Boseong Powertec is a power-equipment company founded in 1978. Its largest earner is the transmission towers it supplies to utilities such as KEPCO, and it also builds heavy electrical equipment and steel structures for substations while growing energy new-businesses such as ESS and EV chargers. Single-supply and delivery contracts related to transmission towers and power equipment (March 31, amended May 7) were the key driver that lifted results; the company has emerged from losses to generate profitability with an ROE in the 18% range and an operating margin in the 18% range, and it sits far below large power-equipment names such as Hyosung Heavy Industries and HD Hyundai Electric. What stands out lately is that if new orders continue and quarterly profit steadily expands into the full year, the current valuation is well explained, whereas because the structure depends on large orders, any order gap or delay in revenue recognition would surface earnings volatility directly, so its position shifts greatly depending on which peer set it is placed against.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 91.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 134.1% higher than a year earlier.
- ROE is 18.4% (total-net basis). It is above the sector average.
- Operating margin is 18.2%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Im Jae-hwang 12.15% (individual)
Controlling bloc incl. related parties 14.56%
With the controlling bloc holding 15%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Boseong Powertec is a power-equipment company that started in 1978 in Chungju, North Chungcheong Province.
- Its largest earner is transmission towers (the steel-frame structures that hold up the high-voltage lines carrying electricity over long distances), which it supplies to power companies such as KEPCO and which typically account for 40-50% of annual revenue.
- That share has at times risen into the 70% range during periods when large orders are concentrated.
- Beyond that it makes heavy electrical equipment (devices that switch electricity on and off and regulate voltage) such as gas switches, pole-mounted transformers, and reactors, along with steel structures for substations, and it has recently been growing energy new-businesses such as ESS (devices that store surplus electricity in batteries for later use) and EV chargers.
- Put simply, it is a company that makes a broad range of "the metalwork and devices needed to send and handle electricity," and the core of its revenue is still transmission towers.
- The latest close is ₩6,420 and the market cap is ₩315.4 billion.
- The price sits below its 20-day line (₩7,598) and below its 60-day line (₩9,842).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (an indicator comparing upward and downward strength over the past 14 days on a 0-100 scale) is 35.0, a neutral level.
- The one-month change is -20.0%, the three-month change is -28.7%, and it is -59.4% from its 52-week high.
- Its relative strength versus the KOSDAQ is 87 (1-99, computed from index-relative returns over the past year weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 12% of all stocks by strength.
- Over the past three months it lagged the index by 13.9%.
- Chart reading is best done together with volume and disclosure dates.
- On last year's confirmed results (FY2025), the P/E (how many times one year of profit the price represents) is 15.53x and the P/B (how many times the company's net assets the price represents) is 2.86x.
- ROE (how much it earns in a year on equity) is 18.4%, above the sector average of around 10%, and the operating margin is 18.2% and net margin 13.8%, so profitability is good.
- The debt ratio (debt relative to equity) is 120.9%, the current ratio (assets that can be turned into cash within a year against debt due within a year) is 415%, and the interest coverage ratio (how many times operating profit covers interest) is 75.7x, so the finances themselves are solid.
- The P/E and P/B look higher than a typical manufacturer's average, but that in itself need not be seen as "burdensome." This is an inflection stock whose earnings jumped several-fold within a single year, so it is hard to conclude cheap or expensive from last year's numbers alone; the picture only comes into focus when this year's expected earnings are considered together.
- Over five years, revenue fell from ₩68.5 billion in 2021 to ₩54.2 billion in 2022, with operating profit in the red for two straight years, then turned to profit from 2023 and climbed to revenue of ₩147.5 billion and operating profit of ₩26.8 billion in 2025.
- Operating profit went from ₩3.3 billion in 2023 to ₩4.8 billion in 2024 and ₩26.8 billion in 2025, up 455.7% year on year, while net profit reached ₩20.3 billion, up 241.3%.
