Daewon Sanup (005710) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Daewon Sanup, founded in 1968, is a specialist maker of automotive seats, seat frames, and seat mechanisms, and it supplies almost all of its output to Kia and Hyundai, so its results track directly with those customers' production and sales volumes and with the utilization of its overseas plants. For 2025 it locked in near-record consolidated results of ₩1.0589 trillion in revenue (up 13.7%) and ₩76.9 billion in net profit, and it declared a dividend of ₩250 per share, though its Q1 report showed a numerical slowdown in earnings. What stands out lately is the contrast: a P/E of 2.65x, a P/B of 0.35x, ROE in the 13% range, five straight years of revenue growth, and steady dividends are clear strengths, while revenue leans heavily on a single customer group in Kia and Hyundai, so any wobble in vehicle sales pulls seat volumes down with it, and the overseas-plant share also leaves it exposed to geopolitical variables.
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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 “Automobiles & Parts”, a type typically read first through P/E.
Autos and parts live and die by unit sales and volume, but they are a mature industry that generates steady profit on scale. For this kind of business earnings are the heart of the story, so price-to-earnings (P/E) — the price set against net profit — is the first thing to read.
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 13.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 9.2% lower than a year earlier.
- ROE is 11.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.9%.
- The P/E sits below the sector median.
Ownership & governance As of 2021-12-31
Largest shareholder Heo Jae-geon 16.54% (individual)
Controlling bloc incl. related parties 35.05%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis Reading
Daewon Sanup, established in 1968, is a specialist maker of automotive seats. It runs a single business segment, and almost all of its revenue comes from making and supplying the seats, seat frames, and seat mechanisms (the devices that adjust height and angle) that go into finished vehicles. Its core customers are Kia and Hyundai; domestically it supplies seats for a range of models including the Carnival, Niro, Stonic, and Morning, as well as the new EV3 and EV4 electric vehicles. With subsidiaries in China, Russia, and Vietnam that ship directly to local Hyundai and Kia plants, the company's results are tied directly to its major customers' production and sales volumes and to the utilization of its overseas operations. It is a specialist manufacturer that goes deep on a single class of part, and its business grows as the number of customer models it supplies expands.
The latest close is ₩11,500 and the market capitalization is ₩230.4 billion. The price sits above its 20-day moving average (₩10,796) and above its 60-day moving average (₩10,923). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 63.6, a neutral level. The one-month change is +8.5%, the three-month change is -15.3%, and the position relative to the 52-week high is -36.6%. Relative strength versus the KOSDAQ is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 24.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Valuation metrics are broadly low. The P/E (how many times one year's net profit the price represents) sits at 2.65x on last year's confirmed earnings and at 3.2x even on this year's forecast earnings. The P/B (how many times the company's net assets the price represents) is 0.38x, meaning the market cap (₩203.8 billion) is only about 35% of shareholders' equity (₩584.5 billion). Profitability holds up as well. ROE (how much is earned in a year on equity) is 13.2%, high for the auto-parts sector, with an operating margin of 6.7% and a net margin of 7.3%. The balance sheet is very solid. The current ratio of 3.68x (over three times more cash-like assets than near-term debt) and an interest coverage of 173x (operating profit is 173 times interest expense) mean interest burden is effectively nil. The debt-to-equity ratio of 29.5% reflects not bank borrowing but operating liabilities such as trade payables to suppliers, a normal feature of manufacturing. The key point is that there is no need to discount the low headline trailing P/E as an illusion that makes the stock look cheaper than it really is.
Revenue has risen every year for five years. It grew from ₩762.6 billion in 2021 to ₩1.0589 trillion in 2025, a 8.6% five-year annual average, and last year it posted record revenue with +13.7% growth. Net profit also stepped up sharply, from ₩35.7 billion in 2023 to ₩72.6 billion in 2024 and ₩76.9 billion in 2025. This growth was not abstract top-line expansion but the result of an expanding set of Kia and Hyundai models to supply seats for, especially new electric vehicles such as the EV3 and EV4. Coming into this year, Q1 2026 results paused for a beat, with revenue -9.2%, operating profit -46.2%, and net profit -23.9% year over year. Because seat shipments fall in step when a customer's production volumes temporarily drop, the quarterly swing shows through directly. Still, this slowdown is already reflected in this year's forecast earnings, and the point is that the P/E on those lowered forecast earnings remains low relative to peers. The fact that a -46% swing at the operating line was contained to -24% at the net line owes to financial income from the cash-rich balance sheet and items tied to the overseas subsidiaries, so this is not a picture of the earnings base collapsing. That said, with the three-year operating-profit trend mixed and Q1 weak, it is natural to accept this year's earnings coming in somewhat below last year's, but there is as yet no basis to conclude that the cycle has topped out.
This year's official calendar is concentrated on periodic reporting and shareholder returns. On February 26 the company decided a cash dividend (₩250 per share, a dividend yield of about 2.3%), and with a payout ratio of only about 6.5% of net profit, dividend capacity is ample. On March 12 the 2025 business report officially confirmed near-record results of ₩1.0589 trillion in consolidated revenue (+13.7%) and ₩76.9 billion in net profit. At the March 20 regular shareholders' meeting, agenda items covering a change of CEO and the appointment of an outside director were handled, bringing a shift to the medium-term management direction, and on May 15 the Q1 report confirmed the earnings slowdown into this year in numbers. With no separate disclosures of large orders or capacity additions, results for now should be driven by existing customer volumes and overseas-plant utilization rather than by fresh momentum.
