KOSDAQChemicals340440

Serim B&G

₩756 0.00%2026-10-02 close

Market Cap

₩21.5B

Turnover

₩0

Volume

0 shares

Shares out.

28.4M

PER

8.2×

PBR

0.6×

EPS

₩95

Dividend Yield

6.39%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close

Report overview

Anti-Plastic Policy Tailwind Meets Listing Risk

Serim B&G is at a transition point where margin pressure in its core food-packaging business coincides with a new robotics venture and anti-plastic policy momentum.

1
2025 consolidated revenue fell to KRW 47.99bn from KRW 55.42bn, and the operating margin dropped sharply from 5.6% to 1.9%.
2
After an operating loss in Q4 2025, the company posted two consecutive quarters of operating profit in Q1 and Q2 2026, signaling a rebound.
3
In March 2025 the company launched its 'Serim Robotics' unit to distribute Pudu Robotics products domestically, seeking a new growth driver.
4
The government's extension of the eco-label (EL724) certification and its anti-plastic policy stance are creating a favorable backdrop for the biodegradable materials business.
5
Failure to meet KOSDAQ's minimum market-cap and low-price-share requirements has raised the risk of being designated an administrative issue.

Business structure

Serim B&G was founded in 2003 and listed on KOSDAQ in 2021 via a SPAC merger, and it now operates three business segments: vacuum-forming, eco-friendly materials, and robotics.

The vacuum-forming segment produces food-grade plastic containers and trays made from PET, PP, PS, and PLA, benefiting from demand growth in convenience foods and online food retail.

The eco-friendly segment uses PBAT and PLA-based biodegradable resin to manufacture shopping bags, pharmacy bags, and agricultural mulching film, and the company has developed its own compounding resin recipes derived from natural sources such as corn starch.

Serim B&G reportedly entered the biodegradable materials market early and has recorded more than KRW 10 billion in related annual revenue for four consecutive years.

Its newest robotics unit distributes industrial cleaning, logistics, and serving robots from China's Pudu Robotics in Korea, leveraging its existing sales network to expand pilot deployments at logistics centers, large retailers, Incheon Airport, and equipment-and-materials manufacturers.

Management has set a mid- to long-term target of scaling revenue to the KRW 200-300 billion range through the robotics venture. Vacuum-forming reportedly accounts for the majority of total revenue, while the eco-friendly segment, though smaller, is subject to greater swings tied to policy shifts. The company is headquartered in Pyeongtaek, Gyeonggi Province, and its largest shareholder serves as CEO.

Earnings trend

Quarterly revenue · Operating profit

₩11.7B₩21,599,82825Q2₩13.6B₩800M25Q3₩10.5B-₩73,608,04825Q4₩13.1B₩400M26Q1₩12.3B₩400M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩52.5B₩2.7B2022₩58.2B₩4.3B2023₩55.4B₩3.1B2024₩48B₩900M2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩11.7B	₩21,599,828	0.2%
2025Q3	₩13.6B	₩800M	5.8%
2025Q4	₩10.5B	-₩73,608,048	−0.7%
2026Q1	₩13.1B	₩400M	2.9%
2026Q2	₩12.3B	₩400M	3.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩52.5B	₩2.7B	₩2.2B	5.1%	7.5%	56.7%
2023	₩58.2B	₩4.3B	₩3.8B	7.4%	11.5%	47.0%
2024	₩55.4B	₩3.1B	₩2.3B	5.6%	6.8%	40.2%
2025	₩48B	₩900M	₩1.9B	1.9%	5.2%	42.6%

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

Earnings analysis

On a consolidated basis, Serim B&G's revenue peaked at KRW 58.25bn in 2023 after rising from KRW 52.53bn in 2022, then declined for three straight years to KRW 55.42bn in 2024 and KRW 47.99bn in 2025.

The operating margin also fell sharply, from 7.4% in 2023 to 5.6% in 2024 and 1.9% in 2025, with 2025 operating profit of KRW 913.7 million and owner net income of KRW 1.87 billion.

On a quarterly basis, Q2 2025 revenue of KRW 11.67bn generated only KRW 21.6 million in operating profit, essentially break-even, before improving to KRW 13.58bn in revenue and KRW 782.7 million in operating profit (about 5.8% margin) in Q3 2025.

