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JONBUR Research · Initiation

VM · 089970 · Machinery

VM: Sharp Earnings Recovery and a Volatile Share Price, With No Model Estimate Available

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

VM, a KOSDAQ machinery company with a market cap of ₩1.5T, reported trailing revenue of ₩248.5B and an operating margin of 27.6% as of H1 2026, after two loss-making years. The share price is up 211.3% over one year but down 35.6% over three months, and the valuation model returned no estimate.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a strong recovery. Revenue rose 105.5% in 2025 to ₩144.4B, and trailing revenue through H1 2026 is ₩248.5B, above the 2021 peak of ₩178.1B. Operating income moved from a ₩8.6B loss in 2024 to ₩68.6B on a trailing basis.

The data also shows how uneven results have been. Revenue fell 81.6% in 2023 and 20.6% in 2022, and operating margin swung from 30.3% in 2021 to -42.2% in 2023. The data does not explain what drives these swings, so it is unclear whether the current level is durable.

The share price is volatile: it sits at ₩62,100 against a 52-week range of ₩19,400 to ₩122,100, with a 27.6% gain over one month after a 35.6% fall over three months. Investor flow, foreign ownership and short balance data are not available, and no news headlines were provided.

Business overview

VM is listed on KOSDAQ in the machinery sector. It was founded on 2002-02-22 and listed on 2018-08-23. It has two co-CEOs, 최우형 and 임종필. It has 24,075,595 listed shares and a market cap of about ₩1.5T. The data gives no description of products or customers. What it does show is a business with large swings in revenue: ₩178.1B in 2021, ₩141.4B in 2022, ₩26.0B in 2023, ₩70.3B in 2024 and ₩144.4B in 2025.

Financial analysis

These figures come from filed financial statements (DART). Trailing twelve-month figures as of H1 2026: revenue ₩248.5B, operating income ₩68.6B, net income ₩66.0B, operating margin 27.6%, net margin 26.5% and ROE 34.6%.

Annual results: 2025 operating income was ₩24.7B (17.1% margin) and net income ₩26.1B (ROE 17.3%). 2024 and 2023 were losses, with net income of -₩3.5B and -₩7.0B. In 2022 net income was ₩27.9B and in 2021 ₩46.5B (ROE 40.7%).

The balance sheet looks conservative: liabilities to equity is 21.0%, cash is ₩189.6B, and trailing free cash flow is ₩52.0B. Borrowings data is not available. Enterprise value is ₩1.31T.

Valuation

Current multiples are a P/E of 22.7, a P/B of 5.8 and a P/S of 6.0. EV/EBITDA and dividend yield are not available. At the end of 2025 the P/E was 27.8 and the P/B 4.1, so the P/E is lower now while the P/B is higher. Earlier year-end multiples are not available.

The listed peers show a wide spread: P/E ranges from 37.1 (Wonik IPS) to 4,456.7 (Rainbow Robotics), and P/B from 5.6 (Doosan Enerbility) to 57.1 (Rainbow Robotics). VM's P/B of 5.8 is within the low end of that range, and its P/E is below all of them. These peers differ greatly in size and profile, so comparisons are rough.

The valuation model produced no fair value estimate (fair_value_model is null), so there is no model estimate per share to compare with the ₩62,100 price.

Catalysts

  • The half-year report for June 2026 was filed on 2026-08-13 and shows trailing revenue of ₩248.5B.
  • An interim dividend ex-date fell on 2026-09-28, following a record-date decision filed on 2026-09-08.
  • A 5%+ holding report was filed on 2026-10-02, following earlier ones on 2026-08-05 and 2026-07-16, which points to changes in major shareholdings.
  • Several insider shareholding reports were filed in July and September 2026, though the data does not show the direction or size of the changes.

Risks

  • Earnings have been very cyclical, with operating margin ranging from -42.2% to 30.3% over five years.
  • The share price is highly volatile, with a 52-week range of ₩19,400 to ₩122,100 and a 35.6% fall over three months.
  • The current P/B of 5.8 is above the 4.1 at the end of 2025, so the market is pricing in continued high returns.
  • Investor flows, foreign ownership, short balance and news data are not available, which limits visibility on sentiment.
  • No model fair value estimate could be worked out, so there is no model benchmark for the price.

Closing view

The filed numbers show a company that has gone from losses to a trailing operating margin of 27.6%, with low leverage and ₩189.6B in cash. Against that, the five-year record shows sharp reversals, and the share price has moved widely. With no model estimate and limited flow and news data, the evidence shows a strong but unproven recovery, and whether it lasts cannot be determined from this data.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)VM: Sharp Earnings Recovery and a Volatile Share Price, With No Model Estimate Available

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information