PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Global SM Tech is expanding from its core electronics and automotive precision fastener business into secondary battery and robotics components, pursuing earnings recovery and diversification at the same time.
2025 consolidated revenue reached KRW122.7 billion with an operating margin of 6.4%, up from 4.5% in 2024, while net profit attributable to owners recovered from KRW0.5 billion to KRW5.9 billion.
In Q1 2026, operating profit was positive at KRW1.3 billion but owners' net profit swung to a loss of KRW-0.3 billion, before returning to a small profit of KRW0.4 billion in Q2, highlighting quarter-to-quarter volatility.
In July 2026 the company was selected as a first-tier supplier for a quadruped robot development project, with an initial order of about 6,000 sets and prototype delivery slated for October 2026.
EV-related sales are expanding, including Huawei smart-car-related revenue at the Dongguan subsidiary and Samsung SDI battery fastener supply from the Tianjin subsidiary.
Samsung was the largest customer, accounting for about 14% of 2025 revenue, while Asia and Europe together represented roughly 87% of total sales.
Global SM Tech is a pure holding company established in the Cayman Islands, and its subsidiaries and sub-subsidiaries located in China, Hong Kong, Vietnam, the Philippines, Malaysia, Spain, and Romania produce screws, shafts, springs and other fasteners used for assembling electronics and automobiles, which are supplied to IT electronics makers and auto parts manufacturers.
Its main customers include Korean firms such as Samsung and LG, Japanese firms such as Sony, Toshiba and Shimano, and European firms such as Autoliv and Phinia, with Samsung being the largest customer at roughly 14% of 2025 revenue.
Asia and Europe accounted for about 41% and 46% of sales respectively, together representing roughly 87% of the total.
Production bases are concentrated in Dongguan, Tianjin and Weihai in China, while the Spanish and Romanian subsidiaries apply over 40 years of cold-forging technology to serve the European automotive market.
The company was established in the Cayman Islands in 2008 as a pure holding company wholly owning four subsidiaries—SM(HK), SM(WH), SM(TJ) and SM(HZ)—and secured a Romanian foothold through the 2015 acquisition of Spain's Industrias Gol, with a Hanoi entity funded by the Vietnamese subsidiary added in 2025.
The fastener industry is closely tied to downstream industries but is relatively less sensitive to economic cycles. That said, a slowdown in China's domestic economy, rising labor costs, and the potential relocation of customers' production bases are cited as business risks.
More recently, the company's electronics-centric revenue base has been broadening to include automotive electrification, secondary battery, and robotics components.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩31.1B | ₩2.8B | 8.9% |
| 2025Q3 | ₩30.9B | ₩1.9B | 6.0% |
| 2025Q4 | ₩31.7B | ₩2.1B | 6.8% |
| 2026Q1 | ₩31.4B | ₩1.3B | 4.2% |
| 2026Q2 | ₩33.2B | ₩2.4B | 7.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩871.4B | ₩57.7B | ₩42.3B | 6.6% | 5.8% | 33.9% |
| 2023 | ₩812.3B | ₩26.4B | ₩15.8B | 3.3% | 2.1% | 27.6% |
| 2024 | ₩121.9B | ₩5.5B | ₩500M | 4.5% | 0.5% | 25.0% |
| 2025 | ₩122.7B | ₩7.9B | ₩5.9B | 6.4% | 5.1% | 21.2% |
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
Consolidated revenue fell from KRW871.4 billion in 2022 to KRW812.3 billion in 2023, then dropped sharply to KRW121.9 billion in 2024 before edging up to KRW122.7 billion in 2025, suggesting the revenue base has stabilized at the lower level.
Operating profit declined from KRW57.7 billion in 2022 to KRW26.4 billion in 2023 and KRW5.5 billion in 2024, then recovered to KRW7.9 billion in 2025, with the operating margin improving from 4.5% in 2024 to 6.4% in 2025.
Net profit attributable to owners was KRW42.3 billion in 2022 and KRW15.8 billion in 2023, fell to near breakeven at KRW0.5 billion in 2024, and recovered to KRW5.9 billion in 2025.
