ELC makes and sells control and measurement instruments such as flow meters, LFCs, and spinner motors, along with semiconductor equipment; its former BLU (display backlight) business was wound down in March 2024, and its axis has since shifted toward control-and-measurement and semiconductor equipment. Disclosures in February and March 2026 confirmed full-year revenue of ₩19.7 billion, an operating loss of ₩0.9 billion, and net profit of ₩8.3 billion, marking a recovery phase in which revenue is rising again, the operating loss is narrowing, and net profit has turned positive; the stock trades at a P/B of 0.57x, roughly half of book value, with a steady dividend. What stands out is that as the revenue recovery and loss reduction continue quarter after quarter and operating profit settles into the black, the undervaluation appeal grows clearer, whereas if operating profit has not yet settled into the black and non-operating factors mix into net profit, that appeal can weaken should the revenue recovery or the improvement in operating profit and loss stall.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 24.3% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 40.2% higher than a year earlier.
- ROE is 4.8% (controlling-interest basis). It is below the sector average.
- Operating margin is -4.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jung-heon 20.47% (individual)
Controlling bloc incl. related parties 46.72%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- ELC runs a business making and selling control and measurement instruments alongside a semiconductor equipment business.
- In the control-and-measurement segment it handles products such as flow meters, LFCs, and spinner motors.
- The former BLU (display backlight) segment was wound down after the board decided in March 2024 to cease its operations, and the axis of the business has since shifted toward control-and-measurement and semiconductor equipment.
- With a market cap of ₩98.2 billion, it is not a large company, so it is worth watching how each disclosure affects earnings and the share count.
- The latest close is ₩8,120 and the market cap is ₩99.0 billion.
- The price sits below the 20-day line (₩8,518) and below the 60-day line (₩10,246).
- Trading under both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 38.5, a neutral level.
- The one-month change is -9.1%, the three-month change is -9.7%, and the position versus the 52-week high is -38.5%.
- Relative strength versus the KOSDAQ is 78 (1-99, converting the past year's return relative to the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 21% of all stocks by strength.
- Over the past three months it outpaced the index by 23.0%.
- Chart reading is best done alongside trading volume and disclosure dates.
- For the most recent full year, revenue was ₩19.7 billion and net profit was ₩8.3 billion, while operating profit was a loss of ₩0.9 billion.
- The P/E (how many times a year's earnings the price is) is 11.98x and the P/B (how many times book value the price is) is 0.57x.
- In particular, a P/B of 0.57x means the stock trades at half the price of the net assets recorded on the company's books, so relative to asset value the price is on the low side.
- Because operating profit is still a loss, the P/E can look high, but this company is at an inflection point where it has rapidly narrowed its loss, so it is hard to call it expensive on last year's figures alone.
- The current ratio (assets easily turned into cash against debt due in the near term) is a comfortable 14.4x for short-term payment capacity, and the debt ratio is a not-heavy 105.5%.
- ROE (how much is earned in a year on equity) is 4.8%, and it is also notable that the payout ratio of 51.7% returns about half of earnings as dividends.
- Revenue rose quickly over two years, from ₩8.8 billion in 2023 to ₩15.8 billion in 2024 and ₩19.7 billion in 2025 (+24.3% year on year).
- The profit trend is even more striking: the operating loss steadily narrowed from ₩7.3 billion in 2023 to ₩4.7 billion in 2024 and ₩0.9 billion in 2025, and net profit turned from a loss in 2023 to a ₩8.3 billion profit in 2025 (a turnaround).
- In the most recent quarter, Q1 2026, revenue rose 40.2% from the same period a year earlier, and net profit of ₩2.6 billion jumped sharply from a year ago.
- On the premise that this revenue growth and loss reduction continue, this year's revenue is on a path toward around ₩24.5 billion, which is not a mechanical extrapolation of quarterly results but a direction pointed to by the revenue recovery and the quarterly trend together.
- That said, the fact that operating profit has not yet settled into the black, and that non-operating factors can mix into net profit, are points to keep confirming each quarter.
- On March 26, 2026, through a corporate value-up plan (voluntary disclosure), the company put out material laying out a plan it set itself.
- As directional material presented by the company on its own, if it contains specific figures it serves as a first-tier basis for gauging the path ahead, and if not, it is for directional reference.
- Around the same time, on March 16, 2026 and February 6, disclosures of a change of 30% or more in revenue or profit structure confirmed full-year revenue of ₩19.7 billion, an operating loss of ₩0.9 billion, and net profit of ₩8.3 billion.
- Reading whether the swing to profit is due to a one-off factor or a change in the business trend helps read the results more precisely.
- This stock's strengths are clear.
- It is in a recovery phase where revenue is rising again, the operating loss is narrowing, and net profit has turned positive, yet the stock remains at roughly half of book value (P/B of 0.57x), trading cheaply against assets and earnings, with a steady dividend.
