Mobase Electronics makes automotive electronic components and supplies them to carmakers and parts makers. Its core products are door-lock sets, power-window and multifunction switches, and smart-key systems, and it has broadened into LDCs, BCMs and wireless chargers, more recently into EV battery and power components — riding the trend of a rising share of electronics per vehicle. In March it resumed dividends at ₩40 per share (a dividend yield at market of 2.89%) for the first time in three years, and a March annual report confirmed top-line growth with consolidated revenue of ₩1,044.1 billion, operating profit of ₩36.8 billion and net profit of ₩19.9 billion. What stands out lately is that its trillion-won-scale top line, a P/B of 0.78x and P/S of 0.20x, a forward P/E lower than last year's, and the resumed dividend are strengths; the flip side is that the thin-margin structure of a 3.5% operating margin and a 215% debt ratio mean the earnings recovery can slow when margins or carmaker demand soften — something to watch together.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 215.4%).
- Revenue rose 7.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.4% higher than a year earlier.
- ROE is 8.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.5%.
Ownership & governance As of 2025-12-31
Largest shareholder Mobase 46.45% (corporate)
Controlling bloc incl. related parties 46.45%
With the controlling bloc holding 46%, the ownership structure is stable.
🔎 In-depth analysis
- Mobase Electronics earns its money by making automotive electronic components and supplying them to carmakers and parts makers.
- Its main business as stated in the official annual report is "the manufacture and sale of automotive CAR LOCK SETs, SWITCHes and electronic components," with door-opening lock sets, driver-area power-window and multifunction switches, and smart-key systems as its core items.
- To these it has broadened into LDCs that convert in-vehicle power, BCMs that manage power and batteries, and wireless chargers, and more recently it is winning orders for and mass-producing EV battery and power components (BMS, BMM and the like), riding the trend of a rising share of electronics per vehicle.
- In ownership terms it is a subsidiary in which parent company Mobase holds 46.45%; the main trunk of revenue is switch, key and lock modules, with electrification components added as a new axis.
- It is a typical parts supplier whose results are driven by carmaker sales volumes and component unit prices.
- The latest close is ₩2,225 and market cap is ₩162.9 billion.
- The price sits below the 20-day line (₩2,698) and below the 60-day line (₩3,556).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the last 14 days on a 0-100 scale) is 29.8, close to depressed territory.
- The one-month change is -24.4%, the three-month change is -35.8%, and the position versus the 52-week high is -63.1%.
- Relative strength against the KOSDAQ is 93 (on a 1-99 scale that weights recent index-relative returns more heavily over the past year, with higher meaning stronger than the market).
- That places it in roughly the top 7% of all stocks by strength.
- Over the past three months it lagged the index by 20.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- Starting with valuation metrics, the P/E ratio (how many times one year's earnings the price represents) is 8.18x and the P/B (how many times net assets the price represents) is 0.67x.
- A P/B below 1x means the share price is lower than the company's net assets (BPS of about ₩3,320), an area of little price burden from an asset-value standpoint.
- The P/S (how many times revenue the price represents) is also 0.20x, so market cap is light against ₩1 trillion in revenue.
- This owes to a high-volume, low-margin structure with a 1.9% net margin, not to any weakness in the company.
- On profitability, ROE (how much is earned on equity in a year) is 8.2%, above the peer average, and on ₩1,044.1 billion of revenue it posts operating profit of ₩36.8 billion and net profit of ₩19.9 billion, with a steady positive base.
- On the balance sheet, the debt ratio (debt relative to equity) is 215%, somewhat high, and interest coverage is 1.9x, so it is fairly sensitive to changes in rates and the industry cycle — but there is no danger signal such as a loss or capital erosion.
- One thing to note: the P/E of 9.47x is on a trailing basis (last year's confirmed earnings).
- The forward P/E recalculated on this year's expected earnings is lower than last year's, meaning this year's earnings are seen rising versus last year.
