PIM Korea한국피아이엠

PIM Korea's share price has swung sharply, but its trailing profit is thin and its valuation is very high relative to earnings.

PIM Korea makes small precision metal parts for cars, dental implants and wearables, and is developing parts for newer areas such as camera modules, EV brakes and humanoid robots. For the twelve months to H1 2026 it reported revenue of ₩38.2B...

What stands out

• Trailing revenue is about ₩38.2B with operating income of only ₩0.24B, an operating margin of 0.6%, while net income of ₩2.2B is well above operating income, so the profit figure depends on items outside core operations.
• Full-year 2025 showed a small net loss of about ₩0.05B on ₩36.9B revenue, with operating income of ₩1.5B.
• Valuation is high: P/E about 113.8, P/B about 4.2 and P/S about 6.5, compared with peers in the data that trade at lower P/B (0.4 to 0.9 for most) and mostly single-digit to low-double-digit P/E.
• Trailing free cash flow is negative at about -₩5.4B, and borrowings of ₩29.2B exceed cash of ₩14.2B; liabilities are 65.8% of equity.
• Shares closed at ₩40,900, down 26.7% over one month and 22.1% over three months, but up 63.6% over one year and far above the 52-week low of ₩22,150; the stock is still well below its 52-week high of ₩178,400.
• Foreign ownership fell from 4.0% to 1.9% over about 60 days, while institutions and foreign investors were net sellers over the last 20 days and retail investors were net buyers.

What to watch

• The next periodic filing with full-year or quarterly results, to see whether operating profit improves on the thin H1 2026 base.
• Progress of the convertible bond issued in July 2026 (filings show a decision, an amendment and an issuance result), including any dilution effect, which the data does not quantify.
• Further 5%+ holding reports, which have appeared several times in 2026; the data does not say what drove these changes.