Q4 2025, however, saw revenue drop to KRW 10.52bn with an operating loss of KRW 73.6 million, dragging down the full-year result. Entering 2026, the company posted two consecutive quarters of operating profit—KRW 379.9 million on KRW 13.06bn revenue in Q1 and KRW 392.8 million on KRW 12.34bn revenue in Q2.

Owner net income was KRW 438.8 million in Q1 2026 and KRW 730.0 million in Q2 2026, showing relatively steadier trends than operating profit, likely reflecting non-operating items.

Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative owner net income totaled roughly KRW 2.70 billion, suggesting a gradual earnings recovery once the one-off Q4 2025 weakness is excluded.

On the cash-flow side, operating cash flow fell to KRW 1.24 billion in 2025 from KRW 5.89 billion in 2024 and KRW 6.49 billion in 2023, indicating that cash generation weakened alongside the profit contraction.

Industry analysis

The food-packaging container market continues to see moderate demand growth on the back of expanding convenience food and online food retail, though tightening environmental regulations and the rise of alternative packaging materials are cited as constraints on plastic vacuum-forming product growth.

The biodegradable materials market appears poised for renewed demand recovery as the government's eco-label (EL724) certification system has been extended through 2028.

In particular, the new administration has emphasized 'anti-plastic' policy as a core pledge, with expectations that policy support will concentrate on biodegradable plastics rather than plant-derived materials.

The industrial service robot market is growing amid rising labor costs and labor supply imbalances driving automation demand, and Pudu Robotics, whose products Serim B&G distributes, is reported to hold a leading share of the global commercial service robot market.

However, Serim B&G's robotics revenue still represents a small portion of total sales, indicating an early-stage market entry.

Within the KOSDAQ chemicals and container-packaging sector, Serim B&G is a relatively small-cap name, and amid a broader tightening of KOSDAQ's minimum market-cap listing requirement (raised from KRW 4 billion in January 2026 to KRW 20 billion in July 2026) that has pushed numerous small-caps toward administrative-issue designation, listing-maintenance concerns have come to the fore separately from competitive dynamics within the sector.

Outlook

Management has set a mid- to long-term target of expanding revenue to the KRW 200-300 billion range through its robotics business, and has indicated it is considering expanded robot sales, a more diversified product portfolio, and potential M&A to grow the segment.

In the eco-friendly segment, the company has completed development of biodegradable agricultural mulching film and seedling pots, is pursuing commercialization through pilot and demonstration projects, and plans to expand exports targeting large seed and flower companies in the United States, Japan, and Australia.

If the government's extension of the eco-label (EL724) certification and its anti-plastic policy stance continue, policy support for biodegradable material demand is expected to persist.

The robotics segment, which generated its first revenue in Q2 2025, continued to expand through Q3, with adoption expanding to Incheon Airport and equipment-and-materials manufacturers.

However, the specific pace and scale of these expansion plans will need to be confirmed progressively through future quarterly disclosures and business reports.

Whether the company meets KOSDAQ's tightened listing-maintenance requirements on market capitalization and share price is a separate variable that will require ongoing monitoring alongside business developments.

Valuation

PER

8.2×

PBR

0.6×

ROE

7.5%

EPS

₩95

BPS

₩1,319

Dividend per share

₩50

Serim B&G appears to have entered a recovery phase after several years of shrinking profit, sustaining operating profit in the first half of 2026.

Its share price relative to net assets tends to trade toward the lower end of its historical range, which may reflect recent earnings softness and KOSDAQ listing-maintenance concerns.

Price multiples relative to earnings warrant caution given significant year-to-year profit volatility, and multiples based on trailing four-quarter earnings can differ from those based on a single fiscal year's earnings.

On shareholder returns, the company has a history of paying cash dividends, though continuation of that policy going forward has not been confirmed.

Assessing valuation requires weighing the pace of core-business margin recovery, the growing revenue contribution from the robotics business, and whether KOSDAQ listing-maintenance requirements continue to be met.

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

Bull factors

Anti-Plastic Policy and Certification Extension Tailwind

The government's emphasis on 'anti-plastic' policy as a core pledge and its extension of the eco-label (EL724) certification through 2028 are expected to sustain policy support for biodegradable material demand.

Serim B&G entered the biodegradable plastics market early and is reported to have generated over KRW 10 billion in related revenue for four consecutive years, positioning it as a potential beneficiary. Some observers expect policy support to concentrate specifically on biodegradable plastics.

