LS Corp. is an operating holding company that earns money from subsidiary dividends and brand royalties, consolidated results, and its own materials business, overseeing LS Cable & System (extra-high-voltage and submarine cable), LS ELECTRIC (power equipment and industrial automation, about 48%) and LS MnM (copper smelting), so that “power infrastructure plus copper and precious metals” forms the two axes of its value, with the center of gravity shifting toward the higher-margin cable and power-equipment businesses. Surging first-quarter 2026 results were confirmed, with the driving force coming from the subsidiaries, and in May the power-equipment and cable subsidiaries' data-center supply contracts were disclosed as “material management matters of subsidiaries,” illustrating the flow of power-infrastructure orders. The stand-out points lately are a business portfolio tied to grid expansion and data-center demand, and a holding-company discount in which the LS ELECTRIC stake (about ₩17 trillion) exceeds LS's own market cap, on the strength side; on the caution side, much of this “cheap look” rests on LS ELECTRIC's high valuation, so if expectations for the listed subsidiary come down, the discount thins.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 15.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 37.5% higher than a year earlier.
- ROE is 5.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.3%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2016-12-31
Largest shareholder Koo Cha-yeol 2.5% (individual)
Controlling bloc incl. related parties 30.51%
With the controlling bloc holding 31%, the ownership structure is stable.
Net asset value (NAV) assessment Overvalued25% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| LS Electric | 48.46% |
🔎 In-depth analysis
- LS Corp. is less a company that sells its own products than a “holding company” that oversees several subsidiaries and controls the group through its stakes.
- It is not a pure holding vehicle, however; it also runs its own materials and trading businesses, making it closer to an “operating holding company.” Money comes in through three main channels: (1) dividends earned by subsidiaries and “LS” brand royalties, (2) the results of the subsidiaries consolidated into it, and (3) metals business through a materials subsidiary.
- The subsidiaries that form the backbone of consolidated revenue are the unlisted LS Cable & System, which makes extra-high-voltage and submarine cable; the listed LS ELECTRIC (about a 48% stake), covering power equipment such as circuit breakers and transformers plus industrial automation; LS MnM, which smelts copper and extracts gold and silver; and LS Mtron, in tractors and machinery parts.
- In short, “power infrastructure (cable and power equipment) plus copper and precious metals (smelting)” forms the two axes of this company's value.
- Smelting, which has the largest revenue bulk, is tied to copper prices—so the top line is large but the margin thin—while cable and power equipment carry fatter margins, and the key point is that the center of gravity of recent growth is shifting toward the latter.
- The latest close is ₩313,500 and the market capitalization is ₩9.8 trillion.
- The price sits below its 20-day line (₩374,350) and below its 60-day line (₩418,292).
- Trading beneath both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (an auxiliary gauge that scores the strength of gains versus losses over the past 14 days on a 0–100 scale) is 35.9, a neutral level.
- The one-month change is -19.6%, the three-month change is +19.9%, and the position versus the 52-week high is -43.3%.
- Relative strength versus the KOSPI is 58 (1–99; a recency-weighted conversion of return versus the index over the past year, with higher meaning stronger than the market).
- That places it around the top 42% of all listed names by strength.
- Over the past three months it has lagged the index by 12.0%.
- Chart reading is best done together with volume and the dates on which disclosures occur.
- Surface metrics must be read with the nature of a holding company and its materials business in mind.
- On last year's confirmed results the P/E (how many times one year of profit the price represents) is a high-looking 36.12x, but this owes much to the fact that a holding company's net profit swings widely with subsidiary results and metal prices, leaving that particular year low.
- The P/B (how many times net asset value the price represents) is 1.96x, but a holding company records its subsidiary stakes at low, long-ago acquisition cost, so book equity is stated below true value and the P/B looks higher than it really is—an optical effect.
- ROE (how much is earned in a year on equity) is 5.4% and the operating margin 3.3%, still not high, largely because smelting, with its large revenue bulk, is a thin-margin (big top line but slim margin) structure.
