Ace Bed is a domestic consumer-goods manufacturer and retailer that makes bed frames and mattresses in-house and sells them to general consumers through a nationwide network of dealerships, directly operated stores, and online channels, so its results move with domestic demand such as furniture and wedding-season purchases and new-home move-in volume. On March 24 it laid out its shareholder-return direction through a corporate value-up plan, and on top of a high return profile (a dividend yield in the 7% range and a payout ratio of 41.8%), its May Q1 report confirmed a clear earnings rebound with net profit up 57.9%, giving a forward P/E of 5.57x on this year's profit that is lower than peers. What stands out recently is that if move-in volume and consumer spending hold up, the Q1 earnings rebound could carry through to the full year and put the low valuation and high dividend in the spotlight together, whereas if the domestic recovery is slow, top-line growth may be gradual, but even then the low debt, high dividend, and low valuation cushion the downside.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 2.7% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 4.5% higher than a year earlier.
- ROE is 7.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.1%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Ahn Sung-ho 34.56% (individual)
Controlling bloc incl. related parties 79.55%
With the controlling bloc holding 80%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Ace Bed makes and sells bed frames and mattresses in-house.
- Most of its revenue comes from bedroom furniture, and within that from its own manufactured mattresses and bed bodies, sold to general consumers through a nationwide network of dealerships, directly operated stores, and online channels.
- It follows the classic domestic consumer-goods manufacturing and retail model of bringing in raw materials (springs, foam, wood, fabric) and turning them into finished goods for sale, so its results move with domestic demand such as furniture, wedding-season, and interior purchases, and with new-home move-in volume.
- It is not a company with a large export or B2B share, so domestic consumption trends are a more direct variable than exchange rates.
- The latest close is ₩31,700 and the market cap is ₩351.6 billion.
- The price sits below both the 20-day line (₩31,988) and the 60-day line (₩32,888).
- Trading below both its short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (an auxiliary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 45.0, a neutral level.
- The one-month change is -3.1%, the three-month change is -7.2%, and the stock sits -19.7% below its 52-week high.
- Relative strength versus the KOSDAQ is 80 (on a 1-99 scale, computed from returns against the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it around the top 19% of all stocks by strength.
- Over the past three months it has led the index by 27.4%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- On last year's confirmed annual results, the P/E ratio (how many times one year of net profit the share price represents) is 6.28x and the P/B (how many times net assets per share the share price represents) is 0.47x.
- That means it trades well below its net assets.
- ROE (how much is earned in a year on equity) is 7.5%, which is on the healthy side among furniture peers; the debt ratio (debt relative to equity) is very low at 9.3%; and the current ratio is 348%, leaving ample short-term liquidity.
- The operating margin of 17.1% is also solid for a manufacturer.
- One point to note is that the P/E and P/B above are trailing values calculated on last year's numbers, a year when profit was depressed.
- The forward P/E reflecting this year's profit trend falls to 4.41x, below the trailing figure, not because the share price is expensive but because this year marks an inflection where profit is rising from last year.
- For a company where profit is turning around like this, the forward value is closer to its true strength than last year's numbers, and the fact that it is lower than peers (for example Fursys at 7.71x) reads not as a burden but rather as a signal of being undervalued.
- Revenue eased gradually over five years, from ₩346.4 billion in 2021 to ₩317.3 billion in 2025, and operating profit came down from ₩76.8 billion to ₩54.1 billion.
- Looking at last year alone, the decline was clear, with revenue down 2.7% and operating profit down 18.3%.
- This year, however, the trend clearly changed in Q1: revenue rose again to ₩85.0 billion (+4.5%) and operating profit to ₩12.8 billion (+5.8%), and above all net profit surged 57.9% year on year to ₩15.0 billion.
- That net profit jumped sharply while revenue rose only slightly shows a shift back to a structure with lighter cost and expense burdens and more profit remaining.
- Beds and mattresses are durable consumer goods with long replacement cycles, items that sell again when move-in, wedding-season, and interior demand hold up, and the Q1 numbers can be read as a signal that this demand is recovering from last year's trough.
- Reflecting this earnings recovery, the forward P/E for this year is 4.41x, lower than last year's trailing P/E of 6.18x.
- In other words, this year's profit is set to rise from last year's, which is consistent with the Q1 results.
- That said, this speaks to a recovery in this single year, and there is no basis to say next year and beyond will fall below this year, so there is no material to conclude this is a cycle top.
- Among recent disclosures, the corporate value-up plan filed via voluntary disclosure on 2026-03-24 stands out.
- It is material in which the company laid out its own shareholder-return and capital-utilization direction, and is best read alongside the current high return level of a dividend yield in the 7% range and a payout ratio of 41.8%.
- In May, the Q1 quarterly report was released, confirming an earnings rebound with net profit up 57.9%, and in March the annual results were finalized in last year's business report.
- The April large-holding report allows one to check the flow of major shareholding changes.
- There are no one-off disclosures signaling changes in scale, such as new orders or mergers, so results are most accurately tracked through the quarterly numbers in the periodic reports.