The sharp gap between the 2022-2023 revenue scale and the levels seen from 2024 onward suggests a possible change in the scope of consolidated subsidiaries or business composition, though the specific background could not be confirmed from public sources.
On a quarterly basis, revenue of KRW31.1 billion, operating profit of KRW2.8 billion (8.9% margin) and owners' net profit of KRW3.1 billion in Q2 2025 gradually eased to KRW30.9 billion, KRW1.9 billion (6.0%) and KRW0.6 billion in Q3, and KRW31.7 billion, KRW2.1 billion (6.8%) and KRW1.7 billion in Q4.
In Q1 2026, revenue reached KRW31.4 billion and operating profit KRW1.3 billion (4.2% margin), yet owners' net profit swung to a loss of KRW-0.3 billion.
In Q2, revenue rose to KRW33.2 billion and operating profit to KRW2.4 billion, lifting the operating margin back to 7.4%, while owners' net profit returned to a small profit of KRW0.4 billion.
According to the company as reported on September 1, Q2 consolidated revenue rose 5.9% quarter-on-quarter to about $24.6 million, the operating margin rose 3.2 percentage points from 4.2% in Q1 to 7.4% in Q2, and operating profit increased 85.2% quarter-on-quarter to about $1.8 million.
The sum of owners' net profit over the most recent four quarters (Q3 2025 through Q2 2026) was about KRW2.4 billion, reflecting considerable quarter-to-quarter swings rather than a stable trend.
The precision fastener industry serves electronics manufacturers and auto OEMs and parts makers as its downstream markets, and given that fasteners are essential assembly components, the industry is closely tied to downstream demand while being relatively less sensitive to economic cycles.
The company's revenue mix is geographically balanced, with Asia and Europe accounting for about 41% and 46% of sales respectively, together roughly 87% of the total.
China remains a core production base, but a domestic slowdown, rising labor costs, and the potential relocation of customers' production bases are cited as risks there.
In Europe, the Spanish and Romanian subsidiaries leverage over 40 years of cold-forging technology to serve the European automotive market, working with clients such as Autoliv and Phinia.
Demand tied to EVs and secondary batteries has emerged as a new growth axis, with the Tianjin subsidiary establishing itself as a core supplier through mass production of high-value-added products in partnership with a German-Chinese joint-venture forging company.
The Dongguan subsidiary is expanding sales on the back of increased volume for Huawei's automotive business and investment in forming equipment, while the Malaysian subsidiary is pursuing IATF 16949 certification and bicycle parts development to enter new markets.
These moves align with a broader industry shift from an electronics-centric revenue base toward automotive electrification and industrial applications.
In July 2026, the company was selected as a first-tier supplier for a quadruped robot development project led by a global auto and robotics parts company, marking its first entry into the robotics components market.
The robot fasteners to be supplied involve an initial order of about 6,000 sets, with prototype delivery scheduled for October 2026.
The company views the robotics business as a potential new revenue base if the project moves from prototype evaluation to mass production, and it is also pursuing expansion into the industrial humanoid robot segment beyond quadruped robots.
The company has stated that it is expanding new businesses by applying technology and production experience accumulated in the EV and auto parts business to secondary batteries and robotics.
According to an Edaily report dated April 21, 2026, the Dongguan subsidiary's annual Huawei-related revenue rose 26% from $7.46 million in 2024 to $9.4 million in 2025. This figure is based on company disclosure and may differ from future confirmed financial results.
The Malaysian subsidiary is pursuing IATF 16949 certification and developing bicycle parts to enter new markets, reflecting an ongoing diversification of the existing electronics- and auto-centric business to include robotics, secondary battery, and bicycle components.
Net profit has fluctuated in recent years, moving down toward breakeven and then recovering, and this back-and-forth in earnings scale has caused earnings-based valuation metrics to swing along with it. Relative to net asset value, the market capitalization sits below the level of equity on the balance sheet.
Based on the most recent fiscal year, no cash dividend was paid, so no dividend-based yield is currently generated. With profits having moved from near breakeven into a recovery phase, the stability of earnings over the coming quarters is likely to be a key variable shaping the direction of valuation metrics.
Because the robotics and secondary battery businesses have not yet made a meaningful revenue contribution, current valuation levels remain largely dependent on the performance of the existing fastener business.
