Dasan Networks centers its business on supplying network equipment and solutions that connect the internet and telecom networks to carriers, enterprises, and public networks, while also holding a portfolio of subsidiaries spanning auto parts and software, industrial heat exchangers, and quartz components for semiconductors, with consolidated revenue of ₩541.8 billion. In April 2026 the company voluntarily filed a corporate value-up plan on its own initiative, and in early April there was a warrant exercise filing that calls for watching both the cash inflow and the resulting increase in share count. What stands out recently is that revenue has grown sharply and operating profit has settled into positive territory, and Q1 2026 net profit also turned positive, yet the stock trades at a P/B of 0.41x, below half of net asset value, in undervalued territory. On the other hand, annual net profit is still slightly negative and share-count changes such as warrant exercises can affect per-share value, so the durability of the quarterly profit needs to be confirmed.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 60.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.7% higher than a year earlier.
- ROE is -2.8% (controlling-interest basis).
- Operating margin is 7.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Dasan Solueta 26.91% (corporate)
Controlling bloc incl. related parties 27.74%
With the controlling bloc holding 28%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Dasan Networks primarily develops and supplies network equipment (subscriber-network switches, optical communication gear, and the like) and related solutions that connect the internet and telecom networks.
- Delivering equipment to carriers, enterprises, and public networks is the core business, and on top of that the company holds a portfolio of subsidiaries covering automotive rubber components and connected-car software, industrial heat exchangers, quartz components for semiconductor manufacturing, global confectionery distribution, and apparel manufacturing and sales.
- Annual consolidated revenue is around ₩541.8 billion, a figure that combines the core network business with subsidiary revenue.
- Because the market cap is not large, it is worth tracking share-count filings such as warrants alongside the business flow.
- The latest close is ₩2,370 and the market cap is ₩101.6 billion.
- The price sits below the 20-day line (₩2,795) and below the 60-day line (₩3,966).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that measures upward versus downward strength over the past 14 days on a 0-100 scale) is 25.1, close to depressed territory.
- The one-month change is -25.6%, the three-month change is -51.7%, and the position versus the 52-week high is -58.4%.
- Relative strength versus the KOSDAQ is 62 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 37% of all stocks by strength.
- Over the past three months it lagged the index by 39.3%.
- Chart interpretation is best done alongside trading volume and filing dates.
- Recent annual revenue was ₩541.8 billion and operating profit was ₩38.5 billion, for an operating margin of 7.1%.
- Net profit was -₩7.2 billion, still slightly negative on an annual basis, but the loss narrowed sharply from -₩24.9 billion a year earlier.
- Because last year's results alone do not yield a P/E ratio (how many times a year's profit the stock is priced at), we look at P/B (how many times book value the stock is priced at) instead, which stands at 0.41x.
- That means the stock trades below half of the company's net asset value, clearly a cheap zone relative to assets.
- The debt ratio is 104.1%, not excessive, and the current ratio (assets that can be turned into cash within a year versus debt due within a year) is 1.47x, so there is some short-term liquidity headroom.
- That said, the interest coverage ratio (how many times operating profit can cover interest) is below 1x, so profit needs to settle in further before the interest burden eases.
- Revenue grew markedly over a few years, from ₩73.8 billion in 2021 to ₩541.8 billion in 2025, and over the same period operating profit turned firmly positive, rising from ₩0.5 billion to ₩38.5 billion.
- Net profit has also narrowed its loss quickly year after year, from -₩93.4 billion in 2023 to -₩24.9 billion in 2024 and -₩7.2 billion in 2025.
- In particular, Q1 2026 brought revenue of ₩120.4 billion (+4.7% year over year) and operating profit of ₩8.9 billion (+10.8%), plus net profit of ₩8.4 billion that turned positive.
- In other words, this is an earnings-inflection phase in which operating profit has been secured in the black and net profit has climbed to positive as well.
- On the company's own outlook for this year, revenue steps up another notch and operating profit is set at around ₩42.6 billion, painting a picture in which top-line growth and margin improvement move together.
- That said, the pace of revenue growth itself is gradually easing after passing an explosive stretch, so going forward the key is how much the margin can be lifted rather than the top line.
- On April 20, 2026, the company itself filed a corporate value-up plan (voluntary disclosure).
- Since this is a planning document the company put forward on its own, if it contains specific figures it can serve as a primary basis for the outlook, and if it only indicates direction it can be read as a statement of intent.
- In early April there was also a warrant exercise filing (April 10, with a correction on April 2); a warrant exercise brings cash into the company but increases the share count, so it is best to look at both where the incoming funds are used and how much the share count rises.
- The strengths are clear.
