PHA (formerly Pyeong Hwa Precision Machinery) is a parts company that supplies the door latches, hinges, modules, and key sets that go into car doors as complete sets. Since a finished vehicle has four doors, parts ship in step with how many cars are sold; Hyundai Motor and Kia are its largest customers, and overseas production entities let it supply close to global plants, so results are linked to Hyundai and Kia volumes, exchange rates, and steel-sheet prices. Recent disclosures center on regular results, dividends, and governance: in February 2026 it set a cash dividend of ₩400 per share, filed the March business report and the May Q1 report, and in April–May, large-holding reports from 5%-plus shareholders and trading-plan reports from executives and major shareholders let stake trends be observed. What stands out lately is an asset undervaluation at a P/B of 0.28x, below peers (0.41–0.47x), together with a solid balance sheet (debt ratio 34.7%, current ratio 240%), a 3.2% dividend, and a forward P/E of 4.7x (versus 5.1x last year) — strengths weighed against a cyclical structure linked to Hyundai and Kia volumes and exchange rates, so earnings can be pressed if the automaker cycle cools, and against the fact that some non-operating items were mixed into Q1 net profit.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 4.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.9% higher than a year earlier.
- ROE is 5.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.0%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder PHC 51.63% (corporate)
Controlling bloc incl. related parties 61.61%
With the controlling bloc holding 62%, control is very secure but the free float is thin.
🔎 In-depth analysis
- PHA (formerly Pyeong Hwa Precision Machinery) is a company that makes the parts that go into car doors.
- Its core products are door latches (the locking mechanism that opens, closes, and locks a door), door hinges (the joints on which a door swings), door modules (an assembly that gathers the window regulator, speaker mounts, and the like onto one panel), and automotive key sets.
- In other words, it supplies the 'set of locking and opening/closing parts that go into a single door' as a whole, and its largest customers are Hyundai Motor and Kia.
- Since a finished vehicle has four doors, it is a business where parts ship in step with how many cars are sold, and it supplies not only domestically but also close to Hyundai and Kia's global plants through overseas production entities.
- Because the parts are tied directly to a car's safety and convenience, a certain level of technical capability and proven quality act as entry barriers, and results are linked together to Hyundai and Kia's production and sales volumes, the won–dollar exchange rate, and raw-material prices such as steel sheet.
- The latest close is ₩10,900 and market cap is ₩228.9 billion.
- The price sits below the 20-day line (₩11,826) and the 60-day line (₩12,491).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a gauge of upward versus downward momentum over the past 14 days on a 0–100 scale) is 38.8, a neutral level.
- It is down 9.3% over one month and down 10.0% over three months, and sits 20.2% below its 52-week high.
- Relative strength versus the KOSDAQ is 76 (on a 1–99 scale that weights the past year's return versus the index toward the most recent period; higher means stronger than the market), placing it in roughly the top 24% of all stocks by strength.
- Over the past three months it outpaced the index by 18.8%.
- It is best to read the chart alongside trading volume and disclosure dates.
- The valuation is distinctly on the low side.
- The P/E (how many times a year's earnings the price is) is 4.95x and the P/B (how many times the company's net assets the price is) is 0.27x, meaning the market values the company's book net assets at only a little over a quarter.
- Profitability is unremarkable-but-fine for a parts maker, with ROE (how much it earns in a year on equity) of 5.5% and an operating margin of 4.0%, and the balance sheet is stable, with a low debt ratio of 34.7% and an ample current ratio (assets that can be mobilized immediately versus debt due within a year) of 240%.
- On top of that comes a 3.2% dividend yield (₩400 per share).
- Here, the P/E of 5.1x is on a trailing basis (last year's confirmed earnings), while the forward P/E reflecting this year's expected earnings is actually lower at 4.7x.
- That is, not because last year's figure looks high but because this year's earnings are gauged to grow over last year's, the forward-based valuation gets cheaper.
- For a stock whose earnings trend is turning, this forward valuation is closer to the real picture, and being below the P/B of peer parts makers (0.41–0.47x) is a clear undervaluation signal.
- Revenue rose steadily over five years from ₩927.6 billion to ₩1,200.7 billion, showing a stable top line growing about 6.7% a year (2025 revenue up 4.2% year on year, with the growth pace faster than the year before).
- Earnings had a bout of ups and downs: operating profit normalized from a ₩6.6 billion trough in 2021 to ₩48.0–51.5 billion in 2023–2024, then effectively held the prior-year level at ₩48.4 billion in 2025, while net profit adjusted 25.3% lower to ₩46.3 billion in 2025.
- The important trend shows in the most recent quarter (Q1 2026): with revenue up 1.9% and net profit up 20.7%, this year's earnings are gauged to head back toward growth beyond last year's one-off dip.
- This recovery is supported together by a top line that has climbed into the ₩1 trillion range, Hyundai and Kia's production and sales volumes, and a favorable won–dollar rate.
- That is why the forward P/E on this year's expected earnings (4.7x) comes in below last year's confirmed P/E (5.1x), meaning the price has yet to reflect the picture of 'earnings that dipped once last year climbing back this year.'
- Recent disclosures center on regular results, dividends, and governance.
- In February 2026 it set a cash dividend (₩400 per share); in March it held the annual general meeting and filed the 2025 business report; and in May it filed the Q1 2026 report.
- In April, a large-holding report (abbreviated form) from a 5%-plus shareholder appeared, and in May, specific-security trading-plan reports from executives and major shareholders were filed, so stake trends on the insider and major-shareholder side can be observed.
- With regular reports and shareholder-return and stake-related disclosures at the center rather than major order or new-business disclosures, it shows a phase of stable operation rather than business change.
