TYM (002900) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
TYM is a company that makes and sells farm machinery, with tractors (in the 24-129 horsepower range), combines, rice transplanters and diesel engines as its mainstays, sold through domestic company-run plazas and dealer networks and exported to North America; with a large export share, exchange rates and North American farmers' purchasing power directly affect results. In its March 2026 corporate value-up plan it disclosed that it qualifies as a high-dividend company (a 2025 payout ratio of 28.8%, total dividends of about ₩11.6 billion, up roughly 149% year over year), and in May preliminary Q1 results net profit rose about 193% year over year, with a CEO change disclosed in April-May. What stands out lately is that a P/B of 0.59x, a forward P/E below the peer and market averages, a dividend in the 4% range, high-dividend-company designation, and an earnings recovery that grew even steeper in Q1 after the 2025 rebound are clear strengths, while a debt ratio of 101.7% is not low and farm-machinery demand is sensitive to farm income, interest rates and exchange rates, so if the industry slows, debt and earnings volatility come back as a burden.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Machinery” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery makers see orders and results ebb and flow with the capital-investment cycle, yet most run a business that earns money year after year. That is why price-to-earnings (P/E) — the share price measured against actual net profit — is the natural first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 17.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 28.3% higher than a year earlier.
- ROE is 13.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Sik 22.09% (individual)
Controlling bloc incl. related parties 34.88%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis Reading
TYM is a company that makes and sells farm machinery. Its main products are tractors (in the 24-129 horsepower range), combines (rice harvesters), rice transplanters (rice-planting machines), and the diesel engines that go into them. Domestically it sells to farms through company-run plazas and dealer networks, and abroad it has a large share of exports of small and mid-size tractors, especially to the North American market. In other words, revenue comes from 'making farm machinery and selling it to domestic farms and North American buyers,' and with a large export share, exchange rates and North American farmers' purchasing power directly affect results.
The latest close is ₩6,480 and the market capitalization is ₩268.3 billion. The price sits above its 20-day moving average (₩6,228) and below its 60-day moving average (₩6,652). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.4, a neutral level. The one-month change is -1.5%, the three-month change is -20.3%, and the position relative to the 52-week high is -29.1%. Relative strength versus the KOSPI is 33 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 33% of all stocks. Over the past three months it lagged the index by 5.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E (how many times a year's earnings the share price is) is 6.69x and the P/B (how many times net assets the share price is) is 0.60x. A P/B below 1 means the market cap is smaller even than book net assets, a signal that on asset value alone the share price is on the cheap side. On profitability, ROE (how much is earned in a year on equity) is 9.5% and the operating margin is 6.9%, which is unremarkable. The debt ratio (debt relative to equity) is not low at 201.7% and the interest coverage ratio is 2.41x; these are items to review together, but not in themselves factors that make the P/E or P/B burdensome. The important point is that the P/E of 6.18x is on last year's confirmed results (trailing). Last year was the first year of recovery just off the bottom of the industry cycle, and the forward P/E reflecting this year's growing earnings is even lower. In a stretch where earnings are rising, the forward figure shows the actual price burden more accurately than the trailing number, and a forward P/E of around 5x is close to undervalued territory compared with the peer and market averages.
Revenue was ₩929.4 billion in 2025, up 17.8% from the prior year, operating profit jumped from ₩16.1 billion to ₩64.1 billion (about fourfold), and net profit rose from ₩18.2 billion to ₩40.1 billion (about 2.2-fold). Because 2024 was a trough where earnings fell sharply on shrinking farm-machinery demand, the recovery came out large. The recovery did not stop at one year. Cumulatively through Q1 2026, it recorded revenue of ₩289.7 billion (+28.3%), operating profit of ₩35.0 billion (+131%), and net profit of ₩30.3 billion (+193%), with the revenue growth rate and earnings increase rate turning even steeper than last year. With Q1 cumulative net profit (₩30.3 billion) already surpassing three-quarters of last year's full-year net profit, the basis for seeing this year's expected earnings rise sharply is clear. This flow is the foundation of the forward P/E. That is, this year's earnings outlook is not simply an estimate extending last year, but a figure reflecting a real recovery underpinned by the already-disclosed acceleration in Q1 results and by exchange rates and North American export demand. Over a five-year span there was a swing (cycle) with revenue and earnings peaking in 2022 and bottoming in 2024, but the current phase is a recovery stage heading upward past the trough.
Recent disclosures lean toward shareholder returns and the earnings recovery. In the March 2026 corporate value-up plan (voluntary disclosure), the company set out strengthening quality and service, new businesses, and financial soundness, and disclosed that it qualifies as a 'high-dividend company' under the Special Tax Treatment Control Act (a 2025 payout ratio of 28.8%, total dividends of about ₩11.6 billion, up roughly 149% year over year). In May it made a fair disclosure of preliminary Q1 results, with net profit up about 193% year over year. Meanwhile, the fact that large-holding and largest-shareholder equity changes and a CEO change disclosure followed across April-May is a point to examine together on the governance and management side.