- With asset value below 1x and this year's earnings multiple in the single digits, this is not a stock carrying a heavy price.
- The top line has grown steadily.
- Revenue rose from ₩764.6 billion in 2021 to ₩1,044.1 billion in 2025, a five-year average of about 8%, and last year growth actually accelerated to +7.5% versus the prior year.
- Earnings grew alongside it: net profit rose from ₩9.3 billion in 2023 to ₩15.8 billion in 2024 to ₩19.9 billion in 2025, up two years running.
- On this year's outlook, the forward P/E on this year's expected earnings is lower than the 9.47x on last year's confirmed basis.
- A falling P/E means more earnings attach to the same share price, a signal that this year's earnings are seen rising a step further from last year's ₩19.9 billion.
- The backdrop is clear: as revenue keeps growing at the trillion-won level, a larger share of higher-unit-price new items such as EV power and battery components thickens both the top line and the earnings base.
- In the first quarter of 2026, revenue was flat at +0.4% while operating profit was pressed for one quarter at -8.2%, but net profit grew +9.8%.
- It is characteristic of a parts maker for margins to swing quarter to quarter with the timing of unit-price and volume negotiations, and it is early to judge the annual trend from one quarter's operating-profit swing.
- That this year's earnings multiple is set lower than last year's shows the annual picture better.
- The most notable official item is the resumption of dividends after three years.
- On March 11, 2026, the company resolved and disclosed a year-end cash dividend of ₩40 per common share (a dividend yield at market of 2.89% per the disclosure, total dividend of about ₩2.91 billion), which was confirmed at the March 26 regular shareholders' meeting along with approval of the financial statements.
- Given that the prior dividend was ₩10 per share in 2023, this is a signal that the commitment to shareholder returns has stepped up.
- The quarterly flow is captured in the Q1 2026 report (filed 2026-05-14), where revenue was flat while operating profit fell for one quarter, showing the margin swing.
- Separately, on March 18 the 2025 annual report was filed, confirming top-line growth with consolidated revenue of ₩1,044.1 billion, operating profit of ₩36.8 billion and net profit of ₩19.9 billion, and in May a major-holding report was filed, a point at which to check ownership changes.
- The strengths are distinct.
- Revenue has settled at the trillion-won level with top-line growth continuing, and the price sits in a light area at a P/B of 0.78x on assets and a P/S of 0.20x on revenue.
- Above all, the forward P/E on this year's expected earnings is lower than last year's confirmed basis, so this year's earnings are seen rising a step further.
- Compared with the closest peers, Korea Electric Terminal (6.47x) and DN Automotive (7.63x), the multiple is slightly above, but trading below net assets, resuming dividends after three years, and broadening items into electrification are clear catalysts.
- That said, the limits of its makeup must be seen too.
- With a thin-margin structure at a 3.5% operating margin, quarterly earnings swing with the results of unit-price and volume negotiations, and a 215% debt ratio with 1.9x interest coverage becomes a burden when rates and the industry cycle worsen.
- In short, this is a stock with ample room for its low multiples on assets and earnings to find fair value as long as carmaker volumes hold and component unit prices are maintained; conversely, if margins are pressed further or carmaker demand softens, the thin-margin structure can make the earnings recovery slow — worth framing in strong and weak conditions.
