JVM (054950) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
JVM is a Hanmi Pharmaceutical affiliate that mainly makes ATDPS (fully automated tablet dispensing and packaging systems), which automatically sort and pack medicines into multiple pouches. It has a razor-and-blade recurring-revenue structure in which a pharmacy or hospital, once it buys the equipment, keeps buying consumables to use it, with domestic and North American/European export sales split roughly in half. Its March annual report confirmed 2025 revenue of ₩173.1 billion, operating profit of ₩33.3 billion and net profit of ₩28.4 billion, and it voluntarily disclosed a value-up plan the same month; April preliminary Q1 results showed revenue and operating profit up while net profit dipped slightly, and a product-generation change to the next-generation 'ATDPS DOC3' is under way. What stands out lately is that it combines a top global position in a dispensing-automation market with entry barriers, equipment-plus-consumables recurring revenue, a roughly half export share, ROE of 12.1% and operating margins in the 19% range plus a dividend of about 3%, with a multiple against expected earnings lower than peers as clear strengths, while the core business is growing but net profit alone is flat due to currency and tax effects and the share price has been consolidating for half a year.
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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 & Electrical Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery and electrical-equipment makers build and sell industrial gear, and orders and shipments feed fairly directly into profit. Because revenue translates cleanly into current-year net income, price-to-earnings (P/E) is the natural first lens.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 8.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.2% higher than a year earlier.
- ROE is 12.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 19.2%.
- 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 Hanmi Science 39.19% (corporate)
Controlling bloc incl. related parties 39.19%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
JVM is a company that mainly makes ATDPS (fully automated tablet dispensing and packaging systems), which automatically sort and pack medicines into multiple pouches at once. Revenue divides broadly into (1) dispensing and management automation equipment, (2) consumables that go into that equipment (drug packaging paper and the like), and (3) other goods, with equipment and consumables making up most of revenue. Because a pharmacy or hospital, once it buys the equipment, keeps buying consumables to use it, recurring revenue follows like razors and blades, and that is a strength of the business. Domestic sales and exports (centered on North America and Europe) are split roughly in half, and the company has broadened its lineup with the 'VIZEN' inspection system that catches mispackaging, the 'INTIPharm' automated drug cabinet for hospitals, and vial-dispensing robots that are growing in North America. Being a Hanmi Pharmaceutical affiliate is also part of the business backdrop.
The latest close is ₩24,550 and the market capitalization is ₩296.8 billion. The price sits above its 20-day moving average (₩22,390) and above its 60-day moving average (₩22,237). 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 66.6, a neutral level. The one-month change is +13.4%, the three-month change is -0.8%, and the position relative to the 52-week high is -27.4%. Relative strength versus the KOSDAQ is 74 (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 75% of all stocks. Over the past three months it outpaced the index by 51.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E (how many times a year's net profit the share price is) is 10.47x and the P/B (how many times net assets the share price is) is 1.27x. Placed alongside ROE of 12.1% and operating margins in the 19% range, this multiple is not an expensive spot but rather on the low side, and the forward P/E calculated on this year's expected earnings also sits below the peer median, reading as a signal of undervaluation. ROE (how much is earned in a year on equity) is 12.1%, the operating margin is 19.2%, and the net margin is 16.4%, so profitability is above the peer average. The finances are solid too: the debt ratio (debt relative to equity) of 136% looks high on the number alone, but seen together with a current ratio of 265% (short-term assets 2.6 times short-term debt) and an interest coverage ratio of 11x (operating profit 11 times interest expense), short-term paying ability and capacity to service interest are ample. This is a profitability and financial structure in which the price is hard to call heavy either relative to assets or relative to earnings.
Revenue grew at an average of about 10.6% a year over five years, expanding from ₩115.8 billion in 2021 to ₩173.1 billion in 2025, and operating profit more than doubled over the same period from ₩12.5 billion to ₩33.3 billion, improving margins. In 2025 as well, revenue grew +8.6% and operating profit +8.5%, with the pace of growth picking up again, and cumulative Q1 2026 also showed revenue +6.2% and operating profit +4.8%, so core-business growth continues. The structure in which consumables revenue stacks up as more pharmacies and hospitals install the equipment, exports reaching about half, and generation-change products such as the 'ATDPS DOC3' are the forces underpinning this year's expected earnings. That said, net profit was -1.7% in 2025 and -2.4% cumulatively in Q1 2026, not keeping pace with the extent of operating growth, which appears to reflect non-operating factors such as currency and taxes. So this year's expected earnings are at a firm level reflecting steady growth in the core business, but on a net-profit basis the picture is not as steep as operations. There is no basis to see earnings falling below this year's level from next year on, so it is not a spot to call the top of the cycle.
The thread of this year's disclosures is 'earnings releases' and 'setting the direction for shareholder returns.' The March annual report brought confirmed 2025 results of revenue ₩173.1 billion, operating profit ₩33.3 billion and net profit ₩28.4 billion, and in the same month the company itself voluntarily disclosed a corporate value-up plan, stating its intent to raise shareholder returns and capital efficiency. In April, preliminary Q1 2026 results were disclosed, confirming a picture of revenue and operating profit rising while net profit dipped slightly, and a change of CEO was also decided at the regular general meeting. On the new-product side, a product-generation change is under way with the launch of the next-generation automated dispensing solution 'ATDPS DOC3.'
