Fact Summary
Hyundai Glovis posted consolidated Q2 2026 revenue of KRW 8.7054 trillion (+15.8% year-on-year, a quarterly record), while operating profit fell 8.1% year-on-year to KRW 495 billion (announced 2026-07-23). The profit decline stemmed from bunker fuel cost pressure driven by oil-price increases amid Middle East geopolitical risk, together with reduced contract freight rates in the logistics segment; the company explained that approximately KRW 60 billion of the oil-price-driven cost increase would be deferred and offset in Q3. Full-year 2025 results were a record high, with revenue of KRW 29.5664 trillion (+4.1% year-on-year) and operating profit of KRW 2.0730 trillion (+18.3% year-on-year) (DART business report, received 2026-03-18). The largest shareholder is Chairman Chung Eui-sun and related parties, with a combined stake of 50.36% (DART substantial shareholding report, 2026-03-12).
Price-Change Context Note
The reference-date (2026-07-24) closing price was KRW 206,000, up +1.23% from the previous day, with trading volume of 403,789 shares. Pure car and truck carrier (PCTC) charter rates have risen approximately 45% since the start of the year amid vessel-space shortages driven by growing Chinese finished-vehicle exports (up roughly 66% year-on-year in H1 2026), and Q2 2026 results confirmed cost pressure from a lag in reflecting bunker fuel surcharges.
Business Overview and Performance
The business consists of three segments: logistics (parts logistics, finished-vehicle logistics, 3PL), shipping (PCTC pure car/truck carriers, bulk carriers), and distribution (CKD, used-car auctions, trading) (company business report). In 2025, revenue by segment was distribution sales 47.63%, comprehensive logistics 34.10%, and shipping 18.27% (DART business report, as of 2025-12-31).
In Q2 2026 (announced 2026-07-23), consolidated revenue was KRW 8.7054 trillion, up 15.8% year-on-year and a quarterly record, while operating profit fell 8.1% year-on-year to KRW 495 billion (operating margin 5.7%). By segment, logistics revenue was KRW 2.8558 trillion (operating profit KRW 191.8 billion), shipping revenue was KRW 1.6441 trillion (operating profit KRW 130.9 billion), and distribution revenue was KRW 4.2055 trillion (operating profit KRW 172.3 billion). The company attributed the profit decline to a lag in reflecting rising fuel costs and reduced logistics contract freight rates (2026-07-23 conference call).
For 2026, the company guided revenue of KRW 31 trillion (+4.8% YoY) and operating profit of KRW 2.1 trillion (+1.3% YoY) (presentation materials, 2026-01-30). New-business items confirmed include the application of autonomous-operation solutions on PCTC vessels (8 ships), reaching a cumulative 2 million vehicles listed at used-car auctions (2026-07-20, a domestic first), and an 11.25% stake held in a Hyundai Motor Group robotics affiliate.
5-Year Financial Trend
| Year | Revenue | Operating Profit | Operating Margin |
|---|---|---|---|
| 2021 | KRW 21.78tn | KRW 1.13tn | 5.2% |
| 2022 | KRW 26.98tn | KRW 1.80tn | 6.7% |
| 2023 | KRW 25.68tn | KRW 1.55tn | 6.1% |
| 2024 | KRW 28.41tn | KRW 1.75tn | 6.17% |
| 2025 | KRW 29.57tn | KRW 2.07tn | 7.01% |
Balance sheet (2025-12-31, DART): total assets KRW 18.59tn, total liabilities KRW 8.20tn, total equity KRW 10.39tn, cash and cash equivalents KRW 2.64tn, operating cash flow KRW 2.50tn.
Valuation (Factual Multiples)
A simple in-house calculation using the reference-date (2026-07-24) closing price of KRW 206,000 and 2025 net income attributable to owners of the parent (KRW 1.7337 trillion, EPS approximately KRW 23,129) yields a PER of approximately 8.91x (this research's own calculation). The fnguide figures are a snapshot as of the December 2025 fiscal year-end, and actual PBR/EV-EBITDA figures as of 2026-07-24 were not obtained.
Peer Comparison
| Company | Market Cap | PER | Reference Date | Notes |
|---|---|---|---|---|
| Hyundai Glovis (086280) | KRW 15.45tn | 8.85x | 2026-07-24 (market cap) / 2025-12 (PER) | Primary data |
| CJ Logistics (000120) | KRW 1.90tn | 7.87x | 2026-05-29 | No. 1 in comprehensive logistics (3PL/parcel delivery) |
| Pan Ocean (028670) | KRW 2.81-3.13tn | 10.6x | 2026-05 | Bulk carrier operator |
| Korea Line (005880) | Not obtained (latest) | 10.08x | 2026-05-22 (PER) | Bulk/LNG carrier operator |
In the global pure car and truck carrier (PCTC) market, the company competes with Wallenius Wilhelmsen (Norway/Sweden), NYK Line (Japan), MOL (Japan), K Line (Japan), Grimaldi (Italy), and Höegh Autoliners (Norway). Based on major European ports, the top five PCTC operators are estimated to account for more than 60% of cargo volume.
