Daelim Bath대림바스

Daelim Bath's profits have recovered strongly from 2023 losses, but the shares remain well below their 52-week high.

Daelim Bath, a Seoul-based maker of bathroom building materials, reported trailing twelve-month revenue of ₩305B and operating income of ₩22B to H1 2026, a clear step up from its 2023 loss. The share price of ₩4,105 is down 5.3% over one year and sits well below its 52-week high of ₩6,450. The data includes no news headlines, so the picture rests on filings and financial figures.

What stands out

• Operating margin rose from 0.6% in 2022 to 6.2% in 2025, and trailing operating margin is 7.3%.
• Trailing net income is ₩16B, with ROE of 9.9%, compared with a net loss of ₩4.6B in 2023.
• Borrowings are ₩63B against cash of ₩12B, and liabilities are 89.1% of equity.
• Trailing free cash flow is about ₩19B, which is above trailing net income.
• Valuation metrics are low: P/E 4.2 and P/B 0.4, against peer P/E ranging from 9.4 to 28.7, but the fair value model's base case of ₩7,679 is well above the current price while its bear case is zero.
• Foreign ownership fell slightly from 2.3% to 2.1% over 60 days, and no dividend yield is listed.

What to watch

• The full-year 2026 results and the next quarterly report, to see whether margins hold above the 2025 level.
• The 5%+ holding report filed on 2026-10-13, whose details are not in the data provided.
• Debt levels against cash, given the ₩63B of borrowings and the liabilities-to-equity ratio of 89.1%.