- This is a company that has just passed an inflection point, emerging from losses to see earnings multiply several times in a short span.
- The backdrop for this leap is the buildout of the power grid.
- As data-center expansion and renewable-energy connections increase transmission and distribution investment, this company, a long-time supplier of transmission towers, won large orders that lifted earnings sharply.
- Q1 2026 was also a strong start, with revenue of ₩40.9 billion (+134.1%), operating profit of ₩6.0 billion (+284.8%), and net profit of ₩4.9 billion (+339.1%).
- This year's expected P/E is 23.7x, a figure that reflects a phase in which, rather than last year's explosive growth rate repeating at the same pace for another year, this year settles at a normal pace on top of the raised earnings base.
- By quarter there can be swings depending on when large transmission-tower revenue is recognized, so it is more accurate to look at the annual flow and the order backlog together.
- Recent disclosures run along two threads.
- First, single-supply and delivery contracts related to transmission towers and power equipment (2026-03-31, amended 2026-05-07 disclosure) show where the driver that lifted this company's results comes from.
- The key is how the contract size and revenue-recognition timing feed into the next quarters' results.
- Second, governance changes.
- A change in the largest shareholder came on 2026-03-30, followed in April by large-holding and executive-ownership reports, and on April 30 there was also a market-tier change disclosure.
- Such shifts in ownership and tier can affect the company's decision-making structure and market attention, and are worth examining separately.
- Beyond these, the May 15, 2026 quarterly report, the March 19, 2026 business report and audit report, and the March 27 annual general meeting results are the official materials confirming results and governance.
- The strengths are clear.
- In the power-grid buildout (transmission and distribution investment rising with data centers and renewable-energy connections), this is a long-time supplier of transmission towers; it has emerged from losses to generate good profitability with an ROE in the 18% range and an operating margin in the 18% range, and its finances are stable.
- On valuation, too, compared with the large power-equipment names on the same power-grid theme (Hyosung Heavy Industries at a P/E of 58x and P/B of 13x, HD Hyundai Electric at a P/E of 47x and P/B of 17x), it sits far lower, so on business substance it is not in an excessively expensive range.
- On the other hand, compared with general steel and metal-processing names (Poongsan at a P/E of 13x and P/B of 0.8x), its P/B is higher, so it is also true that growth expectations are already priced in.
- To sort out where it is strong and where it is weak: 'if new orders continue and quarterly profit steadily expands into the full year,' the current valuation is well explained; 'because the structure depends on large orders, if an order gap or delay in revenue recognition appears,' the earnings volatility surfaces directly.
- Since its position shifts greatly depending on which peer set it is placed against, it is better judged by the continuity of the order flow than by any single yardstick.
🔎 Valuation vs peers Inconclusive
The peer set is drawn from business substance (power equipment and power facilities). Its position is viewed alongside the representative power-equipment names that make transmission and substation equipment (Hyosung Heavy Industries and HD Hyundai Electric) and similarly sized steel and metal-processing names. Peer P/E, P/B, and ROE are base figures computed within the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyosung Heavy Industries | 49.68x | 10.98x | 22.11% |
| HD Hyundai Electric | 40.10x | 14.48x | 36.11% |
| Poongsan | 11.71x | 0.75x | 6.40% |
| KBI Dongyang Steel Pipe | — | 0.81x | -2.19% |