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
The company began supplying precision robot fasteners after being selected as a first-tier supplier for a quadruped robot development project in July 2026. The initial order is about 6,000 sets, with mass-production status to be determined after prototype delivery in October. The company has stated plans to expand beyond quadruped robots into the humanoid robot segment.
The Tianjin subsidiary has become a core supplier through increased Samsung SDI EV battery fastener volume and mass production of high-value-added products. The Dongguan subsidiary is expanding sales on the back of rising volume tied to Huawei's automotive business. Growth in electrification-related sales is diversifying the previously electronics-centric revenue structure.
The operating margin improved from 4.5% in 2024 to 6.4% in 2025, and rose again from 4.2% in Q1 2026 to 7.4% in Q2. Owners' net profit also grew from KRW0.5 billion in 2024 to KRW5.9 billion in 2025, moving away from near-breakeven levels. However, quarterly volatility means the durability of this trend still needs to be confirmed.
In Q1 2026, operating profit was a positive KRW1.3 billion, yet owners' net profit swung to a loss of KRW-0.3 billion. This shows owners' net profit can move sharply due to non-operating items or the portion attributable to non-controlling interests. The four-quarter sum of owners' net profit was only about KRW2.4 billion, far from a stable trend.
A slowdown in China's domestic economy, rising labor costs, and potential relocation of customers' production bases are cited as business risks. The company's major production bases are concentrated in Dongguan, Tianjin and Weihai in China, leaving it with significant exposure to China-related risks.
Until the new robotics and battery parts businesses become firmly established, reliance on the existing China-centered business structure is likely to continue.
Consolidated revenue fell sharply from the KRW800 billion range in 2022-2023 to the KRW120 billion range from 2024 onward, suggesting a significant change in business scope or consolidation coverage.
The specific background could not be confirmed from public sources, so direct comparison with past results warrants caution. When interpreting multi-year trends, the possibility of a change in consolidation scope needs to be taken into account.
With production bases in China, Vietnam, the Philippines, Malaysia, Spain and Romania, the company is exposed to fluctuations in the yuan, euro, and various Southeast Asian currencies.
When translated into Korean won, exchange rate movements can cause reported revenue and profit to diverge from underlying business performance.
Samsung was the largest customer at roughly 14% of 2025 revenue, indicating relatively high dependence on a small number of major customers. Changes in order volume or supply chain strategy at these key customers could directly affect results.
The robot fastener business is still at the prototype stage, and whether it transitions to mass production remains undetermined until after the October 2026 delivery. The revenue contribution and profitability of new businesses such as secondary batteries and robotics have not yet been proven.
Check the delivery and evaluation results of the quadruped robot fastener prototype - a key event determining whether the project moves toward mass production.
Check the disclosure of Q3 2026 results - given large quarterly swings, it is worth monitoring whether the recent profit recovery trend continues.
Watch for further disclosure on Huawei smart-car-related sales at the Dongguan subsidiary and Samsung SDI battery fastener volumes at the Tianjin subsidiary.
Check progress on IATF 16949 certification at the Malaysian subsidiary and any new revenue from bicycle parts.
Global SM Tech is a Cayman Islands holding company centered on precision fasteners for electronics and automobiles, and its profitability improved in 2025 with revenue of KRW122.7 billion and an operating margin of 6.4%, up from 2024.
However, the wide gap between the revenue scale of 2022-2023 (around KRW800 billion) and the level from 2024 onward (around KRW120 billion) means results should be viewed with the possibility of a consolidation scope change in mind.
Recently, the company has continued expanding into electrification and robotics, including growing Huawei smart-car-related volume, Samsung SDI battery fastener supply, and selection as a first-tier supplier for a quadruped robot parts project.
Still, quarterly earnings volatility is considerable, as seen in the swing to a net loss attributable to owners in Q1 2026, and structural risks such as a China domestic slowdown and potential customer production relocation persist.
The robotics parts business remains at an early stage where mass-production status will only be clarified after the October 2026 prototype delivery, and the actual revenue contribution from new businesses has not yet been confirmed.
It would be useful to monitor both the next quarterly results and the progress of the robotics and electrification businesses going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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