KG Mobility is an automaker that makes and sells SUVs and pickup trucks such as the Musso, Torres, and Actyon, earning money not only from the domestic market but also from exports to Europe, the Middle East, and elsewhere (the former SsangYong Motor was acquired by the KG group and renamed). Q1 2026 revenue was ₩1,141.4 billion, up 24.5% from a year earlier, with operating profit of ₩9.6 billion and net profit of ₩27.3 billion, extending a profitable run. Worth noting recently: if the new Musso, the hybrid lineup, and expanded overseas exports proceed as planned, the structural turnaround from years of losses could feed through to earnings; but with the operating margin still thin at around 1% and a balance sheet where debt exceeds equity, profit could shrink quickly if sales wobble.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 10.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 24.5% higher than a year earlier.
- ROE is 3.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 0.8%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder KG Eco Solution 54.35% (corporate)
Controlling bloc incl. related parties 54.41%
With the controlling bloc holding 54%, control is very secure but the free float is thin.
🔎 In-depth analysis
- KG Mobility is an automaker specializing in SUVs and pickup trucks.
- The former SsangYong Motor took its current name after going through court receivership in 2022 and being acquired by the KG group.
- Its main models are the large Rexton SUV, the mid-size Torres, the Musso pickup, and the Actyon line.
- Recently it has been expanding electric and hybrid models such as the Musso EV and the Actyon Hybrid.
- The way it makes money is simple: it builds cars, sells them at home, and exports a large share to Europe, the Middle East, and other regions.
- The company's strategy is to push exports above 60% of sales and to widen overseas volume through local assembly of knock-down kits (CKD) in Vietnam, Saudi Arabia, and elsewhere.
- The share price is ₩2,760, in a weak zone.
- It has pushed below the 20-, 60-, and 120-day moving averages (₩2,948, ₩3,531, and ₩3,603 respectively).
- Over the past three months it fell 18.3% and over six months 21.0%, an extended decline.
- It also sits about 38% below its 52-week high.
- RSI (a gauge of whether the price is overbought or oversold) is 38.7, slightly below neutral.
- Results are improving while the price stays depressed, so there is a temperature gap between the earnings trend and the share price.
- Valuation metrics are generally low.
- The P/E ratio (how many times one year's earnings the price represents) is 12.0x and the P/B (how many times book equity the price represents) is 0.38x.
- A P/B of 0.38x means the shares trade at less than 40% of the company's net assets, so on an asset basis it is clearly cheap.
- Profitability, however, is still thin: ROE (how much is earned in a year per unit of equity) is 3.1% and the operating margin is 0.8%, both below the automaker average.
- On the balance sheet, the debt ratio (debt to equity) is 127%, so debt exceeds equity, and with an interest-coverage ratio below 1x, operating profit barely covers interest.
- Reflecting debt changes the picture somewhat.
- Net debt (total borrowings minus cash) is about ₩409.2 billion.
- EV/EBITDA (enterprise value, which reflects debt, divided by operating profit before depreciation) is a low 5.0x.
- By contrast EV/EBIT (the same enterprise value divided by operating profit — an earnings multiple that reflects debt) is a high 27x, because operating profit itself is still small.
- FCF yield (cash actually generated relative to market cap) is negative because of new-vehicle and facility investment, so the company is currently earning profit while cash goes out.
- The recovery trajectory is clear.
- Operating profit swung from large losses of -₩261.3 billion in 2021 and -₩112.0 billion in 2022 to a positive +₩12.5 billion in 2023, then rose to +₩36.2 billion by 2025.
- Net profit likewise turned around from -₩266.0 billion in 2021 to +₩46.6 billion in 2025.
- Revenue reached ₩4,303.6 billion in 2025, up 10.2% from the prior year, and the pace of growth is quickening.
- In Q1 2026 revenue jumped 24.5% from a year earlier, confirming the acceleration.
- The company's stated 2026 business plan calls for sales of 137,000 units (+24%), revenue above ₩5 trillion (+18%), and an operating margin of 2.2% or more.
- If it meets these targets, operating profit would climb into the hundreds of billions of won, and the share multiple on an earnings basis would fall well below the 12x shown today.
- Because this is a company passing through an earnings inflection, the picture based on this year's expected earnings is closer to reality than the P/E calculated on last year's confirmed results.
- Earnings-related disclosures have been steady.
- On June 1, May 4, and April 24, 2026 the company disclosed preliminary results, confirming the Q1 profitable run.
- On June 4 it announced an investor briefing (IR), previewing a session to explain its business plan and results directly to investors.
- On May 15 it filed its Q1 report.
- Meanwhile, on June 9-10 there was a request for clarification regarding market rumors and media reports, to which the company answered 'undetermined.' Since these matters are not confirmed, the content will need to be verified through future disclosures.
- The crux is whether the escape from losses hardens into sustained profit.
- The strengths are clear.
