Despite its name, Jinjin Construction Robot does not make advanced robots; it is a construction-machinery company that builds concrete pump trucks, which push liquid concrete to high floors and distant spots on construction sites. It holds the top domestic share at about 48% and exports more than 70% of its output to 65 countries, with North America alone accounting for roughly half of revenue, so the business is heavily exposed to U.S. construction and infrastructure conditions. The most important thing to note is that this is a solid company that kept net profit at ₩31.5 billion and ROE at 20% in 2025 while continuing shareholder returns such as a payout ratio above 50% and treasury-share cancellation, yet the share price has fallen 41% over three months, lowering its valuation. First-quarter 2026 operating profit dropped by about half year on year, shaking profitability, which makes a recovery in North American construction demand the key to this stock.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 12.3% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 5.9% lower than a year earlier.
- ROE is 20.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 15.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Motrex 77.33% (corporate)
Controlling bloc incl. related parties 77.33%
With the controlling bloc holding 77%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Unlike its name suggests, Jinjin Construction Robot is not an advanced-robotics firm making humanoids or collaborative robots.
- It builds concrete pump trucks, specialized equipment that pushes liquid concrete up to the upper floors of buildings or over long distances to be poured.
- Its main product is a truck fitted with a pump and a folding arm (boom).
- It ranks first in the domestic market for this equipment with about a 48% share, and also first in North America with about 28%.
- A major feature is that most of its revenue comes from exports.
- It ships more than 70% of domestic output to 34 bases across 65 countries, with North America accounting for nearly half of total revenue.
- In other words, the company's results are driven largely by overseas construction and infrastructure investment centered on the United States rather than by the domestic market.
- The share price has fallen about 41% over the past three months, and about 33% over one month.
- The current price of ₩33,950 sits well below the 20-day line (₩44,050), the 60-day line (₩55,719), and the 120-day line.
- It is about 53% below the 52-week high.
- RSI (a gauge that compares upward and downward force over the last 14 days on a 0-100 scale, with below 30 signaling oversold) is at 26.5, in oversold territory.
- That means the decline over a short period has been steep.
- Direction cannot be settled on this indicator alone, however, so it is best read alongside trading volume and filing dates.
- Profitability is on the strong side.
- ROE (how much is earned in a year on equity) is high at 20.3%.
- The operating margin (operating profit as a share of revenue) is 15.1% and the net margin 16.5%.
- The dividend yield is high at 4.1%, and the payout ratio (the share of net profit paid out as dividends) reaches about 64%.
- On valuation, the P/E ratio (how many times one year's earnings the share price is) is 15.7x and P/B (how many times book equity) is 3.2x.
- The debt-to-equity ratio is 148%, not heavy for construction machinery, and the current ratio of 219% gives ample short-term coverage.
- Debt-inclusive measures are also worth noting: net debt (total borrowings less cash) is about ₩2.6 billion, so the company is essentially debt-free.
- EV/EBIT (enterprise value divided by operating profit, a debt-inclusive counterpart to the P/E) is 19.3x, and the FCF yield (cash actually generated versus market cap, where higher is more attractive for cash generation) is 3.2%.
- The low debt burden means the cash earned has room to support dividends, a strength of the balance sheet.
- Revenue has grown steadily, rising for three straight years from ₩158.4 billion in 2023 to ₩169.8 billion in 2024 and ₩190.7 billion in 2025, with the pace of growth picking up.
- Earnings, however, did not keep pace with revenue.
- Operating profit in 2025 was ₩28.7 billion, down 8.4% year on year, and net profit was ₩31.5 billion, essentially flat.
- Even as revenue rose, heavier cost burdens gradually squeezed margins.
- In the first quarter of 2026 this became more pronounced: revenue was ₩46.0 billion, down 5.9% year on year, and operating profit fell 50.8% to ₩4.3 billion.
- Net profit fell 15.7% to ₩6.5 billion; net profit exceeding operating profit appears to reflect help from non-operating gains such as foreign exchange.
- Concrete pump trucks are sensitive to construction conditions, and the first quarter is seasonally weak.
- Whether there is a recovery in the second half will therefore decide this year's results.
- On our own estimate, this year's net profit looks somewhat lower than last year's, in which case the P/E on this year's earnings would be roughly 18x at the current price, somewhat higher than the 15.7x based on last year.
- In other words, because earnings are declining, a multiple that 'looks cheap' may not actually be that cheap, and this should be kept in view.
- The center of the filing flow is shareholder returns and results.
- In March 2026 the company voluntarily disclosed a corporate value-up plan, setting out its own medium- to long-term direction for shareholder returns.
- Its core is a dividend policy targeting a payout ratio above 50%, and the actual 2025 settlement payout ratio of about 64% exceeds that.
- Earlier, in October 2024, it canceled treasury shares equal to about 5% of listed shares to lift shareholder value.
- It also adopted a method of confirming the dividend first and setting the record date later, improving predictability for investors.
- In June 2026 it was added to the Korea Value-up Index, an external recognition of its shareholder-return efforts.
- Meanwhile, in April 2026 filings related to changes in the largest shareholder's stake and large-holding positions followed.
- Whether the governance structure changes will need to be confirmed through subsequent filings.
- The strengths are clear.
