PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩10 per share · Prices as of the 2026-10-02 close
Seoam Machinery Industry swung to an operating profit and posted a sharp rise in net income in 2025, but revenue has oscillated in the KRW 40-50 billion range while the company diversifies through a Japanese mold-parts acquisition.
2025 consolidated revenue reached KRW 46.5 billion with operating profit of KRW 442 million, swinging from a prior-year loss, while net income rose sharply year over year
In June 2025 the company acquired a 90% stake in Japanese die-casting mold maker Suzuki Seiki for about KRW 7.6 billion, expanding its portfolio into mold manufacturing
Quarterly results have been volatile, with an operating loss recurring in Q1 2026 before rebounding to an operating profit of about KRW 963 million in Q2 2026
The company belongs to the Hwacheon Group centered on Hwacheon Machinery, supplying power-transmission parts such as gears, chucks & cylinders, and Curvic couplings to machine tool, shipbuilding, and wind power customers
Some information providers cite the Czech Dukovany nuclear and SMR projects as a potential positive factor, though the company has not yet disclosed concrete orders or revenue contribution from this theme
Seoam Machinery Industry is a member of the Hwacheon Group, controlled by major shareholder Hwacheon Machinery, alongside affiliates Hwacheon Machine Tool and Hwacheon Machinery.
Its core products are gears, chucks & cylinders, and Curvic couplings, supplying power-transmission parts widely used in machine tools, ship engines, air compressors, wind turbines, reducers, and railway vehicles.
The company's flagship gear segment is regarded as technologically strong, while the chuck & cylinder segment maintains a stable demand base.
It also has an intra-group relationship in which it performs casting work for parts supplied to Hwacheon Machine Tool and delivers certain components to both Hwacheon Machine Tool and Hwacheon Machinery, though affiliate transactions do not account for a large share of total revenue.
In June 2025 the company acquired a 90% stake in Japanese die-casting mold parts maker Suzuki Seiki and its affiliate Suzuki Seiki Busan for roughly KRW 7.6 billion, bringing them in as subsidiaries and adding a new mold-manufacturing business to diversify its portfolio.
The acquisition represented roughly 10% of total assets and about 12% of equity, a fairly significant commitment for the company.
Competitively, its long operating history since its 1978 founding underpins accumulated technical know-how in gears and power-transmission parts domestically, but results remain closely tied to order cycles in downstream machine tool, shipbuilding, and wind power industries.
As a KOSDAQ-listed company with a relatively small market capitalization and limited liquidity, it is in the process of building a growth story that is more independent of its parent group.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.4B | ₩400M | 3.2% |
| 2025Q3 | — | — | — |
| 2025Q4 | ₩12.9B | ₩300M | 2.3% |
| 2026Q1 | ₩11B | -₩400M | −3.3% |
| 2026Q2 | ₩13.5B | ₩1B | 7.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩50.4B | ₩1.6B | ₩2.2B | 3.2% | 3.4% | 18.0% |
| 2023 | ₩45.8B | ₩600M | ₩1.9B | 1.3% | 2.9% | 15.4% |
| 2024 | ₩42.4B | -₩1.3B | ₩400M | −3.1% | 0.6% | 12.7% |
| 2025 | ₩46.5B | ₩44,269,957 | ₩1.2B | 0.1% | 1.8% | 21.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
On an annual basis, revenue declined for three consecutive years from KRW 50.4 billion in 2022 to KRW 45.8 billion in 2023 and KRW 42.4 billion in 2024, before rebounding to KRW 46.5 billion in 2025.
Operating profit remained positive at KRW 1.61 billion in 2022 and KRW 614 million in 2023, turned into an operating loss of KRW 1.29 billion in 2024, and swung back to a profit of KRW 442 million in 2025.
Net income attributable to owners fell sharply from KRW 2.18 billion in 2022 and KRW 1.93 billion in 2023 to KRW 396 million in 2024, then recovered to KRW 1.19 billion in 2025, marking a substantial rebound from the 2024 trough.
The operating margin fell from 3.2% in 2022 to -3.1% in 2024 before improving to roughly breakeven at 0.1% in 2025.