🔎 Valuation vs peers Fairly valued
The peer set is parts suppliers of automotive electronic and electrical components (switches, connectors, power devices) to carmakers. It looks at Korea Electric Terminal (connectors and terminals), closest in business substance, DN Automotive (vibration and electrical parts), and the large integrated parts maker Hyundai Wia.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Electric Terminal | 6.33x | 0.58x | 9.13% |
| DN Automotive | 7.09x | 0.99x | 14.03% |
| Hyundai Wia | 16.31x | 0.45x | 2.74% |
The P/E of 11.2x is above the closest-business peers Korea Electric Terminal (7.2x) and DN Automotive (8.9x) and below the large maker Hyundai Wia (21x), placing it slightly above the middle of the peer set. Its ROE of 8.2% is similar to Korea Electric Terminal's but short of DN Automotive's (14%), and with a low 3.5% operating margin it is not easy to justify a premium on the quality of earnings. On the other hand, a P/B of 0.92 and P/S of 0.20 are in undervalued territory on assets and revenue — the multiples are not so much expensive as reflecting a structure that is light against revenue because margins are thin. The trailing P/E of 8.18x reflects the base effect of the 2024-2025 earnings recovery, so on a forward basis (this year's estimate) that accounts for the margin-pressed first-quarter trend, we see it little changed in the low teens. On balance, it is cheap relative to asset value but comes with a profitability limit, so we judge it a fairly valued zone.
Price history Close · MA20 · MA60
The latest close is ₩2,225 and the market capitalization is ₩162.9 billion. The price sits below its 20-day moving average (₩2,698) and below its 60-day moving average (₩3,556). 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 29.8, near oversold territory. The one-month change is -24.4%, the three-month change is -35.8%, and the position relative to the 52-week high is -63.1%. Relative strength versus the KOSDAQ is 93 (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 93% of all stocks. Over the past three months it lagged the index by 20.1%. 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 -20.05% / 6M +87.33% / 12M +48.21%
Key metrics vs sector median
Valuation
The P/E of 8.18x is in line with the sector median (7.76x). The P/B of 0.67x is above the sector median (0.56x).
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 8.2%, above the sector average (7.0%). The operating margin is 3.5%. The debt ratio is 215.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $622.6M | $643.9M | $692.0M | +7.47% ↑ faster |
| Operating profit | $18.4M | $22.8M | $24.4M | +6.98% ↓ slower |
| Net profit | $6.1M | $10.5M | $13.2M | +25.88% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $506.7M | $611.2M | $622.6M | $643.9M | $692.0M |
| Operating profit | $10.3M | $29.1M | $18.4M | $22.8M | $24.4M |
| Net profit | $5.7M | $5.3M | $6.1M | $10.5M | $13.2M |
| Revenue CAGR | 4-yr avg 8.10% | ||||
Revenue rose 7.5% year over year (2023 ₩939.4 billion → 2024 ₩971.5 billion → 2025 ₩1.0 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 7.0% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.1%. The two-year revenue CAGR is 5.4%. In the most recent quarter (Q1 2026), revenue was 0.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
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
- 2026-03-11DividendDecision on a 2025 year-end cash dividend of ₩40 per common share (a dividend yield at market of 2.89% per the disclosure, total dividend of about ₩2.91 billion, record date 2025-12-31). The first dividend resumption in three years since ₩10 per share in 2023.A signal of improving shareholder-return posture. The total dividend is about 15% of net profit, so the financial burden is limited. Source
- 2026-03-26IRAt the regular shareholders' meeting, approval of the 48th-term financial statements and confirmation of the cash dividend (₩40 per share).Dividend confirmation removes near-term uncertainty over shareholder returns. Source
- 2026-05-14EarningsQ1 2026 report filed. Revenue ₩265.3 billion (+0.4%), operating profit ₩7.4 billion (-8.2%), net profit ₩6.0 billion (+9.8%). Operating profit fell amid a flat top line.Confirms core-business margin pressure. Non-operating items defended net profit, so the quality of earnings needs checking. Source
- 2026-05-15FilingReport of major holdings (general) filed. Reporting of key ownership changes.A point to check on governance and supply-demand. The direct near-term price impact is limited. Source
- 2026-03-18Filing2025 annual report and audit report filed. Top-line growth confirmed with consolidated revenue ₩1,044.1 billion · operating profit ₩36.8 billion · net profit ₩19.9 billion.Confirmation of annual results provides a reference point for trailing metrics. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-03-30Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-24Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Amended filing
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11DividendCash/stock dividend decision
- 2026-03-06OwnershipOfficers'/major-shareholders' holdings report
📖 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.