This is a stock with distinct strengths. In the narrow but entry-barriered market of pharmacy and hospital dispensing automation it holds a top global position, and it combines an equipment-plus-consumables recurring-revenue structure, a half export share, double-digit ROE (12.1%) and operating margins in the 19% range. Add a dividend yield of about 3% (payout ratio 26%) and a value-up plan, and the intent on shareholder returns is visible too. Above all, even with this profitability the multiple against expected earnings is set low versus peers, so relative to assets and earnings the price reads as on the cheap side. Points to watch together are that the core business is growing but net profit alone is flat due to currency and tax effects, and that the share price has been through half a year of consolidation and sits below its moving averages. In sum, as long as 'steady cash generation, dividends, recurring revenue and the effect of the product-generation change' hold up, the undervaluation appeal remains alive; and if 'net-profit stagnation and price weakness' drag on, it will take time for the true value to show, making this a stock worth watching calmly for its profitability and valuation.
🔎 Valuation vs peers Fairly valued
With essentially no directly comparable listed domestic competitor in the same niche of dispensing and hospital automation, the comparison is judged by placing the general multiple range of the KOSDAQ medical-device and healthcare-equipment group together with the company's own profitability.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| JVM | 10.47x | 1.27x | 12.04% |
A P/E of 9.4x and a P/B of 1.13x, weighed against profitability of ROE 12% and an operating margin of 19%, sit in a fair range that is neither excessively expensive nor blatantly cheap. The niche global position and recurring-revenue structure are factors that justify a slight premium over the average for general medical devices, but at the same time last year's slight dip in net profit and the step back in net profit in this year's Q1 are discount factors. In particular, since the current P/E is on last year's confirmed earnings (trailing), if the pattern of operating profit growing while net profit stagnates continues, there is a limit to how much cheaper the multiple can look on this year's expected earnings (forward). So rather than declaring it 'cheap' or 'expensive,' whether net-profit momentum turns around is the variable that will decide a fair valuation.
Price history Close · MA20 · MA60
The latest close is ₩24,550 and the market capitalization is ₩296.8 billion. The price sits above its 20-day moving average (₩22,390) and above its 60-day moving average (₩22,237). 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 66.6, a neutral level. The one-month change is +13.4%, the three-month change is -0.8%, and the position relative to the 52-week high is -27.4%. Relative strength versus the KOSDAQ is 74 (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 75% of all stocks. Over the past three months it outpaced the index by 51.1%. 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 +51.12% / 6M +35.08% / 12M -5.52%
Key metrics Computed vs sector median
Valuation
The P/E of 10.47x is below the sector median (14.07x). The P/B of 1.27x is above the sector median (1.01x).
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 10.1%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.977x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 12.0%, above the sector average (2.0%). The operating margin is 19.2%. The debt ratio is 39.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $110.4M | $112.0M | $121.6M | +8.59% ↑ faster |
| Operating profit | $20.9M | $21.5M | $23.4M | +8.48% ↑ faster |
| Net profit | $18.4M | $20.3M | $19.9M | -1.71% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $81.4M | $99.7M | $110.4M | $112.0M | $121.6M |
| Operating profit | $8.8M | $15.4M | $20.9M | $21.5M | $23.4M |
| Net profit | $6.3M | $11.1M | $18.4M | $20.3M | $19.9M |
| Revenue CAGR | 4-yr avg 10.57% | ||||
Revenue rose 8.6% year over year (2023 ₩157.1 billion → 2024 ₩159.4 billion → 2025 ₩173.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 8.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.6%. The two-year revenue CAGR is 5.0%. In the most recent quarter (Q1 2026), revenue was 6.2% 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.
- ROE of 12.0% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
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
- 2026-03-18FilingVoluntary disclosure of a corporate value-up plan, with the company itself setting the direction for improving shareholder returns and capital efficiency.Mid term: a factor that raises expectations for shareholder returns such as dividends and buybacks. Source
- 2026-03-23EarningsThe 2025 annual report confirmed full-year results of revenue ₩173.1 billion, operating profit ₩33.3 billion and net profit ₩28.4 billion.Mid term: confirmed that operating profit grew but net profit fell slightly. Source
- 2026-04-29EarningsQ1 2026 preliminary results disclosure - revenue and operating profit up year over year, net profit down slightly.Short term: operating growth is maintained but a slowdown in net-profit momentum is reconfirmed. Source
- 2026-03-31FilingDecision to change the CEO at the regular general meeting - management turnover.Mid term: possible change in management continuity and strategic direction. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-23EarningsEarnings disclosure
- 2026-04-07Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-25PeriodicAnnual business report (amended)
- 2026-03-23PeriodicAnnual business report
- 2026-03-18Disclosure
- 2026-03-13Audit report
- 2026-03-13Disclosure
📖 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.