- The 346% debt ratio (debt against equity) also looks large, but this is an industry where metals trading and financial-type assets inflate the reported debt, so it is hard to declare risk by the same yardstick as a manufacturer.
- The long-term trend is clear growth.
- Over the past five years revenue rose from ₩12.8 trillion to ₩31.9 trillion, a 25.5% annual pace, and in 2025 revenue grew a further 15.7%.
- Net profit, however, has been uneven with subsidiary results and metal prices (₩436.0 billion in 2023 → ₩237.3 billion in 2024 → ₩270.8 billion in 2025).
- The inflection is the first quarter of 2026: cumulative revenue of ₩9.5 trillion (+37.5%), operating profit of ₩476.1 billion (+56.4%) and net profit of ₩241.9 billion (+71.4%), with that single quarter's net profit reaching about 90% of last year's full-year figure.
- Strong copper and precious-metal prices put the smelting subsidiary LS MnM out front, while the cable and power-equipment subsidiaries grew alongside at double digits on U.S. data-center and grid demand.
- If this trend continues, this year's full-year net profit jumps to roughly triple last year's, so the P/E that looked like 42x on last year's basis falls to around 14x on this year's earnings.
- In other words, it is in an earnings-inflection phase where “it looks expensive on last year's numbers but is far lower on this year's profit.” That said, part of the inventory-valuation gain riding on metal prices is unlikely to repeat every year, so profit in the remaining quarters may be somewhat more moderate than the first.
- Recent disclosures show the character of a holding company plainly.
- The May 2026 quarterly report confirmed the surging first-quarter results, with the driving force coming from the subsidiaries.
- On May 14 a single supply contract of the power-equipment subsidiary related to data-center power-conversion solutions, and on May 18 a material management matter of the cable subsidiary related to data-center distribution equipment, were disclosed as “material management matters of subsidiaries,” illustrating the flow of power-infrastructure orders.
- In June a corporate-governance report was disclosed, allowing a review of the holding and subsidiary ownership structure.
- Being a holding company, most of the real drivers of the share price come from the subsidiary level like this.
- The strengths are clear.
- It has a broad set of businesses—power infrastructure (cable and power equipment) and copper and precious metals—tied to grid expansion and data-center demand, and results turned sharply higher in the first quarter of 2026.
- Even though last year's P/E looks high, the burden falls substantially on this year's earnings.
- In particular, the market value of the roughly 48% stake in listed subsidiary LS ELECTRIC alone is about ₩17 trillion, already exceeding LS's own market cap (about ₩11.4 trillion), so the unlisted subsidiaries (LS Cable & System, LS MnM, LS Mtron) are effectively thrown in for free—the appeal of a holding-company discount.
- On the other side, the point to note is that much of this “cheap look” rests on LS ELECTRIC's own very high valuation.
- If expectations for the listed subsidiary come down, net asset value falls with it and the discount thins.
- A holding company's net profit is also swayed by copper prices and subsidiary results, swinging widely year to year, and the timing at which some data-center-related volume shows up in results is fluid, depending on individual order schedules.
- In sum, it is strong in a phase where “power and copper demand continues strongly and the value of the listed subsidiaries holds,” and weak in a phase where “metal prices cool or the listed subsidiaries' valuation corrects.”
🔎 Valuation vs peers Inconclusive
Matching the substance of an operating holding company spanning power infrastructure and materials, the comparison uses LG, a holding company of similar character, and the core listed subsidiary LS ELECTRIC. The figures are on-site peer-set calculations (at current prices).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LS Electric | 99.12x | 13.73x | 13.85% |
| LG Corp | 21.19x | 0.54x | 2.57% |
A holding company cannot be declared high or low on consolidated P/E or P/B and should be viewed by the value of its holdings (NAV). The confirmed 42x P/E on last year's basis is an optical effect of a year when net profit was low, and continuing the first-quarter surge (+71.4%) brings the forward P/E down to about 14x—not expensive on an earnings basis. From an NAV standpoint, the listed-subsidiary LS ELECTRIC stake alone exceeds the market cap, so the unlisted subsidiaries are thrown in as a bonus—an undervaluation appeal. However, this “cheap look” results from LS ELECTRIC's own very high valuation (P/E 124x), so if expectations for the listed subsidiary come down the discount thins, and the holding company's net profit swings widely with copper prices. With the case for undervaluation and the cautionary case evenly balanced, this is left inconclusive rather than declared one way.
