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Korean maker of extra-high-voltage power transformers, switchgear and heavy electrical equipment, plus construction and renewables projects.
Korean maker of extra-high-voltage power transformers, switchgear and heavy electrical equipment, plus construction and renewables projects.
Sells large transformers and switchgear on multi-year orders from utilities, with long lead times, so current orders show what will be shipped later. It was split off from Hyosung Corporation in 2018 and built an American base by buying a Memphis, Tennessee transformer plant from Mitsubishi Electric in 2020.
In one line: Korea's Hitachi Energy / GE Vernova transformer business..
Moat: narrow (installed base, scale, process know-how). Decades of transformer manufacturing track record and a US (Memphis) plant expanding for AI-driven grid demand.
Headquarters: Changwon, South Korea · Founded: 1962 · Employees: 3,567
Size Hyosung Heavy (298040.KS) is a South Korea Industrials company (Electrical Products) with a market value of $10.8B, the 40th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩1,577,000 on 6 Nov 2026.
Performance Over six months the shares fell 59.7%, against -21.1% for the median peer and -24.5% for the South Korea market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 12.6% over the last twelve months (peer median +13.3%); the operating margin is 13.2% (peer median 12.7%).
Valuation It trades at 18.9× forward earnings against a peer median of 17.4× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.2 points above its cost of capital (10.1% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩6.53T | ₩5.97T | ₩4.89T | ₩4.30T | ₩3.51T |
| Revenue growth | — | +22% | +14% | +23% | — |
| Gross profit | n/a | ₩1.24T | ₩781B | ₩606B | ₩404B |
| EBITDA | n/a | ₩747B | ₩336B | ₩345B | ₩217B |
| Net income | ₩661B | ₩520B | ₩223B | ₩116B | ₩10.2B |
| Free cash flow | n/a | ₩330B | ₩328B | ₩422B | -₩151B |
| Capital expenditure | n/a | ₩179B | ₩98.6B | ₩35.3B | ₩84.4B |
| Total debt | n/a | ₩851B | ₩1.08T | ₩1.32T | ₩1.63T |
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 |
|---|---|---|---|---|---|---|
| Hyosung Heavy 298040.KS | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% |
| Ls Electric 010120.KS | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% |
| Hd Hyundai Electric 267260.KS | $9.71B | -71% | +21% | 25% | 15.0× | 0.7% |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
| GE Vernova GEV | $205B | -26% | +17% | 7% | 32.2× | 24.9% |
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 | 298040.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.1% | -14.6% | 4th lowest of 21 |
| 6-month return | -59.7% | -21.1% | 2nd lowest of 20 |
| Distance from 52-week high | -66.7% | -35.9% | 4th lowest of 21 |
| Revenue growth (TTM) | +12.6% | +13.3% | 10th lowest of 20 |
| Operating margin | 13.2% | 12.7% | 10th highest of 20 |
| Forward P/E | 18.9× | 17.4× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 13.5% | 7.5% | 7th most demanding of 17 |
| Growth delivered (Del g) | +14.9% | +10.9% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | -1.4 pp | -0.4 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +15.2 pp | +8.4 pp | 5th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |
| Generac GNRC | United States | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% | +11.1% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| Goneo Group Co., Ltd.Class A 603195.SS | China | $10.4B | -15% | -2% | 25% | 17.4× | -2.1% | +9.8% |
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Hd Hyundai Electric 267260.KS | South Korea | $9.71B | -71% | +21% | 25% | 15.0× | 0.7% | +17.6% |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Shanghai Electric 2727.HK | Hong Kong | $12.2B | -40% | +22% | n/a | 21.7× | -2.8% | -2.3% |
| Acuity AYI | United States | $9.59B | +10% | +7% | 16% | 15.1× | 6.6% | +6.0% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Smiths SMIN.L | United Kingdom | $9.45B | +5% | -34% | 16% | 22.6× | 15.2% | -4.2% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Dongfang Electric 600875.SS | China | $12.9B | -42% | +2% | 5% | 16.1× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |