PS Tech (002230) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
PS Tech is an electrical and power measuring-instrument company that makes electricity meters and various measurement and control devices used in homes, buildings, and industrial sites, supplying them to power-infrastructure customers such as KEPCO and to industrial clients; the site classification is medical, precision, and optical instruments, but its real roots lie in precision measurement and power equipment. A February 24, 2026 disclosure confirmed annual revenue of ₩97.2 billion, operating profit of ₩5.3 billion, and net profit of ₩9.1 billion; a September 2025 treasury-share disposal results report also showed movement related to cash returns; ROE is above the peer average; and with a dividend yield of 5.2% (payout ratio 45.3%) and a P/B of 0.66x, the stock trades below book value. What stands out now is that on the steady demand base of power metering, the undervaluation appeal is highlighted further when core-business revenue and operating profit recover and expand, whereas that appeal could dim if a slowdown in operating profit drags on, since a large part of this year's earnings came from outside operations.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “IT Hardware & Equipment” (Semiconductors & IT Components), a type typically read first through forward P/E.
IT hardware and equipment makers see orders and earnings swing with their customers' investment cycles and new-product launches, so what matters is the profit still to come, not the profit already booked. That is why forward P/E, based on expected earnings, is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 20.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 31.7% lower than a year earlier.
- ROE is 10.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.4%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Poongsung 46.4% (corporate)
Controlling bloc incl. related parties 51.54%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
PS Tech is a company whose mainstay is electrical and power measuring instruments. It makes electricity meters (devices that measure the electricity used) and various measurement and control devices used in homes, buildings, and industrial sites, supplying them to power-infrastructure customers such as KEPCO and to industrial clients. In terms of the site classification it is grouped under medical, precision, and optical instruments, but the real roots of the business lie in precision measurement and power equipment. As a small- to mid-cap company with a market capitalization of ₩89.5 billion, it is best viewed alongside both the flow of the business and the effect each disclosure has on results and the share count.
The latest close is ₩5,190 and the market capitalization is ₩95.6 billion. The price sits above its 20-day moving average (₩4,721) and below its 60-day moving average (₩5,701). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.7, a neutral level. The one-month change is +11.7%, the three-month change is -51.3%, and the position relative to the 52-week high is -68.1%. Relative strength versus the KOSDAQ is 84 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 84% of all stocks. Over the past three months it lagged the index by 23.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most recent annual revenue was ₩97.2 billion, with operating profit of ₩5.3 billion and net profit of ₩9.1 billion. The operating margin was 5.4%, the net margin 9.4%, and ROE (how much is earned in a year on equity) was 6.7%, above the peer average. The debt ratio (debt relative to equity) is 128.1%, but the current ratio (assets immediately usable relative to debt due within a year) exceeds 500%, so near-term liquidity is ample. The current P/E ratio (how many times one year's earnings the share price is) is 10.63x and the P/B (how many times book value the share price is) is 0.68x, meaning the price is below book value. These trailing metrics are based on last year's confirmed results, so they are not at a level to be seen as burdensome in themselves, and because this is a company whose earnings are growing fast, the forward view that reflects future earnings is closer to the real picture. The forward P/E is clearly lower than peers, reading as a signal of undervaluation relative to earnings.
Revenue rose for three straight years, from ₩69.6 billion in 2023 to ₩80.6 billion in 2024 and ₩97.2 billion in 2025, with the pace of increase quickening (+20.6% year on year). Operating profit jumped from ₩0.9 billion in 2023 to ₩3.4 billion in 2024 and ₩5.3 billion in 2025, and net profit grew from ₩3.9 billion to ₩5.6 billion to ₩9.1 billion, accelerating further. Electricity-meter replacement demand and measuring-instrument shipments supported revenue, and the added revenue fed through well into earnings. Entering 2026, first-quarter revenue of ₩17.6 billion fell year on year, but net profit of ₩6.9 billion jumped sharply from the same period a year earlier, reflecting the addition of income from outside operations. This year's projected earnings are set this high because that first-quarter net profit forms a large part of the annual flow, and the forward P/E reflects that earnings power.
On April 27, 2026 the company itself set out a direction for enhancing shareholder value through a corporate value-up plan (voluntary disclosure). If it contains figures it serves as a primary basis for the outlook; if only direction, it is used to read the trend. On February 24, 2026 a disclosure of a change of more than 30% in revenue or profit/loss confirmed annual revenue of ₩97.2 billion, operating profit of ₩5.3 billion, and net profit of ₩9.1 billion, and it is worth watching whether these run in the same direction as the annual trend and whether any one-off factors are mixed in. The September 5, 2025 treasury-share disposal results report is a disclosure related to cash returns and changes in the share count, and the point to confirm is whether earnings and cash flow support it.