The strengths are distinct. The share trades at a P/B of 0.59x, below net assets; the forward P/E on this year's expected earnings is below the peer and market averages; the dividend yield is in the 4% range; and high-dividend-company designation and dividend expansion reveal an intent on shareholder returns. Add to this that the 2025 earnings rebound grew even steeper in Q1 2026, so the earnings recovery is actually continuing. In other words, this is a stock with a distinct undervalued, high-dividend character where earnings are rising and the price is cheap. Points to weigh together are that the debt ratio, at 101.7%, is not low, and that farm-machinery demand is sensitive to cyclical variables such as farm income, interest rates and exchange rates. In sum, this stock is structured so that while the industry recovery and exchange rates hold up, the low valuation and high dividend stand out strongly, and conversely in a phase where farm-machinery demand slows again, the high debt and earnings volatility come back as a burden. The results confirmed so far point toward the recovery side.
🔎 Valuation vs peers Inconclusive
Listed domestic farm-machinery makers are treated as the effective comparison set. Daedong, whose business structure (centered on tractors and combines, domestic plus North American exports) is closest, is used to gauge relative position.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daedong | 0.00x | 0.40x | -3.47% |
Peer farm-machinery maker Daedong is recently in the red (ROE of -3.5%), so no P/E forms and its P/B stands at just 0.47x. By comparison, TYM is at a P/E of 6.78x and a P/B of 0.64x with an ROE of 9.5%, turning a profit and recovering, so while the absolute level is low, its profitability is ahead of the peer. That said, this P/E is on last year's confirmed results (trailing) in the first year of recovery, hard to interpret at face value in an inflection stretch where earnings have just risen off the bottom, and on the expected earnings (forward) reflecting this year's Q1 recovery there is room for the burden to fall further. Conversely, with the debt ratio over 102% and the possibility that earnings shrink quickly if farm-machinery demand re-enters a downcycle, a low P/E does not by itself guarantee 'cheap.' Since whether the recovery continues and the extent of a second-half slowdown are not yet confirmed, it is left inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩6,480 and the market capitalization is ₩268.3 billion. The price sits above its 20-day moving average (₩6,228) and below its 60-day moving average (₩6,652). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.4, a neutral level. The one-month change is -1.5%, the three-month change is -20.3%, and the position relative to the 52-week high is -29.1%. Relative strength versus the KOSPI is 33 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 33% of all stocks. Over the past three months it lagged the index by 5.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -5.42% / 6M -25.85% / 12M -32.81%
Key metrics Computed vs sector median
Valuation
The P/E of 6.69x is below the sector median (14.07x). The P/B of 0.60x is below the sector median (1.01x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 13.5%, above the sector average (2.0%). The operating margin is 8.5%. The debt ratio is 105.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $587.6M | $554.1M | $652.9M | +17.82% ↑ faster |
| Operating profit | $53.7M | $11.3M | $45.0M | +298.51% ↑ faster |
| Net profit | $42.5M | $12.8M | $28.2M | +120.33% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $591.1M | $819.2M | $587.6M | $554.1M | $652.9M |
| Operating profit | $24.8M | $85.7M | $53.7M | $11.3M | $45.0M |
| Net profit | $27.8M | $69.0M | $42.5M | $12.8M | $28.2M |
| Revenue CAGR | 4-yr avg 2.52% | ||||
Revenue rose 17.8% year over year (2023 ₩836.5 billion → 2024 ₩788.8 billion → 2025 ₩929.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 298.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.5%. The two-year revenue CAGR is 5.4%. In the most recent quarter (Q1 2026), revenue was 28.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.5%, is on the high side.
- ROE of 13.5% points to solid profitability.
- Revenue grew 17.8% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-27FilingAnnouncement of a corporate value-up plan (voluntary disclosure). It set out strengthening quality and service, pursuing new businesses, and strengthening financial soundness as goals, and stated that it qualifies as a high-dividend company under the Special Tax Treatment Control Act (a 2025 payout ratio of 28.8%, total dividends of about ₩11.6 billion, up roughly 149% year over year).There is no specific numerical target, but it formalizes a direction of expanding shareholder returns. Favorable to dividend appeal over the mid term. Source
- 2026-05-11EarningsFair disclosure of Q1 2026 consolidated operating (preliminary) results. Revenue ₩289.678 billion (+28.3% YoY), operating profit ₩35.042 billion (+131.5%), net profit ₩30.271 billion (+193.1%).Strong short-term earnings momentum. Q1 net profit corresponds to about three-quarters of last year's full-year net profit. Source
- 2026-05-14FilingFiling of the Q1 2026 quarterly report. The detailed financial breakdown behind the preliminary results is confirmed and disclosed.Recovery confirmed with no major change from the preliminary figures. Limited short-term effect. Source
- 2026-04-01FilingNotice disclosure of a CEO (representative executive officer) change and filing of a report on changes in shares owned by the largest shareholder and others.A signal of change in management and governance, to be examined together with the future management direction. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-19OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-11EarningsFair-disclosure notice
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-13OwnershipOwnership-change filing
- 2026-04-07Amended filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-04-01OwnershipLargest-shareholder ownership change report
- 2026-04-01Disclosure
- 2026-03-27Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.