Boseong Powertec's business substance is closer to 'power facilities' than to simple metal processing. (a) Against large names on the same power-grid theme (Hyosung Heavy Industries and HD Hyundai Electric) its multiples are far lower, while against general steel names its P/B is higher, so its position shifts greatly depending on which peer set it is placed against. (b) It is therefore hard to conclude cheap or expensive by a single yardstick. (c) Decisively, this company's earnings are right after an inflection in 2025 from loss to profit and then a several-fold jump, so the reliability of last year's trailing (confirmed) P/E is low. There is no official company forward guidance, so forward can only be approximated from DART seasonality, which is not a verified figure. Until the durability of earnings (especially the continuity of transmission-tower orders) is confirmed, Inconclusive is the honest conclusion.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩54.8 billion | approx. ₩13.3 billion | approx. ₩10.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩6,420 and the market capitalization is ₩315.4 billion. The price sits below its 20-day moving average (₩7,598) and below its 60-day moving average (₩9,842). 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 35.0, a neutral level. The one-month change is -20.0%, the three-month change is -28.7%, and the position relative to the 52-week high is -59.4%. Relative strength versus the KOSDAQ is 87 (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 88% of all stocks. Over the past three months it lagged the index by 13.9%. 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 -13.86% / 6M +40.03% / 12M +96.16%
Key metrics vs sector median
Valuation
The P/E of 15.53x is in line with the sector median (16.68x). The P/B of 2.86x is above the sector median (1.43x). 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 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 18.4%, above the sector average (10.0%). The operating margin is 18.2%. The debt ratio is 120.9%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $52.0M | $51.1M | $97.8M | +91.39% ↑ faster |
| Operating profit | $2.2M | $3.2M | $17.8M | +455.67% ↑ faster |
| Net profit | $2.9M | $3.9M | $13.5M | +241.29% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $45.4M | $35.9M | $52.0M | $51.1M | $97.8M |
| Operating profit | -$987,090 | -$3.0M | $2.2M | $3.2M | $17.8M |
| Net profit | -$613,997 | -$7.4M | $2.9M | $3.9M | $13.5M |
| Revenue CAGR | 4-yr avg 21.12% | ||||
Revenue rose 91.4% year over year (2023 ₩78.5 billion → 2024 ₩77.1 billion → 2025 ₩147.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 455.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 21.1%. The two-year revenue CAGR is 37.1%. In the most recent quarter (Q1 2026), revenue was 134.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 18.4% points to solid profitability.
- Revenue grew 91.4% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-07UpdateSingle-supply and delivery contract signed (amended) — supply contract related to transmission and power equipmentShort term: reinforces earnings visibility by confirming the order backlog. Medium term: the key is whether the contract size and revenue-recognition timing carry into Q2-Q4 results. Source
- 2026-03-31UpdateSingle-supply and delivery contract signed (amended) — supply contract for core transmission towers and power facilitiesShort term: reconfirms the core order driver. Medium term: a gauge of whether the transmission-tower demand that led the 2025 earnings surge continues. Source
- 2026-03-30UpdateChange in the largest shareholderShort term: the governance change may alter market attention and supply-demand. Medium term: it could affect management direction and new-investment decisions, so follow-up disclosures need checking. Source
- 2026-05-15EarningsQuarterly report (2026.03) — Q1 revenue ₩40.9 billion, operating profit ₩6.0 billionShort term: confirms a strong Q1. Medium term: the first basis for reinterpreting last year's P/E burden through this year's forward flow. Source
- 2026-03-19FilingBusiness report (2025.12) and audit report filed — FY2025 confirmed results disclosedShort term: confirms the extent of the swing to profit, with revenue of ₩147.5 billion and operating profit of ₩26.8 billion. Medium term: a reference point for interpreting the five-year trend. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Latest closing price | ₩6,420 | — | Unverified | link |
| FY2025 revenue and operating profit | revenue ₩147.5 billion / operating profit ₩26.8 billion | (2025.12) | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩40.9 billion / operating profit ₩6.0 billion | (2026.03) | Confirmed | link |
| Share of core business (transmission towers) | revenue 40~50% | — | Confirmed | link |
| Seasonality-approximated operating profit (2026) | approx. ₩36.5 billion | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-07Single supply/sales contract (amended)
- 2026-04-30Disclosure
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-31Single supply/sales contract (amended)
- 2026-03-30OwnershipLargest-shareholder ownership change report
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-06Disclosure
📖 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.