JMT제이엠티

JMT's trailing profits are well above its 2025 level, but the share price has fallen over the past year and the market values it at a very low multiple.

JMT is a Korean electronics manufacturing services company with smaller side businesses in printing, detergent OEM and automotive interior parts. For the twelve months to H1 2026 it reported revenue of about ₩244.2B, operating income of ₩18.4B and net income of ₩20.3B, all above its 2025 full-year figures. The shares closed at ₩2,490 on 2026-10-20, down 12.6% over one year, and sit well below the 52-week high of ₩4,275.

What stands out

• Trailing revenue is ₩244.2B against ₩200.2B for 2025, and operating margin is 7.5% on a trailing basis versus 6.6% for 2025.
• Net income of ₩20.3B exceeds operating income, which the filings do not explain in the data provided.
• Cash of ₩18.4B is larger than borrowings of ₩4.0B, and trailing free cash flow is ₩15.8B.
• The valuation is very low at about 2.1 times earnings and 0.3 times book, and the DCF model's base value is ₩18,182, bear ₩8,857 and bull ₩34,074, though these are model outputs rather than forecasts.
• Foreign ownership is 5.2%, little changed over 60 days, and short-selling balance is 0%; retail investors were net sellers over the last 20 days.

What to watch

• The next quarterly and annual filings, to see whether the trailing profit improvement holds and whether net income keeps running above operating income.
• The dividend: a cash dividend decision was filed and later amended, and the trailing dividend yield is 2.4%, but the data does not give the amount or payout schedule.
• Customer concentration and currency or sector risks in EMS, which the data does not quantify; the news list for the period was empty.