- This is a stock with clear strengths: a balance sheet with almost no debt, a P/B below half of net assets, a dividend in the 7% range, and a clear Q1 net-profit rebound.
- In particular, it is already cheap even on a trailing basis where last year's profit was depressed, and the fact that the forward P/E reflecting this year's profit recovery falls further to 5.57x and sits below peers shows the share price is clearly depressed relative to assets and earnings.
- Also worth watching is the structural point that the business is tied to domestic furniture and mattress demand.
- If move-in volume and consumer spending hold up, the Q1 earnings rebound naturally carries through to the full year and the low valuation and high dividend come into the spotlight together, whereas if the domestic recovery is slow, top-line growth may stay on a gradual path.
- Even in that case, though, the base of low debt, high dividend, and low valuation remains a factor cushioning the downside.
- In sum, the stock is strong when a domestic-demand recovery and continued profit come together, moves slowly on the top line when domestic demand is sluggish, and in either case has its balance sheet and dividend as a support.
🔎 Valuation vs peers Undervalued
Among listed companies whose actual business is manufacturing and distributing furniture such as beds and mattresses, those closest in business mix were used as the peer set: Zinus overlaps most closely on mattresses and bedding, while Fursys is adjacent in office and living furniture.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Zinus | — | 0.30x | -2.85% |
| Fursys | 8.81x | 0.52x | 5.95% |
Against direct peers, Ace Bed's P/B of 0.48x is similar to Fursys (0.52x), and its ROE of 7.5% is ahead of Fursys (5.9%) and of the loss-making Zinus. In other words, it sits with a similar asset multiple but better profitability and finances, so the share price relative to assets and earnings is on the depressed side. That said, last year's trailing P/E of 6.5x is a value reflecting a year of falling profit, so if the Q1 earnings rebound carries through to the full year, the true strength could look better than that (a forward figure of around 4.5x on a seasonality approximation). Conversely, if the rebound is temporary, the discount may remain a justified one for a domestic-demand slowdown, so rather than concluding cheap or expensive, this is a phase where the outcome hinges on the durability of the profit.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩82.1 billion | ₩20.6 billion | ₩26.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩31,700 and the market capitalization is ₩351.6 billion. The price sits below its 20-day moving average (₩31,988) and below its 60-day moving average (₩32,888). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.0, a neutral level. The one-month change is -3.1%, the three-month change is -7.2%, and the position relative to the 52-week high is -19.7%. Relative strength versus the KOSDAQ is 80 (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 81% of all stocks. Over the past three months it outpaced the index by 27.4%. 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 +27.41% / 6M +20.02% / 12M +5.93%
Key metrics vs whole-market median
Valuation
The P/E of 6.28x is below the whole-market median (13.81x). The P/B of 0.47x is below the whole-market median (1.15x). 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 7.5%, above the whole-market average (5.0%). The operating margin is 17.1%. The debt ratio is 9.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $203.1M | $216.1M | $210.3M | -2.68% ↓ slower |
| Operating profit | $37.8M | $43.9M | $35.9M | -18.33% ↓ slower |
| Net profit | $34.1M | $43.7M | $37.1M | -15.07% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $229.6M | $229.5M | $203.1M | $216.1M | $210.3M |
| Operating profit | $50.9M | $43.3M | $37.8M | $43.9M | $35.9M |
| Net profit | $42.3M | $36.1M | $34.1M | $43.7M | $37.1M |
| Revenue CAGR | 4-yr avg -2.17% | ||||
Revenue fell 2.7% year over year (2023 ₩306.4 billion → 2024 ₩326.0 billion → 2025 ₩317.3 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 18.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -2.2%. The two-year revenue CAGR is 1.8%. In the most recent quarter (Q1 2026), revenue was 4.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
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 7.3%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 2.7% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-24FilingCorporate value-up plan (voluntary disclosure) filed - material in which the company voluntarily laid out its shareholder-return and capital-utilization directionMedium term. It should be read alongside the current return policy of a dividend in the 7% range and a payout ratio of 41.8%, and is a clue for gauging the intent to improve return intensity and capital efficiency going forward. Source
- 2026-05-13EarningsQ1 2026 quarterly report filed - revenue ₩85.0 billion, operating profit ₩12.8 billion, net profit ₩15.0 billion (+57.9% year on year)Short term. An earnings rebound with a different tone from the declines that ran through last year, with whether it holds through the full year as the key check point for the valuation. Source
- 2026-04-17FilingReport on large holdings of stock (general) filed - notification of changes in major shareholdingsShort term. Material for checking the flow of holding changes among major shareholders and institutions, a reference point from a supply-demand and governance perspective. Source
- 2026-03-09Earnings2025 business report (consolidated) filed - annual revenue of ₩317.3 billion, operating profit of ₩54.1 billion, and net profit of ₩56.0 billion confirmedMedium term. Material confirming last year's annual decline (revenue -2.7%, operating profit -18.3%), to be viewed alongside the five-year trend. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-13PeriodicQuarterly report
- 2026-04-17OwnershipOwnership-change filing
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-09Shareholders' meeting notice
- 2026-03-09PeriodicAnnual business report
- 2026-03-09Audit report
- 2026-02-11Shareholders' 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.