CS Bearing씨에스베어링

CS Bearing is profitable again on a trailing basis after losses in 2021–2023, but its share price has fallen about 46% over the past year.

CS Bearing makes large slewing bearings for wind turbines, mainly from a Vietnam subsidiary, and sells largely to global turbine makers on an order basis. Trailing twelve-month revenue is about ₩132.5B with net income of about ₩13.8B to H1 2026, and the company's market value is about ₩104.9B at ₩3,845. The data includes no news headlines, so recent developments rest on filing titles alone.

What stands out

• Results have recovered sharply: operating income moved from a loss of ₩8.8B in 2022 to ₩11.1B in 2025, with trailing operating margin at 9.3%.
• Revenue reached ₩126.1B in 2025, up 19.7% on the prior year, after a 48.7% fall in 2022.
• Balance sheet carries ₩16.7B of borrowings against ₩18.5B of cash, with liabilities at 52% of equity.
• Trailing free cash flow is only about ₩0.2B, so reported profit is not yet translating into much spare cash.
• Valuation is low on trailing numbers (P/E 7.6, P/B 0.9), but the fair value model's base case of ₩68 sits far below the share price, and the bull case is ₩3,310, so the model output is not a reliable guide here.

What to watch

• Recent filings include several debt guarantees for other parties and a loan extension, so the size and terms of these obligations are worth checking in the filings.
• The half-year report (Aug 2026) and the next quarterly results will show whether margins hold up after the 2025 recovery.
• Foreign ownership fell from 3.2% to 2.3% over 60 days, and 20-day retail flows were net negative, while the data gives no reasons for these moves.