1. What Happened at BMT?
BMT recorded significant growth in H1 2025, achieving revenue of KRW 75.867 billion and operating profit of KRW 6.194 billion, a substantial increase compared to the same period last year. Growth in the fitting segment was particularly noteworthy, accompanied by improved financial health, including a decrease in debt ratio and improvements in ROE and EPS.
2. Drivers of Growth
- Core Business Expansion: Steady demand growth from key client industries like shipbuilding/offshore plants, power generation, and semiconductors, along with a revitalized Middle East project market and increased Chinese semiconductor investments, fueled BMT’s growth.
- Technological Prowess: Consistent R&D investment (4.71% of revenue) has ensured high technological capabilities and quality control, maintaining a competitive edge.
- Improved Financial Structure: Asset sales and debt reduction efforts strengthened the company’s financial health and reduced investment risks.
3. Future Outlook
Analysts predict continued growth for BMT. Stable demand from existing industries, new market penetration, and ongoing technological advancements will serve as future growth drivers. However, potential risks, such as exchange rate volatility, convertible bond risks, and potential raw material price increases, warrant careful monitoring.
4. Investor Action Plan
BMT may present an attractive investment opportunity at its current stock price. Potential investors should monitor the following:
- Overseas new order wins and project progress
- Convertible bond related matters (KRW 9 billion outstanding)
- Exchange rate and raw material price fluctuations