- A firm top position in concrete pump trucks both at home and in North America, ROE in the 20% range, a dividend yield in the 4% range, and active shareholder returns via a payout ratio above 50% and treasury-share cancellation are the company's appeal.
- With almost no net debt, the balance sheet is also solid.
- The point to watch is that results are heavily driven by construction conditions, especially North American infrastructure investment.
- The halving of first-quarter 2026 operating profit shows this sensitivity.
- When North American construction and infrastructure demand revives, the high market share and dividend appeal shine together; when demand cools, profit and margins can be squeezed at the same time.
- With the share price down 41% in three months, these concerns may already be substantially priced in.
- In the end, a recovery in North American demand and margin defense from the second half onward are the conditions that will set this stock's direction.
🔎 Valuation vs peers Fairly valued
Although classified under robotics, the company is in substance a construction-machinery and heavy-equipment maker of concrete pump trucks, so it is appropriately compared with listed construction-machinery and heavy-equipment firms rather than loss-making, ultra-high-multiple humanoid or collaborative-robot names.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HD Hyundai Construction Equipment | 58.44x | 3.22x | 5.51% |
| Doosan Bobcat | 0.00x | 0.00x | 5.64% |
A P/E of 15.7x and P/B of 3.2x are around the average for the construction-machinery sector. It should be noted, though, that these multiples are based on last year's earnings, when margins were squeezed. This year, with first-quarter operating profit halved, earnings are in decline, so on this year's earnings the multiples could be somewhat higher. Profitability measures, on the other hand, clearly lead listed peers in construction machinery: ROE of 20.3% far exceeds the roughly 5% at HD Hyundai Construction Equipment and Doosan Bobcat. In other words, the quality of earnings is superior, but with earnings declining this year it is hard to call the stock undervalued on multiples alone. Taking into account the high market share, shareholder returns, and solid balance sheet, the current level is judged to be within a fair range. Ultimately, whether a recovery in North American demand revives margins is the key to any re-valuation.
Price history Close · MA20 · MA60
The latest close is ₩33,950 and the market capitalization is ₩495.4 billion. The price sits below its 20-day moving average (₩44,050) and below its 60-day moving average (₩55,719). 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 26.5, near oversold territory. The one-month change is -33.3%, the three-month change is -41.5%, and the position relative to the 52-week high is -53.5%. Relative strength versus the KOSPI is 13 (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 12% of all stocks. Over the past three months it lagged the index by 62.5%. 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 -62.55% / 6M -56.56% / 12M -74.28%
Key metrics vs sector median
Valuation
The P/E of 15.71x is below the sector median (29.49x). The P/B of 3.19x is below the sector median (6.92x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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
The operating margin is 15.1%. The debt ratio is 148.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $105.0M | $112.5M | $126.4M | +12.29% ↑ faster |
| Operating profit | $21.8M | $20.8M | $19.0M | -8.38% ↓ slower |
| Net profit | $19.2M | $20.8M | $20.9M | +0.63% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $105.0M | $112.5M | $126.4M |
| Operating profit | — | — | $21.8M | $20.8M | $19.0M |
| Net profit | — | — | $19.2M | $20.8M | $20.9M |
| Revenue CAGR | 2-yr avg 9.72% | ||||
Revenue rose 12.3% year over year (2023 ₩158.4 billion → 2024 ₩169.8 billion → 2025 ₩190.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 8.4% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 9.7%. The two-year revenue CAGR is 9.7%. In the most recent quarter (Q1 2026), revenue was 5.9% lower 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.
- The dividend yield, at 4.1%, is on the high side.
- ROE of 20.3% points to solid profitability.
- Revenue grew 12.3% year over year, a sign of growth.
- 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
- 2026-03-27FilingCorporate value-up plan (voluntary disclosure): announced a shareholder-return direction including a medium- to long-term dividend policy targeting a payout ratio above 50% (actual 2025 payout ratio about 64%).A factor that raises expectations for dividend stability and shareholder returns over the medium term. Revenue and operating-profit targets were not included, however, so it is separate from core-business results. Source
- 2026-05-15EarningsFirst-quarter 2026 report: revenue ₩46.0 billion (-5.9% YoY), operating profit ₩4.3 billion (-50.8%), net profit ₩6.5 billion (-15.7%).A signal of near-term profitability weakness. The plunge in operating profit exposed margin pressure, though net profit was cushioned by non-operating gains. Source
- 2026-06-05EarningsBusiness report (Dec 2025) amended filing: 2025 revenue ₩190.7 billion, operating profit ₩28.7 billion, net profit ₩31.5 billion confirmed.Revenue grew for a third straight year, but operating profit fell 8.4% year on year, confirming the margin slowdown in final figures. Source
- 2026-04-15FilingMultiple filings received on large-holding status and changes in shares owned by the largest shareholder and related parties.A possible change in governance or ownership. Whether control actually shifts needs to be confirmed through follow-up filings. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-05PeriodicAnnual business report (amended)
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15OwnershipOwnership-change filing
- 2026-04-10OwnershipLargest-shareholder ownership change report
- 2026-04-09OwnershipLargest-shareholder ownership change report
- 2026-04-08OwnershipLargest-shareholder ownership change report
- 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.