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Fact Summary
Hyundai HT is a KOSDAQ-listed manufacturer of smart home (home networking, wall pads) and security solutions (door locks, CCTV). In its semiannual report filed on 2026-08-14 (consolidated, receipt no. 20260814002638), the company disclosed H1 2026 revenue of KRW 67.4 billion, an operating loss of KRW 1.13 billion, and a net loss of KRW 3.04 billion. This marks a swing to loss from the FY2025 business report (consolidated) figures of KRW 153.3 billion in revenue and KRW 7.0 billion in operating income — the second loss-making period in five years since the FY2023 business report (non-consolidated).
Change Context Note
The 2026-08-19 closing price fell -10.26% from the prior day (2026-08-18) to KRW 7,170. This decline coincided with a broad KOSPI-wide selloff on the same trading day (-5.8%, with Samsung Electronics -7.82% and SK Hynix -9.33%), but the stock's decline exceeded the market average, and the timing gap with the semiannual operating-loss disclosure three trading days earlier on August 14 cannot be ruled out as a contributing background factor. Stock-specific supply-demand data such as trading activity by investor type was not available, so the precise trigger for the decline could not be confirmed.
Business Overview
The company operates three business segments: Smart Home Solutions (home networking, intercom, and information-device networking, with a MATTER-controller wall pad under development), Smart Security Solutions (access control, vehicle control, CCTV, digital door locks, and unmanned electronic systems), and Service Business (maintenance for completed housing complexes). Its core demand base is presumed to be the new-construction and remodeling market for multi-family housing (apartments), supplied through a B2B structure to construction companies, though the exact breakdown of revenue by customer is not available (per Hyundai HT's official website).
In 2025, the company expanded overseas by newly establishing a Vietnamese sales subsidiary (HYUNDAI HT VINA LLC, acquired 2025-09-09) and a production subsidiary (HYUNDAI HT GLOBAL COMPANY LIMITED, acquired 2025-11-20), each at a 100% equity stake; however, the proportion of overseas revenue is not available (DART status of investment in other companies, as of 2026-06-30).
5-Year Financial Trend
| Period | Operating Margin | Net Margin | Debt Ratio |
|---|---|---|---|
| 2021 | 5.06% | 9.42% | 22.97% |
| 2022 | 1.22% | 1.90% | 29.05% |
| 2023 | -0.62% | -0.96% | 42.40% |
| 2024 | 6.55% | 8.25% | 39.87% |
| 2025 | 4.58% | 6.93% | 32.88% |
| H1 2026 | -1.68% | -4.51% | 45.25% |
Revenue rose for three consecutive years from KRW 95.9 billion in 2021 to KRW 168.9 billion in 2024, then declined to KRW 153.3 billion in 2025 (note that the reporting basis changed from non-consolidated through 2024 to consolidated from 2025 onward, so caution is warranted in direct comparison). Operating margin and net margin were negative in 2023 (-0.62% and -0.96%) and in H1 2026 (-1.68% and -4.51%), and the debt ratio reached 45.25% in H1 2026, the highest of the five-year period (business reports and semiannual report, A).
Peer Comparison
| Ticker | PER | PBR | As of |
|---|---|---|---|
| Hyundai HT (039010) | 5.82x (FY2025) | 0.61x (H1 2026) | 2026-08-19 |
| Comax (036690) | -2.29x (loss) | 2.03x | date unknown (C) |
| Kocom (015710) | 30.46x | 0.59x | 2026-04-30 (C) |
In Korea's smart home (home networking, wall pad) and security solutions market, Comax, Hyundai HT, and Kocom are frequently cited together in media coverage as the representative competitive group. All three companies experienced stagnant or declining revenue, or deteriorating profitability (a swing to losses or a sharp drop in operating income), over the 2025-2026 period. A common structural background cited is the contract structure in which rising raw-material costs (semiconductors, LCD, IC chips) are difficult to pass through into B2B supply prices to construction companies (Electric Times, article dated 2022-10-13, structural background).
Valuation
TTM (trailing twelve months) PER and EV/EBITDA could not be calculated, as separate net income figures for H2 2025 and H1 2025, along with detailed interest-bearing debt and depreciation figures, were not available (not available). The FY2025 annual PER of 5.82x reflects a profitable year, but H1 2026 has swung to a net loss, so the multiple's interpretation may change once the latest results are reflected.