Hyundai Glovis has the largest market cap among major domestic logistics companies (KRW 15.45tn), but its business model has a large weighting toward Hyundai Motor Group captive logistics, which limits direct comparability with pure-play 3PL or pure bulk-carrier operators. Market cap, PER, and PBR figures for each peer as of 2026-07-24 were not obtained.
Investor Flows
Investor flow data (trading by investor type, short selling, foreign ownership) could not be retrieved due to the absence of KRX login credentials, so all items are unavailable (query attempted for the period 2026-06-24 to 2026-07-24). Net buying by foreign investors, institutions, and individuals; short-selling ratio and balance; and foreign ownership/limit utilization rate were all unconfirmed.
Governance and Disclosures
As of 2025-12-31 (DART business report, received 2026-03-18), the largest shareholder is Chairman Chung Eui-sun (20.00%, 14,999,982 shares), and the combined stake of related parties including Hyundai Motor (4.88%) and the Hyundai Motor Chung Mong-koo Foundation (4.46%) is 50.35%. Based on substantial shareholding reports, the Chung Eui-sun affiliated-party group held 50.36% as of 2026-03-12, and the National Pension Service held 9.05% (2026-05-06).
External investors 'Den Norske Amerikalinje AS' (11.00%) and 'PROJECT GUARDIAN HOLDINGS LIMITED' (10.00%, a fund managed by Carlyle Group) are also major shareholders. The latter is confirmed to have acquired the stake divested via after-hours block trading by Chairman Chung Eui-sun (3.29%) and Honorary Chairman Chung Mong-koo (6.71%) in January 2022.
Share of 2025 consolidated revenue by customer · Source: DART business report (A)
The board of directors consists of 9 members: 2 inside directors, 2 other non-executive directors, and 5 outside directors, with outside directors making up 55.6% (as of 2025-12-31). Regarding circular shareholding, Hyundai Glovis holds a 0.72% stake in Hyundai Mobis (as of 2025-12-31, acquisition value KRW 72.5 billion). Chairman Chung Eui-sun's direct personal stake is 20.00%, below the ownership threshold (30%+ held by the controlling family) that triggers the Fair Trade Act's related-party self-dealing regulation.
Macro Impact
| Factor | Current Value (Reference Date) | Transmission Channel |
|---|---|---|
| KRW/USD exchange rate | KRW 1,479.84 (2026-07-24) | Won depreciation → increases the KRW-converted value of shipping revenue, which is largely USD-denominated |
| International oil price (Brent) | $100.06/barrel (2026-07-24) | Rising oil/bunker fuel prices → higher vessel fuel costs, with a 1-2 quarter lag before fuel surcharges are reflected |
| PCTC charter rate | ~$65,000/day for 6,500 CEU class (2026-06) | Rising charter rates → higher cost burden on new charters and higher unit revenue for non-affiliated customers, dependent on the proportion of owned vessels |
| BDI (Baltic Dry Index) | 2,944pt (2026-07-10) | Indirectly linked to unit revenue in the bulk carrier business |
| Bank of Korea base rate | 2.75% (raised 2026-07-16) | Upward pressure on funding costs for newbuilding vessels and capex |
Q2 2026 results, in which shipping-segment operating profit fell 34.6% year-on-year, provide actual numerical confirmation of the transmission channel through which rising oil prices erode shipping margins via bunker fuel costs. At the same time, resilient overseas sales of finished vehicles (Kia's June 2026 overseas sales up 7.6% year-on-year) and the reduction in U.S. auto tariffs (25%→15%) are confirmed as favorable factors for cargo volume.
Risk Factors
- Changes in U.S. auto/parts tariff policy (reduction from 25% to 15% confirmed; exact official effective date not obtained) — indirect impact on finished-vehicle export volume
- Oil/bunker fuel cost volatility — demonstrated in results by the 34.6% year-on-year decline in Q2 2026 shipping-segment operating profit
- Concentration of revenue from affiliate companies (Hyundai Motor and Kia combined accounted for 67.44% in 2025) — results are directly linked to Hyundai Motor Group's sales and production fluctuations
- PCTC charter rate and vessel-space supply-demand volatility, and capex burden from fleet expansion (110 vessels by year-end)
- KRW/USD exchange rate volatility — given that shipping revenue is largely USD-denominated, a move in the opposite direction would have an impact
- Upward pressure on funding costs from the base rate increase (2026-07-16, 2.75%)
News Timeline
- 2026-07-23: Announced Q2 2026 consolidated revenue of KRW 8.7054 trillion (+15.8% YoY) and operating profit of KRW 495 billion (-8.1% YoY)
- 2026-07-20~21: Cumulative used-car auction listings surpassed 2 million vehicles (a domestic first; business launched in 2001)
- 2026-07-16~17: Hyundai Motor Group secured 100% ownership of its robotics affiliate (in which Hyundai Glovis holds an 11.25% stake)
- 2026-06-02: Signed an MOU with G-Marine Service, Avikus, and the Korean Register for technology verification of remote-operation systems for PCTC vessels
- 2026-05-18: Deployed the 'Glovis Leader,' one of the world's largest pure car/truck carriers (10,800-vehicle capacity)
- 2026-01-29: Board resolved a FY2025 cash dividend of KRW 5,800 per share (total dividend of approximately KRW 435 billion)
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Fact Highlights
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