- It has strung together several consecutive quarters of profit, and the new Musso pickup and the hybrid lineup are driving sales.
- The company has set a direction of widening volume through exports and overseas assembly (CKD).
- The price relative to assets (P/B 0.38x) is also low, leaving room to read it as undervalued if the recovery continues.
- The cautions are just as clear.
- With the operating margin still around 1%, profit can shrink quickly if sales or exchange rates wobble.
- The debt ratio of 127% means debt exceeds equity, and the interest burden is large relative to earnings.
- New-vehicle and facility investment also means cash is currently going out.
- In short, the structure is strong when sales growth and margin improvement arrive as planned, and burdened by thin margins and debt when sales slow or costs and exchange rates deteriorate.
🔎 Valuation vs peers Undervalued
Compared against large domestic automakers and auto-parts makers (Hyundai Motor, Kia, Hyundai Mobis).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Motor | 9.66x | 0.79x | 820.00% |
| Kia | 7.48x | 0.92x | 1240.00% |
| Hyundai Mobis | 11.54x | 0.86x | 740.00% |
On an asset basis it is clearly cheap. A P/B of 0.38x is less than half that of Hyundai Motor, Kia, and Hyundai Mobis (0.79-0.92x), a steep discount to net assets. There is a reason for the discount, however: ROE of 3.1% and an operating margin of 0.8% still fall short of the automaker average. In other words, the assets are cheap but the profitability those assets generate is thin. The key here is the direction of earnings. Because it is at an inflection where profit is emerging from losses and growing, the 12x P/E calculated on last year's confirmed results looks more burdensome than reality. If earnings rise in line with the company's 2026 plan (revenue of ₩5 trillion, operating margin above 2.2%), the share multiple on expected earnings would fall below even the large peers. Taken together, undervaluation signals appear both relative to assets and relative to recovering earnings. But for that undervaluation to resolve, margin improvement has to show up in the actual numbers.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩5 trillion | operating margin 2.2% | — |
Price history Close · MA20 · MA60
The latest close is ₩2,760 and the market capitalization is ₩558.6 billion. The price sits below its 20-day moving average (₩2,948) and below its 60-day moving average (₩3,531). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 38.7, a neutral level. The one-month change is -12.7%, the three-month change is -18.3%, and the position relative to the 52-week high is -37.8%. Relative strength versus the KOSPI is 11 (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 10% of all stocks. Over the past three months it lagged the index by 36.9%. 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 -36.94% / 6M -50.92% / 12M -68.16%
Key metrics vs whole-market median
Valuation
The P/E of 11.99x is in line with the whole-market median (13.81x). The P/B of 0.38x is below the whole-market median (1.15x). 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 3.1%, below the whole-market average (5.0%). The operating margin is 0.8%. The debt ratio is 127.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.5B | $2.6B | $2.9B | +10.21% ↑ faster |
| Operating profit | $8.3M | $949,695 | $24.0M | +2423.23% ↑ faster |
| Net profit | $5.9M | $22.4M | $30.9M | +37.60% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $2.3B | $2.5B | $2.6B | $2.9B |
| Operating profit | -$173.2M | -$74.2M | $8.3M | $949,695 | $24.0M |
| Net profit | -$176.3M | -$39.9M | $5.9M | $22.4M | $30.9M |
| Revenue CAGR | 4-yr avg 15.37% | ||||
Revenue rose 10.2% year over year (2023 ₩3.7 trillion → 2024 ₩3.9 trillion → 2025 ₩4.3 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 2423.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 15.4%. The two-year revenue CAGR is 7.3%. In the most recent quarter (Q1 2026), revenue was 24.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- Revenue grew 10.2% 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
- 2026-06-01EarningsPreliminary results disclosed, confirming that the profitable run is continuingShort term: confirmation of continued earnings improvement. Medium term: accumulating evidence on the durability of the turnaround Source
- 2026-06-04IRAnnounced an investor briefing (IR), previewing a session to explain the business plan and results directlyShort term: communication of the 2026 business plan (sales, revenue, margin targets). Medium term: a chance to check progress on the export and hybrid strategy Source
- 2026-06-10UpdateAnswered 'undetermined' to a clarification request regarding market rumors and media reportsShort term: a volatility factor as an unconfirmed matter. Medium term: the facts will need to be verified through future disclosures Source
- 2026-05-15FilingFiled the Q1 2026 report, disclosing details of revenue and profitShort term: confirms Q1 revenue growth of +24.5% and a profit. Medium term: a benchmark for whether exports expand after the first half Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-10OwnershipLargest-shareholder ownership change report
- 2026-06-10Disclosure
- 2026-06-09Disclosure
- 2026-06-04Disclosure
- 2026-06-01EarningsFair-disclosure notice
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-28OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-05-04EarningsFair-disclosure notice
- 2026-04-24EarningsFair-disclosure notice
- 2026-04-23Disclosure
📖 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.