Sebang Global Battery (004490) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Sebang Global Battery makes automotive and industrial lead-acid batteries under the ROCKET brand, producing vehicle batteries at its Gwangju plant and industrial batteries for UPS, telecom, and renewables at its Changwon plant; replacement (aftermarket) demand that must be swapped out every few years underpins results, so the business is not highly cyclical, and about 60% of revenue is exports to more than 130 countries. On March 20, 2026 it disclosed a corporate-value-up plan setting out shareholder-return principles, the dividend is ₩2,650 per share (a 5.0% yield), and a June subsidiary rights-issue decision put funds into new businesses such as lithium batteries. What stands out lately is its domestic No. 1 brand, stable replacement-driven revenue, a P/B below half of equity, an FCF yield around 21%, a 5% dividend, and shareholder-return plans; the caution is that lead prices and the exchange rate govern margins, so profit slipped over the past few quarters, and the lithium new business's profit contribution is still early-stage.
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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 “Battery Cells & Packs” (Secondary Batteries), a type typically read first through EV/EBITDA.
Battery cell and pack makers carry heavy capacity build-outs and depreciation, so net income alone understates how much cash the core business really generates. That is why EV/EBITDA — which looks at operating cash before depreciation and folds in debt — is the first lens.
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 4.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.3% lower than a year earlier.
- ROE is 7.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.4%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Sebang 37.95% (corporate)
Controlling bloc incl. related parties 39.79%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis Reading
Sebang Global Battery makes automotive and industrial lead-acid batteries. Its signature brand is the ROCKET battery. The big axis of revenue is vehicle batteries. The Gwangju plant makes automotive batteries, and the Changwon plant makes industrial batteries for UPS, telecom, and renewable energy. Rather than original-equipment (OE) batteries fitted at the time of vehicle assembly, replacement (aftermarket) demand, which must be swapped out after a few years of use, underpins results. That is why the business is not highly cyclical. About 60% of revenue is exports to more than 130 countries. More recently, through its subsidiary Sebang Lithium Battery, it is expanding into lithium battery modules and packs for electric vehicles and ESS (energy storage systems).
The latest close is ₩54,300 and the market capitalization is ₩752.6 billion. The price sits above its 20-day moving average (₩52,420) and below its 60-day moving average (₩54,527). 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 54.5, a neutral level. The one-month change is +3.6%, the three-month change is -16.3%, and the position relative to the 52-week high is -25.0%. Relative strength versus the KOSPI is 18 (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 17% of all stocks. Over the past three months it lagged the index by 0.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation metrics are low across the board. The P/E ratio (how many years of earnings the share price equals) is 5.33x. The P/B (how many times book equity the price represents) is 0.46x, trading below half of the company's net assets. Profitability is solid: ROE (how much a company earns in a year on its equity) is 8.7% and the operating margin is 7.2%. The balance sheet is sturdy, with a current ratio of 259% leaving ample short-term solvency. Even reflecting debt, it reads as undervalued: EV/EBIT (a P/E equivalent that also reflects debt, enterprise value divided by operating profit) is 5.1x. Net debt (total borrowings less cash) is ₩43.1 billion, small relative to the company's size. In particular, the FCF yield (the ratio of cash actually generated to market cap) is a very high 21.1%, meaning strong real cash generation. The dividend yield is 5.0% (₩2,650 per share).
The top line has trended gently upward. Revenue grew at about 12% a year over five years to ₩2,142.1 billion in 2025. Profit, however, peaked in 2024. 2025 net profit was ₩141.1 billion, down 16.7% year-on-year, as lead prices and exchange-rate pressure squeezed margins. Q1 2026 continued this trend: revenue was ₩525.4 billion, near flat, while operating profit fell 34% and net profit fell 25%. The core of the profit decline is margin pressure, not a revenue drop. Because replacement demand supports revenue, the top line itself is defended. This year's profit is expected to be slightly below last year's. The key to a recovery is lead prices and the exchange rate.
The biggest event is the corporate-value-up plan disclosed on March 20, 2026. It set out shareholder-return principles such as dividend and treasury-share policy, a signal aimed at lifting the low P/B. Market interest did in fact rise after the announcement. The dividend is being maintained at ₩2,650 per share, a yield of about 5.0%. In June 2026, a subsidiary rights-issue decision was disclosed, read as putting funds into new-business subsidiaries such as lithium batteries. In May an investor briefing (IR) was also announced. The company is increasing communication with shareholders.