- The near-term price is pressed below its moving averages, suggesting the market has not yet fully reflected this recovery.
- On the other hand, the points to watch are that operating profit has not yet settled into the black and that non-operating factors can mix into net profit.
- In short, ELC is a stock whose undervaluation appeal grows clearer as the revenue recovery and loss reduction continue quarter after quarter and operating profit settles into the black, and conversely one whose appeal weakens if the revenue recovery falters or the improvement in operating profit and loss stalls.
🔎 Valuation vs peers Undervalued
A peer set within medical, precision, and optical instruments that is adjacent in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| PS Tech | 9.10x | 0.61x | 6.69% |
| Dongbang Medical | 10.04x | 0.96x | 9.52% |
| CG MedTech | 16.89x | 1.17x | 6.92% |
We looked first at a public-data peer set within medical, precision, and optical instruments that is close in market capitalization. The current P/E (how many times a year's earnings the price is) is 11.98x and the P/B (how many times book value the price is) is 0.57x. That said, smaller-cap names are heavily affected by earnings swings and fundraising disclosures, so we did not draw a firm conclusion 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 | ₩24.5 billion | — | — |
| Next quarter | Q2 2026 | ₩6.2 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩8,120 and the market capitalization is ₩99.0 billion. The price sits below its 20-day moving average (₩8,518) and below its 60-day moving average (₩10,246). 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 38.5, a neutral level. The one-month change is -9.1%, the three-month change is -9.7%, and the position relative to the 52-week high is -38.5%. Relative strength versus the KOSDAQ is 78 (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 79% of all stocks. Over the past three months it outpaced the index by 23.0%. 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 +23.02% / 6M +34.66% / 12M -16.36%
Key metrics vs sector median
Valuation
The P/E of 11.98x is below the sector median (22.72x). The P/B of 0.57x is below the sector median (1.61x). 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.8%, in line with the sector average (5.0%). The operating margin is -4.6%. The debt ratio is 105.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $5.8M | $10.5M | $13.0M | +24.34% ↓ slower |
| Operating profit | -$4.8M | -$3.1M | -$596,928 | — |
| Net profit | -$5.2M | -$177,169 | $5.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $123.5M | $91.2M | $5.8M | $10.5M | $13.0M |
| Operating profit | -$3.4M | -$6.3M | -$4.8M | -$3.1M | -$596,928 |
| Net profit | $1.6M | -$3.8M | -$5.2M | -$177,169 | $5.5M |
| Revenue CAGR | 4-yr avg -43.01% | ||||
Revenue rose 24.3% year over year (2023 ₩8.8 billion → 2024 ₩15.8 billion → 2025 ₩19.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -43.0%. The two-year revenue CAGR is 49.4%. In the most recent quarter (Q1 2026), revenue was 40.2% 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.
- The dividend yield, at 4.5%, is on the high side.
- Revenue grew 24.3% 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
- 2026-03-26UpdateCorporate value-up plan (voluntary disclosure): check the company's plan (original text)Material presented directly by the company as a plan. If it has figures, treat it as a first-tier basis for the outlook box; if not, treat it only as directional material. Source
- 2026-03-16Earnings[Amended] Change of 30% or more in revenue or profit structure (15% or more for large corporations): full-year revenue ₩19.7 billion, operating loss ₩0.9 billion, net profit ₩8.3 billionRecent confirmed or preliminary results. View whether it points in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-02-06EarningsChange of 30% or more in revenue or profit structure (15% or more for large corporations): full-year revenue ₩19.7 billion, operating loss ₩0.9 billion, net profit ₩8.3 billionRecent confirmed or preliminary results. View whether it points in the same direction as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,120 | ₩8,120 | Confirmed | link |
| Latest quarterly results | revenue ₩5.7 billion, operating profit -₩0.3 billion | revenue ₩5.7 billion, operating profit -₩0.3 billion | Confirmed | link |
| Annual results | revenue ₩19.7 billion, operating profit -₩0.9 billion | revenue ₩19.7 billion, operating profit -₩0.9 billion | Confirmed | link |
| Outlook/plan disclosure (original text) | : | : | Confirmed | link |
| Results disclosure (original text) | []revenue30%: revenue ₩19.7 billion · operating profit -₩0.9 billion · net profit ₩8.3 billion | []revenue30%: revenue ₩19.7 billion · operating profit -₩0.9 billion · net profit ₩8.3 billion | Confirmed | link |
| Results disclosure (original text) | revenue30%: revenue ₩19.7 billion · operating profit -₩0.9 billion · net profit ₩8.3 billion | revenue30%: revenue ₩19.7 billion · operating profit -₩0.9 billion · net profit ₩8.3 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-22OwnershipAmended filing
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-17Amended filing
- 2026-03-17Amended filing
- 2026-03-16EarningsAmended 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.