Cosmax BTI코스맥스비티아이

Cosmax BTI is a Korean holding company whose TTM profit has risen sharply, but its balance sheet carries heavy borrowings.

Cosmax BTI oversees 14 subsidiaries in the Cosmax group, focused on health functional food manufacturing through ODM, plus procurement, export agency and mask pack work. Trailing twelve-month results to H1 2026 show revenue of ₩771B, operating income of ₩43B and net income of ₩64B, well above 2025 levels. Borrowings of ₩560B against liabilities-to-equity of 204.4% stand out, and the shares are about 15% lower over one month but up 49% over one year.

What stands out

• TTM revenue is ₩771B and net income is ₩64B, compared with ₩645B revenue and ₩29B net income in 2025.
• Operating margin improved from 4.2% in 2025 to 5.6% on a TTM basis, and ROE is 22.2%.
• Borrowings are ₩560B against cash of ₩76B, and liabilities are 204.4% of equity.
• Valuation metrics are low: P/E 3.3, P/B 0.7, dividend yield 3.5%, and the fair value model's base case is ₩54,419 against a ₩22,200 close.
• Recent filings are mostly subsidiary loan decisions, debt guarantees and collateral provisions, plus a holding-company subsidiary inclusion and a change of representative executive officer.

What to watch

• Whether the subsidiary debt guarantees, collateral and short-term borrowing increases in the filings raise group leverage further.
• The next periodic results and whether the TTM margin and profit gains hold.
• The data contains no news headlines and no analyst coverage, so the reasons for the one-month share price drop are not explained here.