BHI Co., Ltd. (083650.KQ) — Daily Update, March 27, 2026

Summary

BHI dropped -4.91% to ₩94,800 on below-average volume (349K vs 676K avg), extending a selloff that has erased 17% from the March 10 intraday high of ₩114,200. The stock touched ₩91,400 intraday — testing the ₩91,100 support from March 3 — before recovering slightly. Despite the pullback, BHI has returned +75.6% over the past 3 months versus KOSDAQ's +22.4%, and remains well above both its 50-day MA (₩78,450) and 200-day MA (₩54,224).

Price Action & Technicals

The stock is in a clear correction phase. From the ₩114,200 intraday high on March 10, BHI has retraced approximately -17%. Today's low of ₩91,400 is the weakest print since March 3 (₩91,100 close). Below-average volume suggests this is more orderly profit-taking than panicked distribution.

Key levels:

• Support: ₩91,100 (March 3 close), ₩88,000–89,000 (late-Feb consolidation), ₩78,450 (50-day MA)
• Resistance: ₩99,700 (prior close), ₩105,000 (mid-March range), ₩114,200 (52-week high)

KOSDAQ comparison: The broader KOSDAQ index is basically flat over the past two weeks (+0.3% since March 10), while BHI has dropped -9.7% over the same period. This correction is stock-specific, not macro-driven.

Investor Flow

3-month cumulative (60 trading days):

• Institutional: +2,495,311 shares (net buyer)
• Foreign: +2,498,106 shares (net buyer)
• Retail: -4,993,417 shares (net seller)

The institutional accumulation thesis remains intact over the full 3-month window. Both institutions and foreign investors have been roughly equal net buyers, while retail has been the primary seller.

Recent 5-day flow (March 23–26):

The recent picture is more mixed. Institutions flipped to net sellers over the past two sessions (-73K shares combined). Foreign investors also reduced their tempo — buying only +39K on March 26 vs the large sells on March 24 (-216K). Foreign ownership has drifted from ~21.93% (Feb 27 peak during the rally) to 19.93% now.

Today's broker activity: Dominated by domestic brokers (Shinhan, Kiwoom, Korea Investment, Samsung, NH, Mirae Asset). Foreign broker net was negligible at +2,514 shares. No sign of large block trades.

Fundamentals (FY2024)

Fundamentals are solid and improving. Revenue growth has been consistent (₩235B → ₩330B → ₩367B → ₩405B over four years). Gross margins expanded meaningfully in 2024. Net income recovery is strong after prior-year losses.

Valuation at current price:

Valuation remains stretched by conventional metrics. The stock trades on the nuclear order-backlog narrative rather than current earnings. Current ratio is tight at 0.65x (working capital: -₩132.6B), though this is typical for heavy-industry/EPC companies with advance payments flowing through payables.

Assessment

The correction from ₩114,200 is healthy after a +75% run in three months. Today's intraday test of ₩91,400 brings the stock close to the ₩91,100 support level. A break below that opens the door to the ₩88,000 zone, and below that, the 50-day MA at ₩78,450.

On the bullish side: the longer-term institutional accumulation pattern persists, fundamentals are on an uptrend, and the stock remains firmly in an uptrend above both major moving averages. The nuclear sector narrative is intact.

On the cautious side: the recent correction is BHI-specific (KOSDAQ is flat), foreign ownership is declining from its recent peak, institutions have turned net sellers in the last two sessions, and valuation leaves no margin for disappointment.