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Korean maker of excavators, wheel loaders and forklifts, part of HD Hyundai group, sold worldwide.
Korean maker of excavators, wheel loaders and forklifts, part of HD Hyundai group, sold worldwide.
Sells machines through a dealer network and directly to large fleets, and earns repeat income from parts and service on machines already working. It is part of the HD Hyundai group and was split off from Hyundai Heavy Industries in 2017.
In one line: A mid-sized Caterpillar-style construction-equipment maker.
Moat: narrow (brand, distribution, installed base). Established dealer network and parts/service base across Asia and emerging markets.
Headquarters: Ulsan, South Korea · Employees: 1,123
Size Hd Ce (267270.KS) is a South Korea Industrials company (Trucks/Construction/Farm Machinery) with a market value of $2.80B, the 104th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩80,000 on 6 Nov 2026.
Performance Over six months the shares fell 56.5%, against -12.8% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 115.0% over the last twelve months (peer median +11.6%); the operating margin is 8.1% (peer median 7.5%).
Valuation It trades at 8.6× forward earnings against a peer median of 12.4× (2nd cheapest of 20).
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 -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.0 points above its cost of capital (7.1% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩7.78T | ₩3.78T | ₩3.44T | ₩3.82T | ₩3.52T |
| Revenue growth | — | +10% | -10% | +9% | — |
| Gross profit | n/a | ₩704B | ₩623B | ₩698B | ₩574B |
| EBITDA | n/a | ₩237B | ₩259B | ₩324B | ₩235B |
| Net income | ₩378B | ₩99.4B | ₩100.0B | ₩139B | ₩112B |
| Free cash flow | n/a | ₩21.6B | ₩87.3B | ₩202B | ₩195B |
| Capital expenditure | n/a | ₩155B | ₩188B | ₩129B | ₩68.3B |
| Total debt | n/a | ₩772B | ₩687B | ₩815B | ₩993B |
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 Ce 267270.KS | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% |
| Doosan Bobcat 241560.KS | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Komatsu 6301.T | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% |
| Sany Heavy Industry 600031.SS | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% |
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 | 267270.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.6% | +1.3% | lowest of 21 |
| 6-month return | -56.5% | -12.8% | lowest of 21 |
| Distance from 52-week high | -63.2% | -27.1% | lowest of 21 |
| Revenue growth (TTM) | +115.0% | +11.6% | highest of 21 |
| Operating margin | 8.1% | 7.5% | 11th highest of 21 |
| Forward P/E | 8.6× | 12.4× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -9.6% | 1.0% | 4th least demanding of 14 |
| Growth delivered (Del g) | +9.6% | +5.7% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | -19.2 pp | -8.5 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | +17.0 pp | +0.7 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hd Ce 267270.KS | South Korea | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% | +9.6% |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| Garden Reach Shipbuilders & Engineers GRSE.NS | India | $2.60B | -31% | +40% | 10% | 26.5× | n/a | n/a |
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| Guangxi Liugong Machinery 000528.SZ | China | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% | +5.0% |
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| Cadeler A/S CADLR.OL | Norway | $2.41B | -14% | +53% | 36% | 9.4× | n/a | n/a |
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |
| Sumec 600710.SS | China | $2.18B | -9% | +14% | 4% | 9.8× | -17.2% | +3.6% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| CIMC Vehicles (Group) 301039.SZ | China | $2.07B | -18% | +6% | 4% | 16.6× | -4.3% | -5.2% |
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% | +9.3% |