PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩140 per share · Prices as of the 2026-10-02 close
Mobase operates three businesses—mobile phone parts, automotive electronics, and sewing/embroidery machines—and while 2025 revenue rose, operating profit and net income declined, with recent quarters swinging between losses and profits.
Consolidated 2025 revenue grew year over year, but operating margin fell from 4.1% to 3.0%.
Owner net income swung from a loss of KRW 3.48bn in 2025Q2 to KRW 13.19bn in 2026Q1, then eased to KRW 5.62bn in 2026Q2.
In March 2026 the company disclosed a corporate value-up plan featuring treasury share retirement in 2026-2027 and a stabilized dividend policy.
Mobile phone parts face growth stagnation amid market maturity, while automotive electronics benefit from rising demand for electrification and electronic components.
Upgrading ERP systems at Vietnam and India subsidiaries was presented as a key task for improving profitability at overseas production bases.
Mobase was established in 1999 for mold manufacturing and sales, listed on KOSDAQ in 2010, and expanded into automotive electronics in 2019 by acquiring automotive electronics maker Mobase Electronics Co.
The company currently operates three business portfolios—mobile phone parts, automotive parts, and sewing/embroidery machines—through 24 consolidated subsidiaries.
The mobile phone parts business counts Samsung Electronics as a key customer, focusing on building a low-cost, high-quality production system through new technology development and process automation.
The automotive parts business supplies electronic components such as smart key systems, body control modules (BCM), and wireless chargers to domestic and overseas automakers. The sewing/embroidery machine business is operated through subsidiary Mobase Sunstar Co.
Mobile phone parts are produced through Vietnam and India subsidiaries, while automotive parts are supplied mainly to Hyundai and Kia through Mobase Electronics.
As Samsung Electronics diversifies its smartphone production bases across Vietnam, India, and Indonesia, the operational efficiency of Mobase's overseas production sites directly affects business performance. In automotive electronics, the company competes with similarly structured suppliers such as Seoyon Electronics.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩339.9B | ₩8.4B | 2.5% |
| 2025Q3 | ₩321.6B | ₩15.9B | 4.9% |
| 2025Q4 | ₩359.5B | ₩9.2B | 2.5% |
| 2026Q1 | ₩331.1B | ₩10B | 3.0% |
| 2026Q2 | ₩332.8B | ₩8.4B | 2.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.3T | ₩70.6B | ₩18.8B | 5.3% | 6.3% | 143.6% |
| 2023 | ₩1.3T | ₩40.3B | ₩15.9B | 3.2% | 4.9% | 142.7% |
| 2024 | ₩1.3T | ₩53.3B | ₩27.9B | 4.1% | 8.1% | 141.9% |
| 2025 | ₩1.4T | ₩41.8B | ₩11.7B | 3.0% | 3.4% | 133.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue declined from KRW 1,326.9bn in 2022 to KRW 1,262.8bn in 2023, then recovered to KRW 1,301.7bn in 2024 and KRW 1,371.3bn in 2025. However, operating margin fell from 5.3% in 2022 to 3.2% in 2023, recovered to 4.1% in 2024, and declined again to 3.0% in 2025.
Owner net income showed a recovery trend from KRW 18.77bn in 2022 to KRW 15.89bn in 2023 and KRW 27.92bn in 2024, but fell back to KRW 11.65bn in 2025. The failure of profit to improve even as revenue grew reflects persistent cost pressure.
On a quarterly basis, owner net income posted a loss of KRW 3.48bn in 2025Q2, then despite lower revenue (KRW 321.6bn) in Q3, operating profit rose to KRW 15.92bn and net income turned positive at KRW 11.41bn. In Q4, revenue rose to KRW 359.5bn but net income shrank again to about KRW 0.29bn.
In 2026Q1, revenue reached KRW 331.1bn with operating profit of KRW 9.95bn and owner net income of KRW 13.19bn, showing improvement, but in 2026Q2 revenue was KRW 332.8bn with operating profit of KRW 8.35bn and net income of KRW 5.62bn, easing again.
The pattern across the last five quarters shows significant profit volatility relative to revenue, with recurring swings between losses and profits.
The automotive electronics industry is directly affected by finished vehicle production volumes, and a structural shift is underway in which demand for internal combustion engine parts declines with the EV transition while demand for high-value-added electronics and electrification-related parts rises.
The global automotive parts market is projected to reach approximately USD 1.8533 trillion in 2026, with technology and software capabilities emerging as key competitive factors.
The automotive parts market is expected to grow at an average annual rate of about 4.1% through 2035, with the adoption of electronic architectures accelerating amid the transition to software-defined vehicles (SDV).
The smartphone parts market, where the mobile phone parts business operates, has already entered a mature stage, and key customer Samsung Electronics continues to diversify its production bases across Vietnam, India, and Indonesia.
This diversification of production bases is directly tied to Mobase's overseas subsidiary operating strategy, meaning the cost structure and production efficiency at each site significantly affect earnings.
In automotive electronics, companies with similar business structures such as Seoyon Electronics are competitors, and cost-reduction pressure from automakers weighs on profitability across the supply chain.
In March 2026, Mobase disclosed a corporate value-up plan stating it would pursue shareholder value enhancement through reasonable use of treasury shares and stable dividend policy operation.
The company carried out the cash dividend confirmed at its 2025 fiscal year annual general meeting along with treasury share acquisition, and explained that from 2026 to 2027 it plans to retire part of its treasury shares while also using some for employee compensation purposes.