The strengths are clear: a domestic No. 1 brand, stable replacement-driven revenue, low valuation, strong cash generation, and a 5% dividend with shareholder-return plans. A P/B below half of equity and an FCF yield around 21% are undervaluation signals from an asset and cash perspective. The caution is the direction of profit. Lead prices and the exchange rate govern margins, and profit has slipped over the past few quarters. The lithium new business is a growth possibility, but its profit contribution is still early-stage. In short, if raw materials and the exchange rate stabilize and the shareholder-return plan is executed, there is ample room for the undervaluation to unwind; conversely, if margin pressure persists, the profit recovery could be delayed.
🔎 Valuation vs peers Undervalued
Compared from the perspective of dividend-oriented value stocks among domestic listed storage-battery and auto-parts names. Sebang Global Battery is the domestic No. 1 in lead-acid batteries and belongs to the group characterized by stable cash flow and low valuation.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hankook & Company | 7.22x | 0.50x | 7.18% |
Several metrics point the same way. A P/B of 0.45x is a price below half of the company's net assets. The FCF yield (cash actually generated divided by market cap) is a very high 21.1%, reading as undervalued from an asset and cash perspective. Net debt is also small at ₩43.1 billion, so financial burden is light. Last year's (trailing) P/E of 5.2x looks low, but with profit turning down after a 2024 peak it is hard to conclude on the trailing figure alone. This year's profit is seen slightly below last year's, so the forward P/E is also in the low 5x range. In other words, even if profit falls a little, valuation pressure remains low. Lead prices and the exchange rate governing profit warrant caution, but combining the low asset value, high cash flow, 5% dividend, and shareholder-return plan, we judge it in an undervalued range.
Price history Close · MA20 · MA60
The latest close is ₩54,300 and the market capitalization is ₩752.6 billion. The price sits above its 20-day moving average (₩52,420) and below its 60-day moving average (₩54,527). 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 54.5, a neutral level. The one-month change is +3.6%, the three-month change is -16.3%, and the position relative to the 52-week high is -25.0%. Relative strength versus the KOSPI is 18 (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 17% of all stocks. Over the past three months it lagged the index by 0.0%. 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 -0.01% / 6M -31.26% / 12M -61.13%
Key metrics Computed vs sector median
Valuation
The P/E of 5.33x is below the sector median (12.50x). The P/B of 0.46x is below the sector median (1.21x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.962x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.9%, above the sector average (1.0%). The operating margin is 6.4%. The debt ratio is 42.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.2B | $1.4B | $1.5B | +4.01% ↓ slower |
| Operating profit | $91.3M | $126.2M | $108.0M | -14.42% ↓ slower |
| Net profit | $82.1M | $119.0M | $99.1M | -16.73% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $949.8M | $1.0B | $1.2B | $1.4B | $1.5B |
| Operating profit | $70.0M | $57.0M | $91.3M | $126.2M | $108.0M |
| Net profit | $59.2M | $30.1M | $82.1M | $119.0M | $99.1M |
| Revenue CAGR | 4-yr avg 12.19% | ||||
Revenue rose 4.0% year over year (2023 ₩1.7 trillion → 2024 ₩2.1 trillion → 2025 ₩2.1 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 14.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.2%. The two-year revenue CAGR is 12.8%. In the most recent quarter (Q1 2026), revenue was 0.3% 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 4.9%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 4.0% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-03-20FilingCorporate-value-up plan (voluntary disclosure) — sets out dividend and shareholder-return principles and a capital-efficiency improvement goal.A shareholder-return signal aimed at improving the low P/B (0.45x). Could be a catalyst for a re-valuation. Source
- 2026-06-02FilingDecision on a subsidiary rights issue — reinforcing the subsidiary's capital.Read as putting funds into new-business subsidiaries such as lithium batteries. Mid-term growth investment; short-term stake and cost impact is limited. Source
- 2026-05-15IRNotice of an investor briefing (IR) — expanded communication with shareholders and investors.Communication reinforced in tandem with the corporate-value-up plan. A mid-term factor for improved credibility. Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue ₩525.4 billion (-0.3%), operating profit ₩33.3 billion (-34%), net profit ₩36.3 billion (-25%).Revenue was defended, but margin pressure from raw materials and the exchange rate showed up as a profit decline. Short-term profit weakness. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 revenue and net profit (consolidated) | revenue 2 1,421, net profit 1,411 | (2025.12) | Confirmed | link |
| Q1 2026 results (consolidated) | revenue 5,254, 333, 363 | (2026.03) | Confirmed | link |
| Existence of the corporate-value-up plan disclosure | 2026-03-20 | — | Confirmed | link |
| 2026 net profit estimate | approx. 1,350(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-02Paid-in capital increase
- 2026-05-29Corporate governance report
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-06Disclosure
- 2026-03-31Amended filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-27OwnershipLargest-shareholder ownership change report
- 2026-03-24Disclosure
- 2026-03-20Disclosure
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Amended filing
📖 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.