GMB Korea지엠비코리아

GMB Korea is profitable on a trailing basis but thin-margined, highly indebted, and its shares trade near the bottom of their 52-week range.

GMB Korea makes automotive parts such as transmission, engine and chassis components, plus electric water pumps, mainly for Hyundai Motor, Kia and other large carmakers. For the twelve months to H1 2026 it reported revenue of about ₩824B, operating income of about ₩26B and net income of about ₩21B, with liabilities at 127.6% of equity and borrowings of about ₩209B. The shares closed at ₩3,665 on 2026-10-20, down 6.7% over one year and well below the 52-week high of ₩7,140.

What stands out

• Revenue has grown each year since 2021, from about ₩531B to about ₩824B on a trailing basis, but operating margin has stayed around 3%.
• Trailing net income of about ₩21B is above 2025 net income of about ₩15B, while 2025 net income was lower than 2024.
• Valuation metrics are low, with a P/E of 3.3, P/B of 0.2 and a dividend yield of 6.8%, but the data includes a DCF fair value of ₩4,804 that is far below the current price and a bull case of ₩59,318, so the range is very wide.
• Borrowings of about ₩209B far exceed cash of about ₩23B, and debt is a significant feature of the balance sheet.
• Foreign ownership eased slightly to 56% from 56.4% over 60 days, and 20-day foreign flows were net selling of about ₩0.2B, while retail was net buying of about ₩162M.

What to watch

• The next half-year or annual results and whether operating margin improves beyond roughly 3%.
• Further filings on largest shareholder holdings and insider shareholding changes, which appeared frequently in recent months.
• Debt levels and cash generation, since borrowings are large relative to cash and the data gives no details on refinancing terms.
• The data contains no recent news headlines, so the reasons behind recent share price moves are not described.