Price history Close · MA20 · MA60
The latest close is ₩313,500 and the market capitalization is ₩9.8 trillion. The price sits below its 20-day moving average (₩374,350) and below its 60-day moving average (₩418,292). 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 35.9, a neutral level. The one-month change is -19.6%, the three-month change is +19.9%, and the position relative to the 52-week high is -43.3%. Relative strength versus the KOSPI is 58 (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 58% of all stocks. Over the past three months it lagged the index by 12.0%. 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 -12.03% / 6M -10.13% / 12M -27.62%
Key metrics vs whole-market median
Valuation
The P/E of 36.12x is above the whole-market median (13.81x). The P/B of 1.96x is above the whole-market median (1.15x). 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 8.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.4%, in line with the whole-market average (5.0%). The operating margin is 3.3%. The debt ratio is 346.1%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $16.2B | $18.3B | $21.1B | +15.70% ↑ faster |
| Operating profit | $596.3M | $711.1M | $697.6M | -1.90% ↓ slower |
| Net profit | $288.9M | $157.3M | $179.5M | +14.11% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.5B | $11.6B | $16.2B | $18.3B | $21.1B |
| Operating profit | $381.3M | $444.7M | $596.3M | $711.1M | $697.6M |
| Net profit | $184.1M | $299.3M | $288.9M | $157.3M | $179.5M |
| Revenue CAGR | 4-yr avg 25.54% | ||||
Revenue rose 15.7% year over year (2023 ₩24.5 trillion → 2024 ₩27.5 trillion → 2025 ₩31.9 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 1.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 25.5%. The two-year revenue CAGR is 14.1%. In the most recent quarter (Q1 2026), revenue was 37.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 15.7% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsFirst-quarter 2026 quarterly report disclosure — consolidated revenue ₩9.5 trillion (+37.5%), operating profit ₩476.1 billion (+56.4%), net profit ₩241.9 billion (+71.4%)Short term: confirmation of the earnings inflection eases the valuation burden on this year's earnings. Medium term: the key is whether copper prices and subsidiary (cable and power-equipment) growth continue Source
- 2026-05-14UpdateDisclosure of a subsidiary's single supply contract related to data-center power-conversion solutions (material management matter of a subsidiary)Short to medium term: links the power-equipment subsidiary's North American data-center demand to confirmed revenue. Contract details are per the original disclosure Source
- 2026-05-18FilingDisclosure of a subsidiary's investment-judgment material management matter related to data-center distribution equipmentMedium term: visibility into the cable subsidiary's data-center infrastructure demand. As a framework-supply arrangement, actual revenue is confirmed by individual orders Source
- 2026-06-01FilingCorporate-governance report disclosure — review of the holding-company governance and subsidiary-ownership statusMedium term: information on the holding and subsidiary ownership structure. Key reference when viewing value by NAV Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated net profit (controlling interest) | ₩241.9 billion | (2026.03) | Confirmed | link |
| Holding-company structure and the listed-subsidiary LS ELECTRIC stake (about 48%) | / LS ELECTRIC approx. 48% | — | Confirmed | link |
| 2026 consolidated net profit and forward P/E | approx. ₩820.0 billion / forward PER approx. 13.9x(self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-27PeriodicQuarterly report (amended)
- 2026-05-18Amended filing
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-14Disclosure
- 2026-05-14Single supply/sales contract (amended)
📖 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.