Governance and Capital Structure
As of 2026-06-30 · Source: DART largest shareholder status and treasury stock acquisition status (semiannual report, receipt no. 20260814002638) (A)
| Date | Event |
|---|---|
| 2025-09-09 | Acquired 100% equity in Vietnamese sales subsidiary HYUNDAI HT VINA LLC |
| 2025-11-20 | Acquired 100% equity in Vietnamese production subsidiary HYUNDAI HT GLOBAL COMPANY LIMITED |
| 2025-12-08 | Disclosure of largest shareholder's stock-collateral loan agreement (counterparty and terms not available) |
| 2026-08-07 | Executive Vice President Kim Jeong-ho reported an on-market acquisition raising his holding of specified securities to 8,000 shares (7th consecutive acquisition since December 2024) |
The combined stake of largest shareholder and CEO Lee Geon-gu together with related parties remained unchanged at 38.74% as of both 2025-12-31 and 2026-06-30. No rights offerings, capital reductions, convertible bonds, or bonds with warrants were confirmed during the review period (2023-2026), and treasury shares of 856,000 (9.93% of total shares outstanding), acquired under a trust agreement, are held unchanged (DART capital increase/reduction status and treasury stock status, A).
Macro Environment
The renewed base-rate hike (2.75%, 2026-07-16) could work through an indirect channel — raising construction companies' project-financing costs and thereby dampening new construction starts and pre-sales — and the 2026 apartment move-in volume is projected to fall about -28% year-over-year (Korea Research Institute for Construction Policy, Construction Trends Briefing). On 2026-08-19, the KOSPI fell sharply by -5.8% amid a global selloff in semiconductor and tech stocks triggered by a surge in long-term government bond yields in the U.S. and other major economies (with Samsung Electronics -7.82% and SK Hynix -9.33%), and on the same day Hyundai HT also declined -10.26% (Electronic Times, Financial News, 2026-08-19). The industry's cost-pressure factors are pointed to as LCD, IC chips (semiconductors), and SMPS prices — key wall-pad components — rather than copper, and the structural difficulty of passing these cost increases through into B2B supply prices to construction companies continues (Electric Times article, structural background).
Supply-Demand Trends
For the period 2026-07-19 to 2026-08-19, trading activity by institutional, foreign, and individual investors, margin/securities lending balances, and the trend in foreign ownership are all not available, due to data-source access constraints (pykrx not installed; dynamic rendering and 403 blocks on web sources such as KRX, Naver, and Daum). Trading volume on 2026-08-19 was confirmed at 103,387 shares (prior-day close KRW 7,990 → same-day close KRW 7,170), but the investor type that drove the trading was not confirmed.
Recent Disclosures and News Timeline
| Date | Disclosure / Event |
|---|---|
| 2026-08-14 | Filed semiannual report (as of 2026.06), with semiannual review report attached (receipt no. 20260814002638) |
| 2026-05-15 | Filed quarterly report (as of 2026.03) |
| 2026-03-31 | Corporate value-up plan (voluntary disclosure), annual general shareholders' meeting results |
| 2026-03-23 | Filed business report (as of 2025.12) and audit report (receipt no. 20260323001354) |
| 2026-03-16 | Disclosure of 30%+ change in revenue or profit/loss structure, cash/in-kind dividend decision, notice convening shareholders' meeting |
No news articles specifically covering Hyundai HT (such as supply contract termination, litigation, or designation as an administrative issue) during 2026-08-18 to 19 were found through search. The two confirmed facts closest in time to the 2026-08-19 decline (-10.26%) are the semiannual report filing (swing to operating loss) three trading days earlier on August 14, and the market-wide KOSPI decline (-5.8%) on the same day, but no company-specific article or disclosure directly explaining the decline was found.
Risk Factors (Fact-Based)
Operating losses occurred twice in the five-year period — 2023 and H1 2026 — with operating margin swinging widely from -1.68% to 6.55% (A)
A contract structure that makes it difficult to pass rising semiconductor, LCD, and IC-chip costs through into B2B supply prices to construction companies is cited as a common industry issue (Electric Times, 2022-10-13)
2026 apartment move-in volume is projected to fall about -28% year-over-year, amid a renewed base-rate hike to 2.75% (Korea Research Institute for Construction Policy, Bank of Korea)
Both Vietnamese subsidiaries newly established in 2025 recorded net losses in their most recent fiscal year (KRW -65.69 million and KRW -72.19 million, respectively, DART)
The 2026-08-19 decline (-10.26%) coincided with the same-day market-wide KOSPI decline (-5.8%), but the magnitude exceeded the market average, and no stock-specific supply-demand data, disclosure, or news was confirmed to directly explain it, so it remains uncertain whether the decline is fully explained by market factors alone.
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Fact Highlights
Generated by FomoLog Agent · Data source: Korea Exchange (KRX), DART