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Provides maintenance, retrofit and eco-upgrade services for ship engines and marine equipment.
Provides maintenance, retrofit and eco-upgrade services for ship engines and marine equipment.
Earns from work on ships already built, mostly vessels from HD Hyundai yards, so revenue starts after delivery and continues over a vessel's life, less dependent on newbuilding orders than a shipyard is. Retrofits to meet emission rules are project-style jobs. It was carved out of the HD Hyundai group as a separately listed business.
In one line: A marine-engine aftermarket service provider.
Moat: narrow (installed base, customer qualification). Large installed base of HD Hyundai-built vessels feeds recurring service and retrofit demand.
Headquarters: Busan, South Korea · Founded: 2022 · Employees: 583
Size Hdhms (443060.KS) is a South Korea Industrials company (Wholesale Distributors) with a market value of $5.28B, the 76th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩160,500 on 6 Nov 2026.
Performance Over six months the shares fell 39.4%, against +7.3% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 20.3% over the last twelve months (peer median +5.4%); the operating margin is 16.2% (peer median 8.0%).
Valuation It trades at 23.0× forward earnings against a peer median of 17.9× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 26.9 points above its cost of capital (6.8% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩2.32T | ₩1.98T | ₩1.75T | ₩1.43T | ₩1.33T |
| Revenue growth | — | +14% | +22% | +7% | — |
| Gross profit | n/a | ₩445B | ₩353B | ₩265B | ₩190B |
| EBITDA | n/a | ₩363B | ₩284B | ₩211B | ₩146B |
| Net income | ₩287B | ₩270B | ₩228B | ₩151B | ₩105B |
| Free cash flow | n/a | ₩307B | ₩237B | ₩70.3B | ₩46.0B |
| Capital expenditure | n/a | ₩18.0B | ₩10.0B | ₩2.56B | ₩5.55B |
| Total debt | n/a | ₩17.9B | ₩20.6B | ₩146B | ₩95.2B |
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 |
|---|---|---|---|---|---|---|
| Hdhms 443060.KS | $5.28B | -39% | +20% | 16% | 23.0× | 3.0% |
| Wartsila Oyj Abp WRT1V.HE | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% |
| Kongsberg Gruppen KOG.OL | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% |
| Alfa Laval ALFA.ST | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% |
| Wilh. Wilhelmsen WWI.OL | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% |
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 | 443060.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.1% | +3.6% | 2nd lowest of 21 |
| 6-month return | -39.4% | +7.3% | lowest of 21 |
| Distance from 52-week high | -43.9% | -16.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +20.3% | +5.4% | 5th highest of 21 |
| Operating margin | 16.2% | 8.0% | 3rd highest of 21 |
| Forward P/E | 23.0× | 17.9× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.0% | 9.3% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +14.5% | +11.3% | 6th highest of 18 |
| Hurdle (Req g minus delivered) | -11.4 pp | -1.2 pp | least demanding of 18 |
| ROIC minus cost of capital | +26.9 pp | +0.5 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hdhms 443060.KS | South Korea | $5.28B | -39% | +20% | 16% | 23.0× | 3.0% | +14.5% |
| SiteOne Landscape Supply SITE | United States | $4.86B | -7% | +3% | 5% | 24.4× | 18.4% | +11.7% |
| RS Group PLC RS1.L | United Kingdom | $4.85B | +33% | -1% | 8% | 18.6× | 15.1% | +7.5% |
| Groupe Dynamite GRGD.TO | Canada | $4.79B | -33% | +37% | 32% | 17.6× | 22.8% | n/a |
| MSC Industrial Direct MSM | United States | $6.33B | +9% | +6% | 9% | 20.1× | 9.0% | +4.3% |
| Royal Vopak VPK.AS | Netherlands | $6.51B | +14% | +1% | 29% | 15.5× | 8.8% | +1.8% |
| Rubis SCA RUI.PA | France | $4.10B | 0% | +11% | 7% | 10.3× | 3.1% | +10.9% |
| Imcd IMCD.AS | Netherlands | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% | +11.5% |
| MonotaRO 3064.T | Japan | $7.04B | +22% | +19% | 14% | 29.6× | 9.7% | +16.2% |
| Gibson Energy GEI.TO | Canada | $3.87B | +13% | +26% | 3% | 19.5× | 6.4% | +16.7% |
| Wuchan Zhongda 600704.SS | China | $3.86B | 0% | +3% | 1% | 7.2× | -2.5% | +8.1% |
| Farsoon Technologies 688433.SS | China | $3.76B | -24% | +52% | 5% | 234.8× | n/a | n/a |
| Reece REH.AX | Australia | $7.83B | +44% | +4% | 6% | 35.5× | 24.2% | +8.4% |
| Beijer Ref BEIJ-B.ST | Sweden | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% | +21.4% |
| Finning International FTT.TO | Canada | $8.20B | -9% | 0% | 8% | 17.5× | 10.1% | +11.3% |
| Macnica 3132.T | Japan | $3.23B | +8% | +35% | 4% | 11.8× | n/a | n/a |
| Addtech ADDT-B.ST | Sweden | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% | +14.9% |
| Core & Main CNM | United States | $8.76B | -6% | -1% | 10% | 14.3× | 5.3% | +16.0% |
| Hotai Motor 2207.TW | Taiwan | $8.90B | +10% | +8% | 11% | 13.2× | 1.5% | +3.9% |
| Russel Metals RUS.TO | Canada | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% | +11.5% |
| Nagase & 8012.T | Japan | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% | +3.2% |