This is a stock with clearly defined strengths. A low multiple (2.65x on last year and low even on this year's forecast), an asset discount at a 0.35x P/B, ROE in the 13% range, a stable cash-rich balance sheet, five straight years of revenue growth, and steady dividends all come together in one place. In particular, the forecast P/E that reflects this year's slowdown is on the low side even against comparable suppliers (Seongwoo Hitech 3.2x, Hwashin 6.3x, Hwaseung Corporation 1.68x), so even accounting for a one-beat pause in earnings, it is clearly cheap relative to assets and profitability. There are also points to watch. Because revenue leans heavily on the single customer group of Kia and Hyundai, seat volumes shrink when vehicle sales wobble, and the near-halving of Q1 operating profit shows that sensitivity in practice. The overseas-plant share, including in Russia, is also exposed to geopolitical variables. In sum, this is a stock where, if customer production recovers and seat volumes for new EVs rise, the current undervaluation could quickly come into focus, while conversely a prolonged slowdown in vehicle sales could push back the timing of an earnings recovery. It sits in a place where the strong and weak conditions divide relatively clearly.
🔎 Valuation vs peers Undervalued
Listed auto-parts companies among tier-1 finished-vehicle suppliers (body, chassis, components) whose market cap and profitability are comparable.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sungwoo Hitech | 2.68x | 0.27x | 9.51% |
| Wooshin | 4.29x | 0.47x | 10.89% |
| Hwaseung Corporation | 1.73x | 0.46x | 26.05% |
Within the tier-1 auto-parts peer set (Seongwoo Hitech P/E 3.2, P/B 0.34; Hwashin P/E 6.3, P/B 0.74; Hwaseung Corporation P/E 1.68, P/B 0.46), Daewon Sanup (P/E 2.8, P/B 0.37) sits on the low side in absolute multiples. Its ROE of 13.2% is high relative to the peer set, yet the P/B stays at 0.35x, so the asset-value discount relative to profitability stands out. The caveat is that the 2.8x P/E is on a trailing basis (last year's confirmed earnings). Reflecting the -46% drop in Q1 2026 operating profit, the multiple on this year's forward earnings comes out higher than the trailing figure, so rather than flatly concluding 'it is cheap at 2.8x,' the depth of the earnings slowdown should be weighed alongside it. On balance, this is an undervalued zone relative to assets and profitability, but the earnings-cycle slowdown explains part of the discount, and that should be considered together.
Price history Close · MA20 · MA60
The latest close is ₩11,500 and the market capitalization is ₩230.4 billion. The price sits above its 20-day moving average (₩10,796) and above its 60-day moving average (₩10,923). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 63.6, a neutral level. The one-month change is +8.5%, the three-month change is -15.3%, and the position relative to the 52-week high is -36.6%. Relative strength versus the KOSDAQ is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 24.3%. 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 +24.29% / 6M +23.87% / 12M +1.66%
Key metrics Computed vs sector median
Valuation
The P/E of 3.00x is below the sector median (6.24x). The P/B of 0.38x is below the sector median (0.46x). 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 11.8%, above the sector average (5.0%). The operating margin is 5.9%. The debt ratio is 30.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $546.3M | $654.4M | $743.9M | +13.68% ↓ slower |
| Operating profit | $33.2M | $52.7M | $49.7M | -5.64% ↓ slower |
| Net profit | $25.1M | $51.0M | $54.0M | +5.85% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $535.8M | $517.8M | $546.3M | $654.4M | $743.9M |
| Operating profit | $21.2M | $22.1M | $33.2M | $52.7M | $49.7M |
| Net profit | $23.0M | $26.5M | $25.1M | $51.0M | $54.0M |
| Revenue CAGR | 4-yr avg 8.55% | ||||
Revenue rose 13.7% year over year (2023 ₩777.7 billion → 2024 ₩931.5 billion → 2025 ₩1.1 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 5.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.6%. The two-year revenue CAGR is 16.7%. In the most recent quarter (Q1 2026), revenue was 9.2% 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.
- ROE of 11.8% points to solid profitability.
- Revenue grew 13.7% 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
- 2026-02-26DividendCash dividend decided for fiscal 2025 (₩250 per common share, dividend yield of about 2.3%)Confirms continued shareholder returns. With a payout ratio of about 6.5% of net profit, dividend capacity is ample. Source
- 2026-03-12Filing2025 business report filed - near-record results confirmed at ₩1.0589 trillion in consolidated revenue (+13.7%) and ₩76.9 billion in net profitLast year's strong results are officially confirmed, supporting the case for undervaluation on a trailing basis (though it should be viewed separately from this year's trajectory). Source
- 2026-03-20FilingResults of the regular shareholders' meeting - agenda items for a change of CEO and appointment of an outside director handledThe management change may affect the medium-term business direction. Its direct link to short-term results is low. Source
- 2026-05-15EarningsQ1 2026 report - revenue ₩235.8 billion (-9.2%), operating profit ₩11.1 billion (-46.2%), net profit ₩19.1 billion (-23.9%)Earnings slowed more than the top line, a sign of an inflection in the earnings cycle. A re-check of the forward valuation is warranted. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Cash dividend (per share) | DPS ₩250 / 2.31% | (2026-02-26) | Confirmed | link |
| 2025 consolidated revenue / net profit | revenue 1589 / net profit 769 | 2025 (2026-03-12) | Confirmed | link |
| Q1 2026 results | revenue 2,358 / 111 / net profit 191 | 2026 1 (2026-05-15) | Confirmed | link |
| 2026 estimated net profit (forward) | approx. 630 | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-03-20Disclosure
- 2026-03-20Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-10Disclosure
- 2026-03-05Disclosure
- 2026-03-05Shareholders' meeting notice
- 2026-02-26DividendCash/stock dividend decision
- 2026-02-26Shareholders' 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.