THN is an electrical-equipment company that makes and sells wires and cables used in automobiles and industrial machinery, along with wire harnesses that bundle multiple wires to route electricity. A March 2026 filing confirmed full-year revenue of 989.1 billion won, operating profit of 70.1 billion won, and net profit of 68.7 billion won, formalizing a sizeable earnings jump, and a cash-and-in-kind dividend was decided the same day; a May quarterly report continued the trend with first-quarter revenue of 276.3 billion won, operating profit of 17.5 billion won, and net profit of 15.8 billion won. What stands out lately is that in an earnings-inflection phase where revenue is rising fast and operating profit is growing well ahead of the top line, an ROE of 30.6% comes with a P/E of 1.48x and a P/B of 0.45x, so growth and undervaluation appear together, while a debt ratio of 172% is not low, so it should be watched alongside whether the interest-coverage ratio (12.5x) holds and whether automotive-electronics and wire demand keeps up the strong first-quarter flow.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 51.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 62.2% higher than a year earlier.
- ROE is 30.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Kwang-yeon 20.9% (individual)
Controlling bloc incl. related parties 42.8%
With the controlling bloc holding 43%, the ownership structure is stable.
🔎 In-depth analysis
- THN is a company in the electrical-equipment industry whose main business is making and selling wires and cables used in automobiles and industrial machinery, along with wire harnesses (bundles of wiring that tie multiple wires together to route electricity).
- As a small- to mid-cap with a market cap of 101.7 billion won, it helps to look not only at the flow of the business itself but also at how each filing affects earnings and the share count.
- The latest close is 5,730 won and market cap is 103.1 billion won.
- The price sits below its 20-day line (6,386 won) and its 60-day line (7,197 won).
- Trading under both the short- and medium-term moving averages, the trend is on the depressed side.
- RSI (a supplementary gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 35.6, a neutral level.
- The one-month change is -16.1%, the three-month change is -17.9%, and the position versus the 52-week high is -40.8%.
- Relative strength versus KOSPI is 43 (on a 1-99 scale that converts return versus the index over the past year, weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 57% of all stocks by strength.
- Over the past three months it lagged the index by 37.0%.
- Chart reading works best alongside trading volume and the dates of filings.
- The most recent annual revenue is 989.1 billion won, operating profit is 70.1 billion won, and net profit is 68.7 billion won.
- The operating margin is 7.1% and ROE (how much the company earns in a year on its equity) is 30.6%, well above the peer average, so profitability is excellent.
- The debt ratio (debt versus equity) is 172.2%, which looks somewhat high, but the interest-coverage ratio (how many times operating profit can cover interest) is 12.5x, a level that comfortably carries the interest burden.
- On valuation, the P/E (how many times one year of earnings the price represents) is 1.48x and the P/B (how many times book value the price represents) is 0.45x.
- These figures are not a burden because they are high; on the contrary, they are low, pointing to a stock that is cheap relative to earnings and net assets.
- Moreover, because earnings are rising fast, the forward metrics that reflect this year's earnings come closer to the real picture than the trailing metrics computed from the past year's results.
- The forward P/E on this year's earnings is a clear undervaluation signal, distinctly below the peer-set median.
- Revenue grew from 586.3 billion won in 2023 to 651.1 billion won in 2024 and 989.1 billion won in 2025, up 51.9% year over year, with the pace of increase itself accelerating.
- Over the same period, operating profit jumped to 70.1 billion won, about 2.3x the prior year (+126%), and net profit to 68.7 billion won, about 2.2x (+116%).
- The flow is even clearer in the most recent quarter.
- First-quarter 2026 revenue was 276.3 billion won, up 62.2% from the year-earlier period; operating profit was 17.5 billion won, up 417.4%; and net profit was 15.8 billion won, up 294.4%.
- This is a textbook earnings-inflection phase in which operating profit grows far faster than the rapidly expanding top line, with scale expansion feeding through to margin improvement.
- For the full year, an earnings base of about 1.3 trillion won in revenue, 122.3 billion won in operating profit, and 98.3 billion won in net profit is expected, figures already supported by confirmed first-quarter results and the flow of demand and utilization.
- There is no confirmed basis for next year's earnings falling below this year's, so there is no reason to conclude that the current phase is a cycle top.
- The flow of filings points the same way as the earnings improvement.
- On March 12, 2026, a 'change of 30% or more (15% for large corporations) in revenue or profit-and-loss structure' disclosure confirmed full-year revenue of 989.1 billion won, operating profit of 70.1 billion won, and net profit of 68.7 billion won, formalizing a sizeable earnings jump.
- The same day, a cash-and-in-kind dividend decision was also disclosed, showing intent to return value to shareholders on the back of the increased earnings.
- Then, on May 15, a quarterly report (2026.03) confirmed first-quarter revenue of 276.3 billion won, operating profit of 17.5 billion won, and net profit of 15.8 billion won, again showing that the annual flow is carrying through at the quarterly level.
- The strengths are clear.
- Amid revenue rising fast each year and at a steepening pace, operating profit is growing far faster than the top line in an earnings-inflection phase, and with an ROE of 30.6% profitability also leads the peer set.