The quarterly pattern shows even greater volatility: revenue of KRW 11.44 billion and operating profit of KRW 368 million in Q2 2025, followed by revenue of KRW 12.85 billion, operating profit of KRW 290 million, and owners' net income of KRW 864 million in Q4 2025, before swinging back to an operating loss of KRW 369 million on revenue of KRW 11.04 billion in Q1 2026.
Q2 2026 then posted the strongest recent quarter, with revenue of KRW 13.47 billion, operating profit of KRW 963 million, and owners' net income of KRW 937 million, underscoring a recurring up-and-down earnings pattern.
This volatility likely reflects a mix of one-off costs and consolidation effects tied to the Suzuki Seiki integration along with the irregular timing of downstream orders.
It should be noted that the Q1 and Q2 2026 figures are the most recently disclosed results and have not yet gone through full annual audit confirmation.
Seoam Machinery Industry's downstream markets are diversified across machine tools, shipbuilding, air compressors, wind power, and railway vehicles, so it is not dependent on a single end market, though results are still influenced by capital-spending and order cycles in each industry.
Domestic machine tool demand tends to move in tandem with affiliates Hwacheon Machine Tool and Hwacheon Machinery, whose order conditions indirectly affect Seoam's parts orders.
Shipbuilding has seen a recovery in global orders and rising vessel prices in recent years, which could create a favorable backdrop for demand for marine gears and components.
On the nuclear front, the government's renewed push for new nuclear plants and small modular reactors (SMRs), together with high-profile order news such as the Czech Dukovany nuclear project, has broadened market attention toward nuclear and power-infrastructure related stocks.
However, this nuclear theme has largely centered on companies with direct nuclear equipment or EPC roles, such as Doosan Enerbility and KEPCO Engineering & Construction, and it is not clearly established through disclosures what specific role, if any, Seoam Machinery plays in this value chain.
The newly added Suzuki Seiki mold business belongs to a separate die-casting mold industry, which may follow a different supply-demand cycle than the existing gear and chuck & cylinder businesses.
As a small-cap KOSDAQ machinery parts stock with relatively low liquidity, price volatility tends to be driven more by individual news flow and supply-demand than by broad industry-cycle shifts.
No specific quantitative revenue or order guidance from the company itself has been confirmed, so the key watch point is whether the 2025 revenue growth and return to operating profit can be sustained into 2026 and beyond.
The Suzuki Seiki consolidation is believed to have begun materially affecting consolidated results from the second half of 2025, making it important to track how the mold business contributes to revenue and profitability once a full year of results is reflected.
Some financial information providers have noted that the Suzuki Seiki acquisition has broadened Seoam's portfolio, and that the Czech Dukovany nuclear project and SMR-related nuclear projects could serve as positive factors going forward, but it should be noted that this reflects market expectations rather than concrete contracts disclosed in the company's own filings.
Given the operating loss in Q1 2026 followed by improved results in Q2 2026, subsequent quarters will need to confirm whether this recovery is a one-off or a sustained trend.
A favorable order cycle in the company's core downstream industries of shipbuilding, wind power, and machine tools could support order stability in the gear and chuck & cylinder segments.
Conversely, a slowdown in machine tool demand at affiliates Hwacheon Machine Tool and Hwacheon Machinery, or additional costs arising from integrating the overseas Suzuki Seiki subsidiary, could reintroduce earnings volatility.
The price-to-book ratio appears to sit below 1x, indicating the stock trades at a discount to net asset value. The dividend yield, reflecting a modest per-share cash dividend, is assessed as running below the sector average.
Historical data show periods in recent years when the price-to-earnings multiple sat in a notably elevated band, illustrating how, for a small-cap with a modest profit base, the multiple can swing widely with changes in earnings.
On the earnings side, the shift from a loss in 2024 to a profit in 2025 and the recovery in net income are confirmed, but the recurrence of a quarterly loss since then suggests earnings stability has not yet fully taken hold.
