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Korean Tier-1 auto-parts maker of steering, braking and suspension systems, including ADAS-enabled systems, for global automakers.
Korean Tier-1 auto-parts maker of steering, braking and suspension systems, including ADAS-enabled systems, for global automakers.
Is paid per part under programmes awarded before a car model launches, so revenue follows its automaker customers' production, and Hyundai Motor Group is the largest customer. HL Group, the former Halla group, controls it. Chassis systems for EVs and driver-assistance carry more content per vehicle than conventional parts.
In one line: Korea's ZF/Continental-style chassis-systems supplier.
Moat: narrow (customer qualification, switching costs, IP / patents). Deeply qualified chassis-systems supplier; steering/braking design cycles lock in suppliers for years.
Headquarters: Seongnam, South Korea · Founded: 1962 · Employees: 3,828
Size Hl Mando (204320.KS) is a South Korea Consumer Discretionary company (Auto Parts: OEM) with a market value of $1.13B, the 217th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩32,600 on 6 Nov 2026.
Performance Over six months the shares fell 42.9%, against -12.7% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +9.8%); the operating margin is 3.5% (peer median 6.7%).
Valuation It trades at 9.6× forward earnings against a peer median of 13.2× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -20% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.0 points above its cost of capital (5.5% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩9.59T | ₩9.45T | ₩8.85T | ₩8.39T | ₩7.52T |
| Revenue growth | — | +7% | +5% | +12% | — |
| Gross profit | n/a | ₩1.37T | ₩1.46T | ₩1.08T | ₩1.11T |
| EBITDA | n/a | ₩716B | ₩694B | ₩601B | ₩587B |
| Net income | ₩82.9B | ₩100B | ₩130B | ₩136B | ₩98.3B |
| Free cash flow | n/a | ₩372B | ₩97.1B | ₩83.4B | -₩278B |
| Capital expenditure | n/a | ₩390B | ₩380B | ₩414B | ₩385B |
| Total debt | n/a | ₩2.33T | ₩2.37T | ₩2.36T | ₩2.27T |
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 |
|---|---|---|---|---|---|---|
| Hl Mando 204320.KS | $1.13B | -43% | +2% | 3% | 9.6× | -19.9% |
| Continental CON.DE | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% |
| Nexteer Automotive 1316.HK | $1.40B | -14% | +6% | 4% | 8.5× | -13.5% |
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 | 204320.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.5% | -2.2% | lowest of 21 |
| 6-month return | -42.9% | -12.7% | lowest of 20 |
| Distance from 52-week high | -58.8% | -30.5% | 2nd lowest of 21 |
| Revenue growth (TTM) | +1.9% | +9.8% | 7th lowest of 21 |
| Operating margin | 3.5% | 6.7% | 8th lowest of 21 |
| Forward P/E | 9.6× | 13.2× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -19.9% | 0.9% | least demanding of 14 |
| Growth delivered (Del g) | +11.2% | +12.0% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | -31.1 pp | -11.1 pp | least demanding of 14 |
| ROIC minus cost of capital | +4.0 pp | -0.5 pp | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hl Mando 204320.KS | South Korea | $1.13B | -43% | +2% | 3% | 9.6× | -19.9% | +11.2% |
| Saf-holland SFQ.DE | Germany | $1.11B | +9% | 0% | 8% | 13.2× | 0.9% | +12.6% |
| Guangzhou Ruili Kormee Automotive Electronic 001285.SZ | China | $1.14B | -22% | +21% | 14% | 17.4× | n/a | n/a |
| JOST Werke JST.DE | Germany | $1.11B | +5% | +32% | 7% | 10.8× | 3.0% | +14.1% |
| Exedy 7278.T | Japan | $1.14B | -17% | 0% | 7% | 11.3× | -6.9% | +6.0% |
| KYB 7242.T | Japan | $1.15B | +10% | +11% | 6% | 9.6× | -0.4% | +8.0% |
| Fuxin Dare Automotive Parts 300473.SZ | China | $1.10B | +28% | +21% | 5% | 33.5× | 20.8% | +10.0% |
| Wuxi Zhenhua Auto Parts 605319.SS | China | $1.16B | -18% | +13% | 20% | 14.6× | -4.7% | +16.0% |
| Kuangda Technology 002516.SZ | China | $1.16B | -13% | +3% | 12% | n/a | 9.3% | +9.0% |
| ARB ARB.AX | Australia | $1.08B | +1% | -4% | 16% | 17.0× | 15.7% | +2.4% |
| Zhejiang EV-Tech 301607.SZ | China | $1.18B | -7% | +60% | 6% | 20.3× | 24.2% | +35.3% |
| Dauch DCH | United States | $1.07B | -32% | +41% | 3% | 5.5× | n/a | n/a |
| Zhejiang Wanliyang 002434.SZ | China | $1.19B | -13% | -30% | -10% | 15.5× | n/a | n/a |
| F.C.C.Co 7296.T | Japan | $1.20B | +20% | +10% | 8% | 9.0× | -7.1% | +12.3% |
| Sichuan Chengfei Integration Technology 002190.SZ | China | $1.20B | -24% | +9% | -1% | n/a | n/a | n/a |
| Zotye Automobile 000980.SZ | China | $1.05B | -35% | -33% | -93% | n/a | 37.5% | -17.1% |
| Zhejiang Asia-Pacific Mechanical & Electronic 002284.SZ | China | $1.05B | -29% | +10% | 9% | 10.7× | -1.8% | +13.9% |
| Bohai Automotive Systems 600960.SS | China | $1.04B | -13% | -26% | -2% | 16.5× | n/a | n/a |
| NASN Intelligent Tech (Zhejiang) 2261.HK | Hong Kong | $1.21B | n/a | +57% | -12% | n/a | n/a | n/a |
| Topre 5975.T | Japan | $1.04B | +32% | +5% | 8% | 7.6× | -1.2% | +12.0% |
| Ruifeng Power 2025.HK | Hong Kong | $1.22B | +29% | +4% | 1% | n/a | n/a | n/a |