Early Revenue Growth in the New Robotics Business

Since expanding its business scope to include robot cleaner sales in March 2025, the company generated its first revenue in Q2 and continued to expand results through Q3.

Adoption has broadened to Incheon Airport and equipment-and-materials manufacturers, and management has expressed expectations for further expansion based on sales momentum leveraging its existing network. That said, the segment's contribution to total revenue remains small.

Sustained Operating Profit Since Early 2026

After posting an operating loss in Q4 2025, the company maintained operating profit in both Q1 and Q2 2026, suggesting it may have passed a trough. Net income also improved, with owner net income reaching KRW 730 million in Q2. However, it may be premature to conclude a definitive trend reversal from just two quarters of data.

Bear factors

Three Straight Years of Revenue Decline and Margin Pressure

Consolidated revenue declined for three consecutive years, from KRW 58.25bn in 2023 to KRW 55.42bn in 2024 and KRW 47.99bn in 2025. The operating margin also fell sharply over the same period, from 7.4% to 5.6% to 1.9%. Declining vacuum-forming product sales and rising cost burdens have been cited as the main drivers.

Risk of Failing KOSDAQ Market-Cap and Share-Price Listing Requirements

KOSDAQ's minimum market-cap listing requirement was raised to KRW 20 billion effective July 2026, and Serim B&G's closing price reportedly stayed below KRW 1,000 for many consecutive trading days, approaching the low-price-share designation threshold.

Its market cap has also been close to the minimum line, leaving the possibility of administrative-issue designation if the share price falls further. Such a designation could negatively affect investor confidence and liquidity.

Early-Stage Uncertainty in the Robotics Business

Robotics revenue still accounts for a small share of total sales, indicating the business remains at an early stage.

Because the company distributes products from China's Pudu Robotics rather than developing its own hardware, it is exposed to supplier dependence and external variables such as exchange rates and tariffs. If competition in the industrial robot market intensifies, achieving profitability could take longer than expected.

Risk factors

Listing Maintenance Risk

Reports indicate that a tightened KOSDAQ market-cap listing requirement and a newly introduced low-price-share designation rule have put numerous small-cap stocks, including Serim B&G, at risk of administrative-issue designation.

Failure to meet these requirements could lead to administrative-issue status and potentially delisting procedures. This represents an institutional risk that operates independently of share price and earnings fundamentals.

Core Business Profitability Risk

Declining vacuum-forming product sales and rising cost burdens were cited as the main factors behind the sharp drop in 2025 operating margin. Tightening environmental regulations and the rise of alternative packaging materials act as structural constraints on the vacuum-forming business's growth. Raw material price volatility is also a variable that could affect margins.

New Business Execution Risk

The robotics business remains in an early stage with a low revenue share, and it is uncertain whether the large-scale revenue expansion targets set by management will materialize. The biodegradable materials business's outcomes could also vary depending on the pace of overseas certification and export expansion plans. Increased investment in new businesses could also weigh on near-term profitability.

What to watch next

September-October 2026
Investors should monitor KRX disclosures on whether the company meets the market-cap and low-price-share requirements, given recent reports that its market cap and closing price were close to the threshold.
Around November 2026 (Q3 report filing)
Check whether Q3 2026 results extend the operating-profit streak to three consecutive quarters and whether the robotics segment's revenue contribution continues to expand.
Second half of 2026
Track progress and related disclosures on export expansion plans for biodegradable mulching film and seedling pots to the United States, Japan, and Australia.
Upon announcement of follow-up measures to the government's anti-plastic roadmap
Assess how any additional policy or regulatory changes beyond the EL724 eco-label certification affect demand for biodegradable materials.

Overall view

Serim B&G has seen three straight years of revenue and margin contraction in its core food-packaging business, but showed signs of recovery with two consecutive quarters of operating profit in the first half of 2026.

At the same time, its new robotics venture has begun generating early revenue, adding a growth narrative, though its contribution to total sales remains small.

The government's anti-plastic policy stance and extension of the eco-label certification appear to provide a favorable backdrop for the eco-friendly materials business, though the pace of policy implementation should be watched.

Meanwhile, KOSDAQ's tightened market-cap and low-price-share listing requirements have brought administrative-issue designation risk into focus, an institutional risk separate from earnings fundamentals.

Investment judgment should weigh the durability of core-margin recovery, the growing revenue contribution from robotics, and whether listing-maintenance requirements continue to be satisfied. This report is for informational purposes and does not constitute a buy or sell recommendation.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.