985M | -38% | +10% | 1% | n/a | n/a | n/a |
| Hangzhou Advance Gearbox 601177.SS | China | $786M | -19% | +1% | 4% | n/a | 14.5% | +4.6% |
| TADANO 6395.T | Japan | $1.02B | -8% | +21% | 9% | 10.8× | n/a | n/a |
| Newag NWG.WA | Poland | $1.04B | -16% | +45% | 21% | 11.9× | -4.3% | +12.6% |
| Xiamen XGMA Machinery 600815.SS | China | $756M | -36% | +21% | -21% | n/a | n/a | n/a |
| Shandong Mining Machinery 002526.SZ | China | $754M | -15% | -6% | 1% | n/a | n/a | n/a |
| Niutech Technology 688309.SS | China | $753M | -10% | +79% | 26% | n/a | n/a | n/a |
| Shanghai Chuangli 603012.SS | China | $738M | -12% | -17% | 5% | n/a | 8.1% | +2.8% |