- This stock's strengths are clear.
- A P/B of 0.28x is an asset-relative undervaluation even below peer parts makers (0.41–0.47x), and a solid balance sheet (debt ratio 34.7%, current ratio 240%) plus a 3.2% dividend support the downside.
- The ₩1 trillion revenue base has grown steadily, and above all the forward P/E on this year's expected earnings (4.7x) is below last year's confirmed P/E (5.1x), so the trend of earnings that dipped once last year climbing back this year is added to the valuation.
- The part to watch carefully is the nature of earnings: results are a cyclical structure linked to Hyundai and Kia volumes and exchange rates, so earnings can be pressed alongside if the automaker cycle cools, and since some non-operating items also contributed to the Q1 net-profit gain, it is best to also watch whether core operating profit follows at the same pace.
- In sum, it is a stock sitting at a cheap price on any of the asset, dividend, or forward-earnings measures, where that undervaluation narrows quickly when vehicle sales and exchange rates stay favorable, and where patience through earnings swings is needed in a phase when the automaker cycle slows.
🔎 Valuation vs peers Undervalued
The peer set is Hyundai/Kia tier-1 auto-parts suppliers. Hyundai Wia is a tier-1 maker of large modules and machined parts, and Hwaseung Corporation is a tier-1 maker of body and rubber parts — the listed peers whose business grain is closest.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Wia | 16.31x | 0.45x | 2.74% |
| Hwaseung Corporation | 1.68x | 0.46x | 27.54% |
A P/B of 0.31x means the market values only about a third of the company's net assets, below even the tier-1 suppliers Hyundai Wia (0.57x) and Hwaseung Corporation (0.46x). Accounting for a 5.5% ROE and a 3.2% dividend, the discount on the asset and dividend side is on the large side. That said, last year's confirmed P/E of 5.7x reflects an inflection zone in which 2025 net profit fell 25.3%, so it cannot be carried straight into the future, and even on a forward basis accounting for this year's top-line growth and exchange rates, the multiple stays in low territory. On balance, assets and dividends are undervalued but the discount narrows only once core earnings recovery is confirmed, so rather than declaring it flatly 'cheap,' it reads as undervalued but with earnings recovery as the variable.
Price history Close · MA20 · MA60
The latest close is ₩10,900 and the market capitalization is ₩228.9 billion. The price sits below its 20-day moving average (₩11,826) and below its 60-day moving average (₩12,491). 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 38.8, a neutral level. The one-month change is -9.3%, the three-month change is -10.0%, and the position relative to the 52-week high is -20.2%. Relative strength versus the KOSDAQ is 76 (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 76% of all stocks. Over the past three months it outpaced the index by 18.8%. 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 +18.84% / 6M +17.59% / 12M -4.47%
Key metrics vs sector median
Valuation
The P/E of 4.95x is below the sector median (7.76x). The P/B of 0.27x is below the sector median (0.56x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 5.5%, below the sector average (7.0%). The operating margin is 4.0%. The debt ratio is 34.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $752.0M | $764.1M | $795.8M | +4.15% ↑ faster |
| Operating profit | $32.0M | $34.1M | $32.1M | -5.90% ↓ slower |
| Net profit | $40.8M | $41.1M | $30.7M | -25.30% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $614.8M | $679.0M | $752.0M | $764.1M | $795.8M |
| Operating profit | $4.4M | $15.2M | $32.0M | $34.1M | $32.1M |
| Net profit | $24.9M | $18.7M | $40.8M | $41.1M | $30.7M |
| Revenue CAGR | 4-yr avg 6.66% | ||||
Revenue rose 4.2% year over year (2023 ₩1.1 trillion → 2024 ₩1.2 trillion → 2025 ₩1.2 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 5.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.7%. The two-year revenue CAGR is 2.9%. In the most recent quarter (Q1 2026), revenue was 1.9% 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 3.7%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
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
- 2026-05-15EarningsQ1 2026 report filed. Cumulative revenue of ₩305.2 billion (+1.9%), operating profit of ₩13.3 billion (-21.9%), and net profit of ₩18.3 billion (+20.7%) — revenue grew but core margins softened and net profit was driven by non-operating items.Short term: the operating-profit decline confirms softer core strength. Medium term: the quality of the net-profit gain (its reliance on non-operating items) is the key to its durability. Source
- 2026-02-27DividendFY2025 cash dividend approved (₩400 per share). A yield of about 3.2% against the current price and a payout ratio of about 16.9%.Short term: confirmation of a shareholder-return commitment supports the downside. Medium term: the low payout ratio leaves room for future increases. Source
- 2026-03-18Filing2025 business report filed. Consolidated revenue of ₩1,200.7 billion (+4.2%), operating profit of ₩48.4 billion (-5.9%), and net profit of ₩46.3 billion (-25.3%) — earnings adjusted a notch against top-line growth.Short term: reflects the net-profit decline. Medium term: continued top-line growth and margin normalization are the conditions for a re-valuation. Source
- 2026-04-01FilingLarge-holding report (abbreviated form) filed. Discloses a change in holdings by a 5%-plus shareholder.Short term: a factor for checking major-shareholder and large-holder stake trends. Medium term: confirms stability of the ownership structure. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | 1₩200.7 billion | 1₩200.7 billion | Confirmed | link |
| Cash dividend per share | ₩400(DPS) | ₩400 | Confirmed | link |
| Q1 2026 revenue | ₩305.2 billion(+1.9%) | ₩305.2 billion | Confirmed | link |
| Forward multiple on this year's estimated net profit | self-estimate forward | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-11OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-11OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-02-27DividendCash/stock dividend decision
- 2026-02-27Shareholders' meeting notice
📖 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.