- Even so, a P/E of 1.48x, a P/B of 0.45x, and a forward P/E on this year's earnings place the price distinctly below the peer set relative to earnings and assets, an uncommon combination of growth and undervaluation.
- That the stock has fallen sharply over a short span has, if anything, widened the gap between fundamentals and price.
- There are also cautions.
- With a debt ratio of 172% that is not low, it should be watched alongside whether the interest-coverage ratio (12.5x) is sustained and whether automotive-electronics and wire demand and utilization keep up the strong first-quarter flow.
- In addition, as a small- to mid-cap, one-off gains or losses or financing-related filings can shake the metrics when they overlap.
- In short, as long as growth continues and margins hold, the undervaluation appeal is large; if demand slows or one-off costs pile up, the volatility grows accordingly.
🔎 Valuation vs peers Undervalued
A peer set within electrical equipment with market caps close to the company's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Powernet | 6.27x | 0.63x | 9.98% |
| Power Logics | — | 0.56x | -6.25% |
| Sungwoo | 25.32x | 0.54x | 2.14% |
We looked first at a public-data peer set within electrical equipment with nearby market caps. The current P/E (how many times one year of earnings the price represents) is 1.50x and the P/B (how many times book value the price represents) is 0.46x. Because smaller-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from metrics based on last year's confirmed results alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩1.3 trillion | ₩122.3 billion | ₩98.3 billion |
| Next quarter | Q2 2026 | ₩339.6 billion | ₩36.2 billion | ₩32.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,730 and the market capitalization is ₩103.1 billion. The price sits below its 20-day moving average (₩6,386) and below its 60-day moving average (₩7,197). 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 35.6, a neutral level. The one-month change is -16.1%, the three-month change is -17.9%, and the position relative to the 52-week high is -40.8%. Relative strength versus the KOSPI is 43 (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 43% of all stocks. Over the past three months it lagged the index by 37.0%. 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 -37.05% / 6M -56.53% / 12M -16.71%
Key metrics vs sector median
Valuation
The P/E of 1.50x is below the sector median (19.17x). The P/B of 0.46x is below the sector median (2.15x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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.
Profitability & financials
Return on equity (ROE) is 30.6%, above the sector average (2.0%). The operating margin is 7.1%. The debt ratio is 172.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $388.6M | $431.5M | $655.6M | +51.92% ↑ faster |
| Operating profit | $28.5M | $20.5M | $46.4M | +126.26% ↑ faster |
| Net profit | $18.8M | $21.1M | $45.5M | +115.63% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $266.9M | $311.3M | $388.6M | $431.5M | $655.6M |
| Operating profit | $13.1M | $748,002 | $28.5M | $20.5M | $46.4M |
| Net profit | $11.4M | -$3.2M | $18.8M | $21.1M | $45.5M |
| Revenue CAGR | 4-yr avg 25.19% | ||||
Revenue rose 51.9% year over year (2023 ₩586.3 billion → 2024 ₩651.1 billion → 2025 ₩989.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 126.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 25.2%. The two-year revenue CAGR is 29.9%. In the most recent quarter (Q1 2026), revenue was 62.2% higher 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.
- ROE of 30.6% points to solid profitability.
- Revenue grew 51.9% year over year, a sign of growth.
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
- 2026-03-12EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: full-year revenue 989.1 billion won, operating profit 70.1 billion won, net profit 68.7 billion wonRecent confirmed or preliminary results material. Read whether it points the same way as the annual flow and whether one-off factors are present. Source
- 2026-03-12UpdateCash-and-in-kind dividend decision: check the return termsA filing tied to cash returns or changes in the share count. Confirm whether earnings strength and cash flow back it up. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue 276.3 billion won, operating profit 17.5 billion won, net profit 15.8 billion wonRecent confirmed or preliminary results material. Read whether it points the same way as the annual flow and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,730 | ₩5,730 | Confirmed | link |
| Latest quarterly results | revenue ₩276.3 billion, operating profit ₩17.5 billion | revenue ₩276.3 billion, operating profit ₩17.5 billion | Confirmed | link |
| Annual results | revenue ₩989.1 billion, operating profit ₩70.1 billion | revenue ₩989.1 billion, operating profit ₩70.1 billion | Confirmed | link |
| Results filing (original text) | revenue30%: revenue ₩989.1 billion · operating profit ₩70.1 billion · net profit ₩68.7 billion | revenue30%: revenue ₩989.1 billion · operating profit ₩70.1 billion · net profit ₩68.7 billion | Confirmed | link |
| Shareholder-return filing (original text) | ㆍ: | ㆍ: | Confirmed | link |
| Results filing (original text) | (2026.03): 2026 1 revenue ₩276.3 billion · operating profit ₩17.5 billion · net profit ₩15.8 billion | (2026.03): 2026 1 revenue ₩276.3 billion · operating profit ₩17.5 billion · net profit ₩15.8 billion | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Amended filing
- 2026-03-23Audit report
- 2026-03-20OwnershipOwnership-change filing
- 2026-03-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-20OwnershipLargest-shareholder ownership change report
- 2026-03-16Shareholders' meeting notice
- 2026-03-12EarningsEarnings 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.