298040 - Hyosung Heavy Industries Corporation

Closed at 45% of the way from its 52-week low (₩1,204,000) to its 52-week high (₩4,601,000).

Hyosung Heavy Industries has two businesses that have almost nothing to do with each other. The first makes high-voltage grid equipment: power transformers, gas-insulated switchgear and circuit breakers, sold heavily into the United States from a plant in Memphis, Tennessee, and into the Middle East. That business has been transformed by the global shortage of large power transformers, which arrived when utilities began replacing ageing equipment and connecting data centres at the same time that a decade of flat demand had left the industry with no spare capacity. The second is construction, operating under the Harrington Place brand, which builds apartments and commercial property in South Korea and behaves like an ordinary Korean contractor, meaning it is exposed to the domestic housing cycle and to project financing. The company was created in 2018 when Hyosung Corporation split itself into a holding company and four operating businesses, so its reported history is shorter than the underlying operations. For a US reader it is best understood as a smaller, less pure version of HD Hyundai Electric, with the same transformer tailwind attached to a Korean homebuilder.