Interpreting valuation metrics here requires weighing this earnings volatility together with the low liquidity typical of a small-cap stock.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
Operating profit swung from a loss in 2024 to a profit in 2025, and net income also rose sharply year over year. Revenue likewise broke a three-year decline and returned to growth. Whether this improvement continues into 2026 and beyond remains to be observed.
In June 2025 the company acquired a 90% stake in Japanese die-casting mold maker Suzuki Seiki, adding mold manufacturing as a new business line. This represents an attempt to move beyond a single-business structure centered on gears and chucks & cylinders, potentially diversifying revenue sources. However, it will take time for the new business to translate into a stable profit contribution.
Some financial information providers have cited the Czech Dukovany nuclear project and SMR-related issues as potential positive factors for Seoam Machinery.
Amid broadly heightened market attention toward domestic nuclear and power-infrastructure related stocks, there is room for thematic interest to flow into the name. However, this has not yet been confirmed through concrete company contracts or orders.
Annual revenue fell from KRW 50.4 billion in 2022 to KRW 42.4 billion in 2024 before recovering to KRW 46.5 billion in 2025, still below the 2022 level. Over four years, revenue has continued to oscillate within the KRW 40-50 billion range. A clear trajectory of top-line growth has not yet been established.
After returning to profit in Q4 2025, the company posted another operating loss in Q1 2026. Results improved again in Q2, but the pattern of alternating profit and loss quarters has recurred. This suggests earnings stability has not yet been sufficiently secured.
The Czech Dukovany nuclear and SMR project narrative has mainly centered on nuclear equipment and EPC companies such as Doosan Enerbility, and Seoam Machinery's specific role, if any, in this value chain has not been confirmed through disclosures. There may be a gap between thematic interest and actual revenue or order contribution.
The operating margin has swung from 3.2% in 2022 to -3.1% in 2024 and back to 0.1% in 2025, indicating the profit structure has not yet stabilized. Quarterly results have also alternated between profit and loss, making predictability relatively low. On a small revenue base, one-off costs or shifts in order timing can materially affect results.
Suzuki Seiki and Suzuki Seiki Busan are Japan-based entities, and the early integration phase could bring additional costs or risks related to currency fluctuations, accounting alignment, and local management oversight.
Since the acquisition represented roughly 12% of equity, any integration difficulties could have a relatively significant financial impact.
As a small-cap KOSDAQ machinery parts stock, trading volume and liquidity may be limited, which can amplify price volatility in response to thematic news or shifts in supply and demand. This can result in price movements that diverge from underlying business performance.
This is the expected disclosure window for Q3 2026 results, when it will be important to check whether the Q2 improvement continues and how the Suzuki Seiki segment's contribution is reflected.
This is the expected filing date for the fiscal 2026 annual business report (audited figures), when segment-level revenue details and Suzuki Seiki's first full-year contribution may be confirmed for the first time.
It will be important to continue monitoring whether the Czech Dukovany nuclear and SMR-related issues translate into actual contracts or orders for Seoam Machinery, and whether related disclosures are filed.
Additional quarterly results should be checked to confirm whether the pattern of a Q1 2026 loss followed by a Q2 recovery is repeating, or whether the company is settling into a stable profitable trend.
Seoam Machinery Industry showed clear improvement in 2025 with revenue growth, a swing to operating profit, and a recovery in net income, but quarterly earnings volatility remains high, as seen in the operating loss that recurred in Q1 2026.
As a member of the Hwacheon Group, the company has a stable business base supplying gears, chucks & cylinders, and Curvic couplings to diversified downstream industries including machine tools, shipbuilding, and wind power, and it further expanded its portfolio into mold manufacturing through the 2025 Suzuki Seiki acquisition.
Some financial information providers cite the Czech Dukovany nuclear and SMR projects as potential positive factors, but it should be noted that these remain at the level of market expectations rather than contracts confirmed through disclosures.
The price-to-book ratio appears to trade at a discount to net asset value, and the dividend yield runs below the sector average.
Going forward, the key variables for assessing the company's fundamentals will be Suzuki Seiki's earnings contribution, the stability of quarterly profits, and whether the nuclear-related theme materializes into concrete business. This report is intended for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.