KBI Dongkook IND케이비아이동국실업

KBI Dongkook shows a return to thin profitability on higher trailing revenue, but its shares have fallen sharply and leverage is high.

The company supplies plastic interior and exterior automotive parts, mainly to Hyundai Motor, Kia and Hyundai Mobis. Trailing twelve-month revenue to H1 2026 was ₩844B with a 2.2% operating margin and ₩47B net income, though free cash flow was negative at about -₩10B. The share price is ₩1,925, down 17% over one year, with liabilities at 224% of equity.

What stands out

• Full-year 2025 revenue rose 20.9% to ₩808B and operating income was ₩18.6B, after a loss-making 2024 operating result.
• Trailing net income of ₩47B is well above operating income of ₩18B, and the data does not explain the gap.
• Borrowings of ₩85B against cash of ₩30B, with liabilities at 224% of equity, indicate a heavily leveraged balance sheet.
• Shares have fallen 13.7% over one month and trade near the bottom of the 52-week range, with the 52-week high at about ₩4,820.
• Foreign ownership dropped from 1.1% to 0.4% over 60 days, and the data shows net foreign selling over the last 20 days.
• Recent filings include a debt guarantee decision for another party in September 2026 and a property, plant and equipment acquisition in October 2026.

What to watch

• The next half-year or quarterly results, to see whether operating margin holds near 2% and free cash flow turns positive.
• Further debt guarantee decisions for other parties, which add to the company's contingent obligations.
• Concentration on a few customers, mainly Hyundai Motor and Kia; the data does not include detail on order volumes or contract terms.