New Risk • May 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩149.3b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (₩149.3b market cap, or US$99.9m). New Risk • Apr 01
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (₩144.2b market cap, or US$95.6m). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩15,180, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 22x in the Machinery industry in South Korea. Total returns to shareholders of 19% over the past three years. Buy Or Sell Opportunity • Mar 05
Now 23% overvalued Over the last 90 days, the stock has fallen 4.1% to ₩12,100. The fair value is estimated to be ₩9,847, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩11,280, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 23x in the Machinery industry in South Korea. Total loss to shareholders of 11% over the past three years. Declared Dividend • Dec 13
Dividend increased to ₩600 Dividend of ₩600 is 140% higher than last year. Ex-date: 29th December 2025 Payment date: 1st January 1970 Dividend yield will be 4.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (10% earnings payout ratio) and cash flows (79% cash payout ratio). The dividend has increased by an average of 26% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Dec 12
BMT Co., Ltd. announces Annual dividend BMT Co., Ltd. announced Annual dividend of KRW 600.0000 per share, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩13,290, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 23x in the Machinery industry in South Korea. Total loss to shareholders of 11% over the past three years. New Risk • Aug 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩97.6b market cap, or US$70.4m). Reported Earnings • Mar 27
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₩451 (down from ₩1,846 in FY 2023). Revenue: ₩132.8b (down 11% from FY 2023). Net income: ₩4.12b (down 76% from FY 2023). Profit margin: 3.1% (down from 11% in FY 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 60%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 01
BMT Co., Ltd., Annual General Meeting, Mar 31, 2025 BMT Co., Ltd., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 17, sinsojaesandan 2-ro, jangan-eup, gijang-gun, busan South Korea Announcement • Feb 13
BMT Co., Ltd. (KOSDAQ:A086670) announces an Equity Buyback for KRW 2,000 million worth of its shares. BMT Co., Ltd. (KOSDAQ:A086670) announces a share repurchase program. Under the plan, the company will repurchase KRW 2,000 million worth of its shares pursuant to a contract with Shinhan Investment Securities. The purpose behind the program is to stabilize the stock price and enhancement of shareholder value. The company will make repurchases until August 12, 2025. As of February 12, 2025, the company had 0 shares in treasury within scope available for dividend and 0 shares in treasury under other capacities. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩8,190, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Machinery industry in South Korea. Total loss to shareholders of 18% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 08 April 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.0%). New Risk • Nov 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 76% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 175% Cash payout ratio: 167% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (₩73.7b market cap, or US$52.8m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩10,370, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Machinery industry in South Korea. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩13,610, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Machinery industry in South Korea. Total returns to shareholders of 11% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩250 per share at 1.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.3%). New Risk • Nov 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.6% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (8.6% net profit margin). Market cap is less than US$100m (₩124.0b market cap, or US$95.1m). New Risk • Aug 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.4% operating cash flow to total debt). High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (₩131.5b market cap, or US$99.4m). Upcoming Dividend • Dec 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 07 April 2023. Payout ratio is a comfortable 6.7% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩13,350, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 15x in the Machinery industry in South Korea. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₩16,650, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 20x in the Machinery industry in South Korea. Total returns to shareholders of 116% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 15% share price gain to ₩12,450, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 19x in the Machinery industry in South Korea. Total returns to shareholders of 40% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩12,050, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 17x in the Machinery industry in South Korea. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 25% share price gain to ₩16,100, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 18x in the Machinery industry in South Korea. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩12,600, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 22x in the Machinery industry in South Korea. Total returns to shareholders of 19% over the past three years. Announcement • May 13
BMT Co., Ltd. announced that it expects to receive KRW 20 billion in funding from Korea Investment Private Equity, SKS Private Equity BMT Co., Ltd. (KOSDAQ:A086670) announced that it will issue series 1 unregistered coupon private convertible bonds for gross proceeds of KRW 20,000,000,000 on May 12, 2021. The transaction will include participation from SKS Korea Investment No. 1 Private Equity Fund Co., Ltd.; a fund co-managed by Korea Investment Private Equity and SKS Private Equity. The bonds do not carry any interest. The maturity date of the bonds is May 28, 2026. The bonds are fully convertible at a fixed conversion price of KRW 14,050 per share into 1,423,487 common shares from May 28, 2022 to February 28, 2026. The subscription date and the payment date of the transaction is May 28, 2021. The transaction was approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₩11,900, the stock is trading at a trailing P/E ratio of 12.4x, down from the previous P/E ratio of 15.4x. This compares to an average P/E of 23x in the Machinery industry in South Korea. Total returns to shareholders over the past three years are 35%. Is New 90 Day High Low • Feb 18
New 90-day high: ₩14,350 The company is up 47% from its price of ₩9,790 on 20 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 26
New 90-day high: ₩12,750 The company is up 50% from its price of ₩8,500 on 28 October 2020. The South Korean market is up 36% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: ₩10,800 The company is up 31% from its price of ₩8,270 on 24 September 2020. The South Korean market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 18% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩150 Per Share Will be paid on the 1st of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.4% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.8%). Is New 90 Day High Low • Nov 24
New 90-day high: ₩9,960 The company is up 23% from its price of ₩8,100 on 26 August 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 17% over the same period.