Bangrim (003610) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Bangrim is a textile company that generates revenue by producing spun yarn and woven fabrics, with 2025 annual revenue of ₩122.5 billion and a market capitalization of ₩162.5 billion. Because the company is fairly small, it is worth watching not only the quarterly results of the core business but also the impact of filings such as treasury-share disposals on the share count and financials. The 2025 annual results (revenue ₩122.5 billion, operating profit ₩1.1 billion, net profit ₩6.7 billion) confirmed a return to the black after two straight years of operating losses, and in January and February 2026 the company followed up with a treasury-share disposal decision and a report on its outcome. What stands out lately is that if the revenue recovery and the operating profit trend continue quarter after quarter and shareholder returns such as treasury-share use are added, the asset appeal of a P/B of roughly 1.0x—almost in line with net asset value—strengthens; on the other hand, the operating margin is thin at around 1%, so profits can swing easily on a quarter or two of costs or one-off items, and the interest coverage ratio is below 1x, both of which should be watched together.
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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 “Apparel & Household Goods” (Retail, Consumer Goods & Food), a type typically read first through P/E.
Apparel and household-goods makers sell everyday consumer products driven by brand and shopping trends, and revenue tends to flow steadily into current-year profit. With earnings relatively stable, price-to-earnings (P/E) is the natural first read.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 10.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter () revenue was 2.9% higher than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 0.9%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-09-30
Largest shareholder Seo Jae-hee 38.99% (individual)
Controlling bloc incl. related parties 41.15%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis Reading
Bangrim is a company in the textile sector that earns its revenue by making textile products such as spun yarn and woven fabrics. Annual revenue in 2025 was around ₩122.5 billion. With a market capitalization of ₩162.5 billion, it is not a large company, so it is worth watching not only the quarterly results of the core business but also how a single filing—such as a treasury-share disposal—affects the share count or the financials.
The latest close is ₩5,490 and the market capitalization is ₩176.3 billion. The price sits above its 20-day moving average (₩5,242) and above its 60-day moving average (₩5,205). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.6, a neutral level. The one-month change is +3.8%, the three-month change is +2.2%, and the position relative to the 52-week high is -11.3%. Relative strength versus the KOSPI is 44 (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 43% of all stocks. Over the past three months it outpaced the index by 14.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For full-year 2025, revenue was ₩122.5 billion, operating profit ₩1.1 billion, and net profit ₩6.7 billion. The operating margin is still thin at 0.9%, but the key point is that the company returned to the black after two straight years of operating losses. ROE (how much is earned in a year on shareholders' equity) is 3.7%, the debt ratio (debt relative to equity) is 127.1%, and the current ratio (assets that can be turned into cash relative to debt due within a year) is 310%, so short-term payment capacity is fairly comfortable. The P/E ratio (how many times a year's profit the share price is) is 29.56x, which looks high on the surface, but that is because profit is only at the start of its recovery and the base profit itself is still small. By contrast, the P/B (how many times book value the share price is) is 0.97x, meaning the shares trade at almost the same value as the company's net assets.
Revenue fell from ₩131.0 billion in 2023 to ₩110.6 billion in 2024, then recovered to ₩122.5 billion in 2025, up 10.8%. The improvement in the profit trend is clearer. Operating profit went from -₩4.1 billion (2023) to -₩3.3 billion (2024) to +₩1.1 billion (2025), turning positive, and net profit rose from -₩4.1 billion to ₩6.7 billion. On a cumulative third-quarter basis as well, revenue was up 9.0% and net profit up 65.3% versus the same period a year earlier. That said, net profit for the third quarter alone was -₩1.5 billion, so results still look uneven quarter to quarter, and it is safer to read the cumulative and annual trend than any single quarter's figure. No official company forecast figures for this year have been confirmed, so this description relies only on confirmed results and their trend.
On December 1, 2025, a filing on a change in revenue and profit structure confirmed the annual results (revenue ₩122.5 billion, operating profit ₩1.1 billion, net profit ₩6.7 billion). This was followed on January 29, 2026 by a treasury-share disposal decision and on February 2 by a report on the disposal outcome, both filings related to share count and cash from using held treasury shares. Such return-oriented filings become clearer in meaning when checked together with whether profit strength and cash flow support them.