PS Tech is a company whose revenue and earnings have grown together on the steady demand base of power metering. ROE is above the peer average, the dividend yield of 5.2% is high (payout ratio 45.3%), and with a P/B of 0.66x below book value, the price is cheap relative to assets and earnings. The forward P/E reads as a clear undervaluation signal relative to earnings power. That said, since a large part of this year's earnings leaned on income from outside operations, the picture becomes clearer when watched alongside whether the core operating profit revives. In other words, the undervaluation appeal is highlighted further when the core power-equipment business's revenue and operating profit recover and expand, and the appeal can dim if a slowdown in operating profit drags on.
🔎 Valuation vs peers Undervalued
Compared against a peer set of medical, precision, and optical instrument companies with adjacent market capitalizations.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ELC | 16.09x | 0.78x | 6.22% |
| Dongbang Medical | 11.07x | 0.99x | 10.57% |
| LK Samyang | — | 1.50x | -55.87% |
The primary reference was a public-data peer set of medical, precision, and optical instrument companies with nearby market capitalizations. The current P/E ratio (how many times one year's earnings the share price is) is 10.63x and the P/B (how many times book value the share price is) is 0.68x. That said, smaller-cap names are heavily affected by earnings swings and fundraising disclosures, so no firm conclusion was drawn from metrics based on last year's confirmed results alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩73.4 billion | ₩1.7 billion | ₩70.8 billion |
| Next quarter | Q2 2026 | ₩20.4 billion | ₩0.7 billion | ₩28.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,190 and the market capitalization is ₩95.6 billion. The price sits above its 20-day moving average (₩4,721) and below its 60-day moving average (₩5,701). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.7, a neutral level. The one-month change is +11.7%, the three-month change is -51.3%, and the position relative to the 52-week high is -68.1%. Relative strength versus the KOSDAQ is 84 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 84% of all stocks. Over the past three months it lagged the index by 23.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -22.98% / 6M -56.35% / 12M +13.35%
Key metrics Computed vs sector median
Valuation
The P/E of 10.63x is below the sector median (21.36x). The P/B of 0.68x is below the sector median (1.23x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 10.8%, above the sector average (2.0%). The operating margin is 4.4%. The debt ratio is 29.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $48.9M | $56.6M | $68.3M | +20.57% ↑ faster |
| Operating profit | $598,178 | $2.4M | $3.7M | +53.98% ↓ slower |
| Net profit | $2.7M | $4.0M | $6.4M | +62.06% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $40.5M | $49.9M | $48.9M | $56.6M | $68.3M |
| Operating profit | $907,262 | -$1.3M | $598,178 | $2.4M | $3.7M |
| Net profit | $4.5M | -$3.3M | $2.7M | $4.0M | $6.4M |
| Revenue CAGR | 4-yr avg 13.94% | ||||
Revenue rose 20.6% year over year (2023 ₩69.6 billion → 2024 ₩80.6 billion → 2025 ₩97.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 54.0% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 13.9%. The two-year revenue CAGR is 18.1%. In the most recent quarter (Q1 2026), revenue was 31.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.8%, is on the high side.
- ROE of 10.8% points to solid profitability.
- Revenue grew 20.6% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-04-27UpdateCorporate value-up plan (voluntary disclosure) (2026 PS Tech corporate value-up plan): company plan text confirmedThis is a planning document put forward by the company itself. If it contains figures it is treated as a primary basis for the outlook box; if not, it is treated only as a directional reference. Source
- 2026-02-24EarningsChange of 30% or more (15% for large corporations) in revenue or profit/loss: annual revenue ₩97.2 billion, operating profit ₩5.3 billion, net profit ₩9.1 billionRecent confirmed or provisional results. Read alongside whether they run in the same direction as the annual trend and whether any one-off factors are present. Source
- 2025-09-05UpdateTreasury-share disposal results report: return terms confirmedA disclosure related to cash returns or changes in the share count. Confirm whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,190 | ₩5,190 | Confirmed | link |
| Latest quarterly results | revenue ₩17.6 billion, operating profit ₩0.4 billion | revenue ₩17.6 billion, operating profit ₩0.4 billion | Confirmed | link |
| Annual results | revenue ₩97.2 billion, operating profit ₩5.3 billion | revenue ₩97.2 billion, operating profit ₩5.3 billion | Confirmed | link |
| Outlook/plan disclosure text | — | — | Confirmed | link |
| Results disclosure text | revenue30%: revenue ₩97.2 billion · operating profit ₩5.3 billion · net profit ₩9.1 billion | revenue30%: revenue ₩97.2 billion · operating profit ₩5.3 billion · net profit ₩9.1 billion | Confirmed | link |
| Shareholder-return disclosure text | check the payout terms | check the payout terms | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-28Amended filing
- 2026-05-22Disclosure
- 2026-05-22Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-23Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.