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Business Overview

According to its official website, Haein operates across five business segments and holds domestic dealership rights for multiple global brands, including Caterpillar, Jungheinrich, Vermeer, and BKT (Source: haein.com Business Segments, accessed 2026-08-16).

Official revenue share by segment and revenue contribution by brand were not confirmed in the original business report and are unavailable.

5-Year Financial Trend

Revenue peaked in 2023 and then declined for two consecutive years in 2024 and 2025, but operating margin and net margin actually improved over the same period (OPM rose from 1.51% in 2022 to 7.26% in 2025), and the debt ratio also fell from 121.2% in 2023 to 92.6% at the end of H1 2026, indicating an improving trend in financial stability (Source: Business Report / Semiannual Report, A).

Valuation

EV/EBITDA is unavailable because detailed depreciation and net debt figures were not obtained. Although there are large treasury shares (22.93% of total shares issued), the above metrics were calculated using the KRX standard method based on total shares issued.

Peer Comparison

Haein is not a construction equipment manufacturer but the official domestic dealer for global brands such as Caterpillar. No listed peer with the same business model (domestic dealer for a foreign brand) was identified, so the comparison below is a reference benchmark against domestic construction equipment manufacturing OEMs (caution is warranted for direct comparison).

Haein's PER (8.65x) and PBR (0.91-0.97x) are lower than Doosan Bobcat's (PER 16.7x) and HD Hyundai Construction Equipment's (PER 23.3x), but the two peers are large OEMs with their own manufacturing and global distribution networks, so their revenue scale and overseas exposure differ greatly from Haein (which is centered on domestic dealership), making it difficult to isolate the valuation gap from the business model difference.

Governance and Capital Structure

Haein has been a single-entity structure with no consolidated subsidiaries or affiliates as of 2025-12-31 and 2026-06-30, since its subsidiary Haein Resources Co., Ltd. was excluded from the scope of consolidation following its bankruptcy in 2022 (Source: Business Report, A). The combined stake of the largest shareholder and related parties (19.71%) differs from the special related-party group stake in the substantial shareholding report (22.47%, final report dated 2025-07-25) due to differing aggregation scope, and under the revised Commercial Act (effective 2026-03-06) some treasury shares are recorded as subject to retirement within the statutory deadline, but the specific retirement/disposal plan had not been finalized as of 2026-08-14.

Supply and Demand (Trading Flow)

Due to research environment constraints such as pykrx not being installed, net buying/selling by foreign investors, institutions, and individuals over the recent 1 week, 1 month, and 3 months, foreign ownership share and limit utilization rate, short-selling share and balance, and margin balance were all unavailable (all items unavailable). A fragmentary fact identified during research — a 2026-05-07 article mentioning 10 consecutive trading days of net institutional buying (cumulative 18,341 shares) — was not cited because it falls before this research window (2026-05-14 to 08-14).

Macro Environment

Haein is presumed to import and sell Caterpillar's finished equipment, engines, and parts on a USD-denominated basis (the exact settlement currency and hedge ratio are unavailable), making the KRW/USD exchange rate's pass-through to cost the most direct channel. The Bank of Korea's base rate hike in July 2026, its first in three and a half years, works to raise equipment purchase/lease financing costs; increased construction orders and an expanded SOC budget are linked to demand for heavy equipment at public civil engineering sites, but sluggish progress billings and a contraction in private construction coexist, limiting the strength of the pass-through (Source: KB Kookmin Bank Foreign Exchange Daily 2026-08-14, Newsis 2026-07-16, Construction & Economy Research Institute of Korea Construction Trends Briefing).

Fact-Based Notes of Caution

• Haein is not a manufacturer but the official domestic dealer for global brands such as Caterpillar, and its revenue and share-price trends appear to be linked to the performance of its principal, including Caterpillar's generator orders for AI data centers. The dealership contract terms (duration, termination conditions, exclusivity) are unavailable.
• The reported driver behind the two upper-limit days in August 2026 and the surge on 8/11 is not a confirmed contract or earnings announcement from the company but expectations related to AI data centers, and the company stated in its 2026-08-14 response to the exchange's inquiry disclosure request that there was no confirmed material disclosure item.
• Revenue declined for two consecutive years in 2024 and 2025 after peaking at KRW 2,760.8 (100mn) in 2023.
• The combined stake of the largest shareholder and related parties (19.71%) differs from the special related-party group stake in the substantial shareholding report (22.47%, as of 2025-07-25), and the specific reason is not stated in the disclosure.
• The future retirement/disposal plan for the large treasury share holding (22.93%) had not been finalized as of 2026-08-14.
• The Bank of Korea's base rate hike in July 2026 (2.50%→2.75%) could raise construction equipment purchase/lease financing costs, acting as a downside factor on the demand side.