Bangrim is a recovery stock that returned to the black in 2025 after two straight years of operating losses, with net profit rising sharply, and the shares trade at a P/B of about 1.0x—almost in line with net asset value. The strength is that the price is not heavy relative to asset value. The trailing P/E of 27x looks high, but it is a figure produced by a period in which profit is only just recovering, so tracking whether the profit improvement continues matters more than the P/E itself. The setup can be strong when the revenue recovery and the operating profit trend continue quarter after quarter and shareholder returns such as treasury-share use are added; it can be weak because the operating margin is thin at around 1%, so profits swing easily on a quarter or two of costs or one-off items, and because the interest coverage ratio is below 1x. In the end, it helps to look together at whether the thin profit strength thickens and at asset value (a P/B of about 1.0x).
🔎 Valuation vs peers Overvalued
A peer set of textile-sector companies close in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ilshin Spinning | 7.14x | 0.26x | 1.98% |
We looked first at a public-data peer set of textile companies close in market capitalization. The current P/E ratio (how many times a year's profit the share price is) is 29.56x and the P/B (how many times book value the share price is) is 0.97x. That said, smaller-cap stocks are heavily affected by profit swings and financing-related filings, so we did not draw firm conclusions from figures based on last year's confirmed results alone. The basis for the outlook box is that no official company forecast could be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩5,490 and the market capitalization is ₩176.3 billion. The price sits above its 20-day moving average (₩5,242) and above its 60-day moving average (₩5,205). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.6, a neutral level. The one-month change is +3.8%, the three-month change is +2.2%, and the position relative to the 52-week high is -11.3%. Relative strength versus the KOSPI is 44 (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 43% of all stocks. Over the past three months it outpaced the index by 14.8%. 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 +14.78% / 6M -20.08% / 12M -35.36%
Key metrics Computed vs sector median
Valuation
The P/E of 29.56x is above the sector median (8.50x). The P/B of 0.97x is above the sector median (0.30x). 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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.7%, above the sector average (1.0%). The operating margin is 0.9%. The debt ratio is 38.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $92.7M | $77.7M | $86.1M | +10.79% ↑ faster |
| Operating profit | -$2.9M | -$2.3M | $787,723 | — |
| Net profit | -$2.9M | $543,882 | $4.7M | +768.24% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $92.0M | $109.4M | $92.7M | $77.7M | $86.1M |
| Operating profit | $4.5M | $1.5M | -$2.9M | -$2.3M | $787,723 |
| Net profit | $5.2M | $3.9M | -$2.9M | $543,882 | $4.7M |
| Revenue CAGR | 4-yr avg -1.65% | ||||
Revenue rose 10.8% year over year (2023 ₩131.9 billion → 2024 ₩110.6 billion → 2025 ₩122.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.7%. The two-year revenue CAGR is -3.6%. In the most recent quarter (2026 반기), revenue was 2.9% higher than the same period a year earlier.
Latest quarterly results Source 2026 반기 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 10.8% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-12-01EarningsChange of 30% or more in revenue or profit structure (15% for large corporations): annual revenue ₩122.5 billion, operating profit ₩1.1 billion, net profit ₩6.7 billionThis is recent confirmed or provisional results data. Check whether it points in the same direction as the annual trend and whether one-off factors are involved. Source
- 2026-02-02UpdateTreasury-share disposal outcome report: confirm return termsThis is a filing related to cash returns or a change in the share count. Confirm that profit strength and cash flow support it. Source
- 2026-01-29UpdateMaterial report (treasury-share disposal decision): confirm return termsThis is a filing related to cash returns or a change in the share count. Confirm that profit strength and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,490 | ₩5,490 | Confirmed | link |
| Latest quarterly results | revenue ₩29.6 billion, operating profit ₩1.0 billion | revenue ₩29.6 billion, operating profit ₩1.0 billion | Confirmed | link |
| Annual results | revenue ₩122.5 billion, operating profit ₩1.1 billion | revenue ₩122.5 billion, operating profit ₩1.1 billion | Confirmed | link |
| Results filing (original text) | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩122.5 billion · operating profit ₩1.1 billion · net profit ₩6.7 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩122.5 billion · operating profit ₩1.1 billion · net profit ₩6.7 billion | Confirmed | link |
| Shareholder-return filing (original text) | check the payout terms | check the payout terms | Confirmed | link |
| Shareholder-return filing (original text) | check the payout terms | check the payout terms | Confirmed | link |
| Outlook box basis | — | — | Unverified | — |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicSemi-annual report
- 2026-05-06Disclosure
- 2026-05-06Disclosure
- 2026-05-06Fair-disclosure notice
- 2026-03-25Disclosure
- 2026-02-13OwnershipLargest-shareholder ownership change report
- 2026-02-13PeriodicQuarterly report
📖 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.