Korea PIM's core is the MIM process, which shoots metal powder into a mold and solidifies it to mass-produce small, complex metal parts. As of Q1 2026, its revenue comprised ₩7.6 billion (about 83%) from automotive parts such as turbochargers and transmissions and ₩0.7 billion (about 9%) from medical and other parts such as dental implants. It secured an order backlog of ₩39.5 billion at quarter-end and about ₩4.6 billion in new orders in January, and from April it began a national R&D project for lightweight steel composite materials for robot precision reducers, while broadening new businesses such as camera modules, EV brakes, and robot precision reducers. What stands out recently is that the MIM entry barrier and expansion into high-value-added new businesses are future drivers, while core automotive-parts revenue has edged down for three straight years, operating profit has turned to a loss, and interest coverage is below 1x - so the visibility of mass production and orders for the new businesses and the pace of recovery in core profit must be checked together.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 1.4% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 3.7% lower than a year earlier.
- ROE is -0.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Song Jun-ho 32.7% (individual)
Controlling bloc incl. related parties 48.7%
With the controlling bloc holding 49%, the ownership structure is stable.
🔎 In-depth analysis
- Korea PIM's core is MIM (metal powder injection molding - a process that, like plastic injection, shoots metal powder into a mold and solidifies it to mass-produce small, complex metal parts in their final shape without cutting or grinding, lowering cost).
- Per its Q1 2026 report, revenue comprised ₩7.6 billion (about 83% of the total, mainly turbocharger and transmission parts) from automotive parts and ₩0.7 billion (about 9%, dental implants being representative) from medical and other parts.
- Automotive parts split roughly evenly between domestic (₩3.8 billion) and exports to the U.S., Japan, China, Europe, and elsewhere (₩3.8 billion), with customers including Hyundai Transys and Hyundai Wia.
- On top of this it is developing camera modules, EV brakes, micro speakers, and humanoid-robot precision-reducer parts as new businesses, so this is a company whose current revenue is underpinned by the automotive-parts core business and whose future growth engine lies in robot and medical precision parts.
- The latest closing price is ₩46,000 and the market cap is ₩279.4 billion.
- The price sits below the 20-day line (₩63,288) and below the 60-day line (₩87,918).
- Trading below both the short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (an auxiliary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 30.4, a neutral level.
- The one-month change is -41.4%, the three-month change is -46.5%, and the position versus the 52-week high is -72.9%.
- Relative strength versus the KOSDAQ is 94 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 6% of all stocks by strength.
- Over the past three months it lagged the index by 32.1%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On a confirmed annual basis (2025), net profit was a slight loss so the trailing P/E (how many times the past year's profit the price represents) is not calculated, and the P/B (how many times the company's net assets the price represents) is 4.90x.
- The ROE (how much is earned in a year on equity) is -0.1%, the operating margin is 3.9%, and the debt ratio (debt versus equity) is 150.8%; with interest coverage below 1x, it was a year in which servicing interest from operating profit was tight.
- The important point here is that these trailing metrics are the numbers from the moment core profit bottomed out.
- It is an inflection phase in which short-term profit was suppressed as the company sharply increased R&D spending, so rather than declaring it an 'expensive company' from last year's loss and a P/B of 6.01x as-is, one should also consider that what the market is looking at is not current profit but the profit to come.
- That said, it is hard to fix an earnings-based valuation until profit normalizes, and the forward P/E also comes out high because profit is still at the start of recovery - a point that clearly must be recognized.
- Revenue edged down for three straight years, from ₩38.0 billion in 2023 to ₩37.4 billion in 2024 to ₩36.9 billion in 2025 (an average of -1.4% a year), and operating profit fell 59.6% year over year to ₩1.5 billion in 2025.
- In Q1 2026, revenue of ₩8.3 billion (-3.7% year over year) came with an operating loss of ₩0.7 billion, a swing to a loss, behind which lies R&D spending rising quickly relative to revenue - 5.1% in 2024, 7.3% in 2025, and 11.6% in Q1 2026.
- That is, core-business revenue itself has not collapsed; rather, short-term profit is suppressed by pulling costs forward into new businesses such as humanoid-robot precision reducers, EVs, and medical.
- Future profit hinges on how quickly this new-business investment converts into mass production and orders.
- The forward P/E coming out high is because profit is still in a low zone before investment payback, and the core business's stable order backlog (₩39.5 billion at quarter-end) and rising R&D investment are clues for gauging the direction of future profit.
- Recent disclosures run along two lines.
- One is earnings: the Q1 2026 report was filed in May and amended in June, and within it are new-business clues such as an order backlog of ₩39.5 billion at quarter-end, about ₩4.6 billion in new orders in January, and a national R&D project for 'lightweight steel composite materials for robot precision reducers' begun in April 2026.
- The other is holdings: reports on shareholdings by executives and major shareholders and large-holding (5%-plus) reports were filed in succession in April and June.
- Since these holding disclosures came during a period when the share price swung sharply, it is safer to view them as material for checking who is buying and selling rather than linking them directly to price direction.
