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.
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 8.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.2%.
- 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
- 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 ₩50,800 and the market cap is ₩704.1 billion.
- The price sits below its 20-day line (₩54,238) and below its 60-day line (₩58,103).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that weighs recent up-moves against down-moves on a 0-100 scale over the past 14 days) is 42.4, a neutral reading.
- The one-month change is -3.2%, the three-month change is -14.8%, and the price sits -31.7% from its 52-week high.
- Its relative strength versus the KOSPI is 10 (on a 1-99 scale that converts return versus the index over the past year, weighting more recent performance; higher means stronger than the market).
- That places it in roughly the top 91% of all stocks by strength.
- Over the past three months it lagged the index by 33.0%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The valuation metrics are low across the board.
- The P/E ratio (how many years of earnings the share price equals) is 4.99x.
- The P/B (how many times book equity the price represents) is 0.43x, 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 | 6.96x | 0.51x | 7.26% |
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 ₩50,800 and the market capitalization is ₩704.1 billion. The price sits below its 20-day moving average (₩54,238) and below its 60-day moving average (₩58,103). 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 42.4, a neutral level. The one-month change is -3.2%, the three-month change is -14.8%, and the position relative to the 52-week high is -31.7%. Relative strength versus the KOSPI is 10 (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 10% of all stocks. Over the past three months it lagged the index by 33.0%. 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 -33.04% / 6M -49.15% / 12M -69.47%
Key metrics vs sector median
Valuation
The P/E of 4.99x is below the sector median (19.17x). The P/B of 0.43x is below the sector median (2.15x). 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.
Profitability & financials
Return on equity (ROE) is 8.7%, above the sector average (2.0%). The operating margin is 7.2%. The debt ratio is 138.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1B | $1.4B | $1.4B | +4.01% ↓ slower |
| Operating profit | $86.1M | $119.1M | $101.9M | -14.42% ↓ slower |
| Net profit | $77.5M | $112.3M | $93.5M | -16.73% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $896.1M | $976.4M | $1.1B | $1.4B | $1.4B |
| Operating profit | $66.1M | $53.7M | $86.1M | $119.1M | $101.9M |
| Net profit | $55.9M | $28.4M | $77.5M | $112.3M | $93.5M |
| 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 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 5.2%, 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
- 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.