The company stated it qualifies as a high-dividend company under Article 104-27 of the Restriction of Special Taxation Act.
Regarding global production bases, the company presented plans to upgrade SAP ERP systems at its Vietnam and India subsidiaries to enhance real-time financial management and inventory efficiency, aiming to structurally curb unnecessary costs and improve profitability.
On governance, the company outlined plans to strengthen decision-making transparency and internal controls through a board structure centered on newly appointed independent directors. 2026 marks the first year mandatory treasury share retirement takes effect under Korea's revised Commercial Act, with numerous listed companies submitting treasury share holding/disposal plans to shareholder meetings, meaning the timing and scale of Mobase's future retirement could be further specified within this regulatory trend.
Mobase's stock tends to trade at a relatively low multiple relative to net asset value, meaning the value the market assigns is comparatively small relative to the size of shareholders' equity.
Looking at recent quarterly trends, profit has repeatedly swung between periods of turning from loss to profit and then contracting again, suggesting the direction of earnings has not yet settled into a stable pattern.
The company has stated it qualifies for high-dividend company treatment and has expressed intent to operate a stable dividend policy, and if the planned 2026-2027 treasury share retirement is executed, the reduction in shares outstanding could affect per-share metrics.
However, the actual timing and scale of this plan's implementation remain to be specified and require confirmation. Assessment of the current level relative to past trading bands is an area where individual investors may reach different conclusions.
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 2026-08-23
Owner net income, which posted a loss in 2025Q2, showed a recovery trend to KRW 11.4bn in Q3 and KRW 13.2bn in 2026Q1. Some quarters saw improved operating margins even at similar revenue levels, suggesting cost structure improvement efforts are partially reflected. However, profit eased again in 2026Q2, showing the trend has not been consistent.
The March 2026 corporate value-up plan presented a policy of treasury share retirement and dividend policy stabilization. The company stated it qualifies as a high-dividend company and explained plans to retire part of its treasury shares in 2026-2027.
This policy could become more concrete alongside the implementation of mandatory treasury share retirement under Korea's revised Commercial Act.
The automotive electronics industry is undergoing structural change with rising demand for high-value-added electronics and electrification-related parts amid the EV transition.
The global automotive parts market is projected to grow at an average annual rate of about 4.1% through 2035, with adoption of electronic architectures accelerating under the SDV transition.
Mobase's automotive parts business, which supplies smart keys, BCMs, and wireless chargers through Mobase Electronics, is within reach of this trend.
While 2025 revenue grew year over year, operating margin fell from 4.1% to 3.0%, and owner net income declined from KRW 27.9bn to KRW 11.7bn. This reflects continued cost-reduction pressure, with a recurring pattern where revenue growth does not directly translate into improved profitability.
The smartphone parts market, where the mobile phone parts business operates, has already entered a mature stage, and the structure of offsetting market-maturity-driven revenue declines through cost cuts continues.
The production base diversification strategy of key customer Samsung Electronics is also a variable that could affect volume allocation for this business.
Over the past five quarters, owner net income has fluctuated widely, swinging from a loss of KRW 3.48bn to a peak profit of KRW 13.19bn. Despite revenue levels not differing greatly, the wide profit variance means future earnings predictability remains relatively low.
Mobile phone parts depend heavily on Samsung Electronics' smartphone sales volume and production base allocation, while automotive parts are heavily influenced by automakers' production volumes. Fluctuations in vehicle production or adjustments in major customer order volumes could directly affect earnings.
The automotive parts business continues to face difficulty maintaining profitability due to cost-reduction pressure. Given the significant weight of overseas production subsidiaries in Vietnam and India, exchange rate fluctuations and rising local labor costs could affect the cost structure.
The 2026-2027 treasury share retirement and dividend policy stabilization plan is only a disclosed policy stance, with the specific timing and scale of retirement not yet finalized.
Given this is the early implementation phase of Korea's mandatory treasury share retirement system, the plan could be adjusted during actual execution.
Expected timing for the 2026Q3 earnings disclosure, when it will be necessary to check whether the recent quarterly profit volatility pattern continues or stabilizes.
It will be necessary to check the progress of the SAP ERP upgrade at the Vietnam and India subsidiaries and whether the resulting cost savings are actually reflected.
It will be necessary to confirm whether an actual board resolution and disclosure for the planned 2026-2027 treasury share retirement takes place.
This will be the point to check the actual implementation of the dividend policy stabilization stance and whether a treasury share holding/disposal plan approval agenda is put forward.
Mobase is a KOSDAQ-listed company operating three businesses—mobile phone parts, automotive electronics, and sewing/embroidery machines. While 2025 revenue grew year over year, both operating margin and owner net income declined, showing a divergence between revenue growth and profitability improvement.
Over the past five quarters, owner net income showed significant volatility, swinging between losses and profits, and it is difficult to say a stable earnings trend has yet taken hold.
In March 2026, the company presented a corporate value-up plan featuring treasury share retirement and dividend policy stabilization, and stated it qualifies as a high-dividend company, though the specific timing and scale of execution remain to be confirmed.
On the industry side, growth from rising demand for automotive electronics and electrification parts coexists with stagnation factors from the maturing mobile phone parts market.
Cost-reduction pressure, currency and labor cost risks at overseas production subsidiaries, and uncertainty over the execution of the shareholder return plan are variables that warrant continued monitoring.
Before making investment decisions, checking the upcoming earnings release and follow-up disclosures related to treasury share retirement could be a useful approach.
Report written 2026-09-05 · Data as of 2026-09-04
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