- The strengths are clear.
- It holds the MIM mass-production process, which has an entry barrier, and is broadening into high-value-added areas such as dental implants and robot precision reducers, with a ₩39.5 billion order backlog at quarter-end and rapidly rising R&D investment underpinning future drivers.
- Points to examine together are that core automotive-parts revenue has edged down for three straight years and operating profit has turned to a loss, the financial burden of interest coverage below 1x, and the large volatility of a price that rose sharply and then halved within a year.
- In short, this stock is strong when new businesses actually translate into mass production and orders, while shrinking core results and losses remain a burden as long as the new businesses stay in the research stage.
- It is therefore reasonable to view it while checking the visibility of mass production and orders for the robot and medical new businesses and the pace of recovery in core profit, rather than declaring it good or bad in a word.
🔎 Valuation vs peers Inconclusive
The base classification is automotive parts, but Korea PIM is a materials/parts company that mass-produces small precision metal parts via the MIM process, so its business character differs greatly from large finished-vehicle module companies with revenue in the tens of trillions of won. Peers are shown within the same automotive-parts code, but only the position is used as reference given the differences in scale and structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Mobis | 11.54x | 0.86x | 7.44% |
| HL Mando | 22.70x | 0.84x | 3.69% |
| SNT Dynamics | 17.63x | 1.25x | 7.10% |
(a) The finished-vehicle and module peers under the same code have a P/B of around 1x, whereas Korea PIM is at 5.60x (forward 6.01x), so by position alone it is still in a substantial premium zone. (b) However, this premium reflects, on an asset basis and in advance, the future value of the robot and precision-parts new businesses rather than the profit of the core (automotive parts) business, so it is hard to compare simply against peers' low multiples. (c) The confirmed prior-year results are the numbers at an inflection point where operating profit fell 59.6% and net profit turned to a loss, so they are unsuitable for gauging the future via trailing metrics, and with no official company forecast the forward stops at a DART seasonality approximation (this year's revenue about ₩35.6 billion). Until the visibility of mass production and orders for the new businesses is confirmed, it is hard to declare cheap or expensive, so judgment is withheld.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩8.6 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩46,000 and the market capitalization is ₩279.4 billion. The price sits below its 20-day moving average (₩63,288) and below its 60-day moving average (₩87,918). 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 30.4, a neutral level. The one-month change is -41.4%, the three-month change is -46.5%, and the position relative to the 52-week high is -72.9%. Relative strength versus the KOSDAQ is 94 (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 94% of all stocks. Over the past three months it lagged the index by 32.1%. 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 -32.11% / 6M +6.51% / 12M +223.90%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.90x is above the sector median (0.56x).
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 -0.1%, below the sector average (7.0%). The operating margin is 3.9%. The debt ratio is 150.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $25.2M | $24.8M | $24.5M | -1.38% ↓ slower |
| Operating profit | $2.8M | $2.4M | $964,701 | -59.64% ↓ slower |
| Net profit | $758,034 | $1.8M | -$35,948 | -101.95% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $25.2M | $24.8M | $24.5M |
| Operating profit | — | — | $2.8M | $2.4M | $964,701 |
| Net profit | — | — | $758,034 | $1.8M | -$35,948 |
| Revenue CAGR | 2-yr avg -1.37% | ||||
Revenue fell 1.4% year over year (2023 ₩38.0 billion → 2024 ₩37.4 billion → 2025 ₩36.9 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 59.6% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -1.4%. The two-year revenue CAGR is -1.4%. In the most recent quarter (Q1 2026), revenue was 3.7% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 1.4% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-02EarningsQ1 2026 report amendment. Revenue ₩8.3 billion and operating profit -₩0.7 billion (swing to a loss), specifying an order backlog of ₩39.5 billion at quarter-end and about ₩4.6 billion in new orders in JanuaryShort term: core profit is a loss, but the revenue base is maintained by the order backlog. Medium term: it confirms a phase in which new-business investment (R&D at 11.6% of revenue) is suppressing profit Source
- 2026-05-15FilingQ1 2026 report filed. Revenue comprised ₩7.6 billion (83%) from automotive parts and ₩0.7 billion from medical and other, including new-business progress such as a national R&D project for lightweight steel composite materials for robot precision reducers begun in April 2026Medium term: new-business direction such as materials development for humanoid-robot precision reducers is confirmed in the report (still at the research and development stage) Source
- 2026-04-28FilingMultiple filings of large-holding reports (general) and reports on holdings of specified securities by executives and major shareholdersShort term: changes in holdings by 5%-plus holders and executives were disclosed in succession during a period of sharp price swings. Material for identifying who is trading Source
- 2026-04-28FilingReports on holdings of specified securities by executives and major shareholders filed (multiple filings including those reported on 2026-04-21 and 22)Short term: official material for checking the flow of holdings changes by insiders and major shareholders Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-02PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipAmended filing
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-22OwnershipOwnership-change filing
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings 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.