- Revenue has grown sharply over a few years, operating profit has settled into positive territory, and in Q1 2026 net profit also turned positive.
- Yet the stock has been pushed down sharply over the same period to a P/B of 0.41x, trading at below half of net asset value, an undervalued zone relative to assets.
- Stocks whose earnings are just turning often show no P/E because of the prior year's loss, and in that case the key is whether the recovery genuinely continues.
- If quarterly profit accumulates steadily rather than once or twice, and the interest coverage ratio rises above 1x, the undervaluation is backed by actual results.
- On the cautious side, because the market cap is not large, share-count changes such as warrant exercises can affect per-share value, and annual net profit is still slightly negative.
- In sum, this is a recovery-type stock where earnings improvement and a low P/B move together; watching the durability of quarterly profit and the nature of financing filings makes both the strengths and the risks stand out clearly.
🔎 Valuation vs peers Undervalued
A market-cap-adjacent peer set within telecom and broadcasting equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jungang Advanced Materials | — | 0.93x | -5.30% |
| Oneul E&M | — | 24.74x | -2452.29% |
| Genoray | — | 2.56x | -4.10% |
We first looked at a public-data peer set with nearby market cap within telecom and broadcasting equipment. The current P/E ratio (how many times a year's profit the stock is priced at) is not available, and the P/B ratio (how many times book value the stock is priced at) is 0.39x. Because lower-market-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from last year's confirmed-results metrics 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 | ₩695.0 billion | ₩42.6 billion | — |
| Next quarter | Q2 2026 | ₩174.1 billion | ₩13.1 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩2,370 and the market capitalization is ₩101.6 billion. The price sits below its 20-day moving average (₩2,795) and below its 60-day moving average (₩3,966). 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 25.1, near oversold territory. The one-month change is -25.6%, the three-month change is -51.7%, and the position relative to the 52-week high is -58.4%. Relative strength versus the KOSDAQ is 62 (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 63% of all stocks. Over the past three months it lagged the index by 39.3%. 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 -39.31% / 6M -9.99% / 12M -23.74%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.39x is below the sector median (1.32x).
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 -2.8%. The operating margin is 7.1%. The debt ratio is 104.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $61.2M | $223.7M | $359.1M | +60.48% ↓ slower |
| Operating profit | -$829,732 | -$5.4M | $25.5M | — |
| Net profit | -$61.9M | -$16.5M | -$4.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $48.9M | $53.5M | $61.2M | $223.7M | $359.1M |
| Operating profit | $363,420 | -$374,503 | -$829,732 | -$5.4M | $25.5M |
| Net profit | -$5.2M | $129.8M | -$61.9M | -$16.5M | -$4.8M |
| Revenue CAGR | 4-yr avg 64.61% | ||||
Revenue rose 60.5% year over year (2023 ₩92.3 billion → 2024 ₩337.6 billion → 2025 ₩541.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 64.6%. The two-year revenue CAGR is 142.3%. In the most recent quarter (Q1 2026), revenue was 4.7% 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.
- Revenue grew 60.5% year over year, a sign of growth.
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-04-20UpdateCorporate value-up plan (voluntary disclosure) (2026 corporate value-up plan): check the original text of the company planThis is a planning document the company put forward directly. If it contains figures, treat it as a primary basis for the outlook box; if not, treat it only as a directional reference. Source
- 2026-04-10UpdateWarrant exercise: check the detailed terms in the original filingThis is a filing where both the purpose of the cash inflow and the change in share count must be considered together. Where a facilities or operating purpose is stated, the key is whether the investment is actually executed and connects to revenue. Source
- 2026-04-02Update[Correction] Warrant exercise: check the detailed terms in the original filingThis is a filing where both the purpose of the cash inflow and the change in share count must be considered together. Where a facilities or operating purpose is stated, the key is whether the investment is actually executed and connects to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩2,370 | ₩2,370 | Confirmed | link |
| Latest quarterly results | revenue ₩120.4 billion, operating profit ₩8.9 billion | revenue ₩120.4 billion, operating profit ₩8.9 billion | Confirmed | link |
| Annual results | revenue ₩541.8 billion, operating profit ₩38.5 billion | revenue ₩541.8 billion, operating profit ₩38.5 billion | Confirmed | link |
| Outlook and plan filing (original text) | : | : | Confirmed | link |
| Financing filing (original text) | : | : | Confirmed | link |
| Financing filing (original text) | []: | []: | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-10Disclosure
- 2026-06-08Disclosure
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-02Disclosure
- 2026-05-29Disclosure
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-22Shareholders' meeting notice
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-30Shareholders' meeting notice
- 2026-04-30Disclosure
📖 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.