Power Logics (047310) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Power Logics is an automotive-electronics and IT parts maker that earns money from two businesses: the ES division, which makes protection circuits that cut off current when a rechargeable battery is over-charged or over-discharged, along with battery packs; and the CM division, which produces camera modules for phones and vehicles. A February 2026 filing confirmed 2025 revenue of ₩686.5 billion, an operating loss of ₩6.4 billion, and a net loss of ₩12.3 billion, revealing last year's weakness, but the May Q1 report confirmed a turn to profit with revenue of ₩241.3 billion, operating profit of ₩7.8 billion, and net profit of ₩8.9 billion. What stands out lately is that, with the stock cheap at 0.57x book value, it is at an earnings inflection, having turned from last year's loss to a Q1 profit this year; against that, the 184.9% debt ratio is not low, and with the recovery confirmed for only one quarter so far, it needs to continue for two or three more quarters to harden into a trend.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Battery Materials, Parts & Equipment” (Secondary Batteries), a type typically read first through EV/EBITDA.
Battery materials, parts, and equipment names run heavy capital spending and depreciation alongside the industry's capacity build-out, so net income alone poorly reflects real cash generation. That makes EV/EBITDA — operating cash before depreciation, plus debt — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 6.4% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 35.3% higher than a year earlier.
- ROE is -6.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Top Engineering 33.75% (corporate)
Controlling bloc incl. related parties 33.96%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis Reading
Power Logics earns money from two broad businesses. One is the ES (Energy Solution) division, which makes rechargeable-battery protection circuits (electronic parts that cut off current to prevent an explosion when a battery is over-charged or over-discharged) and mid-to-large battery packs. The core is parts responsible for safety, from batteries for IT devices such as phones and laptops to mid-to-large cells. The other is the CM (Camera Module) division, which produces camera modules for phones and for automotive electronics. In short, it is an automotive-electronics and IT parts maker that supplies both battery-safety parts and camera parts.
The latest close is ₩3,070 and the market capitalization is ₩112.4 billion. The price sits above its 20-day moving average (₩2,911) and below its 60-day moving average (₩3,672). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.2, a neutral level. The one-month change is -0.2%, the three-month change is -42.1%, and the position relative to the 52-week high is -52.2%. Relative strength versus the KOSDAQ is 38 (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 37% of all stocks. Over the past three months it lagged the index by 9.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For full-year 2025 revenue was ₩686.5 billion, with an operating loss of ₩6.4 billion and a net loss of ₩12.3 billion. Because of the loss, the P/E (how many times one year's earnings the price represents) cannot be calculated. Instead, the P/B (how many times book value the price represents) is 0.53x, meaning the share price is nearly half cheap relative to the company's assets and equity. The debt ratio (debt relative to equity) is 184.9%, not light, but the current ratio is 145.6%, so short-term payment capacity is in place. The important point here is that this company is at an inflection, turning from loss to profit. It is only that the P/E calculated on last year's loss-making figures is meaningless; once profit begins to appear again, the valuation picture changes quickly. The low P/B of 0.57x versus book value can in itself be read as a signal of undervaluation relative to assets.
Looking at the revenue trend, the top line briefly shrank, from ₩773.2 billion in 2023 to ₩733.4 billion in 2024 and ₩686.5 billion in 2025, and operating profit fell from a ₩15.6 billion profit in 2023 to ₩2.4 billion in 2024 and a ₩6.4 billion loss in 2025. But in the most recent quarter, Q1 2026, the trend clearly changed. Quarterly revenue rose 35.3% year on year to ₩241.3 billion, and operating profit of ₩7.8 billion and net profit of ₩8.9 billion marked a turn to profit. A company that had been loss-making all year began making money again on a quarterly basis. This year's revenue is put at about ₩897.1 billion, a picture of a large increase over last year (₩686.5 billion), premised on the actual demand recovery and top-line expansion seen in Q1 carrying through the full year. As long as demand for battery-safety parts and automotive cameras holds up, this year's earnings recovery can be seen not as chance but as a turnaround in the business itself.
The filing flow follows this change. On February 11, 2026 an annual earnings-change filing confirmed 2025 revenue of ₩686.5 billion, an operating loss of ₩6.4 billion, and a net loss of ₩12.3 billion, laying last year's weakness bare in the figures. An amended annual report followed on June 2, and above all the May 14 Q1 report confirmed a turn to profit with revenue of ₩241.3 billion, operating profit of ₩7.8 billion, and net profit of ₩8.9 billion. Because the sequence is an annual-loss filing followed by a quarterly-profit report, it is natural to confirm once more with the next quarterly report whether the recovery is a one-off or a trend.
The strengths are clear. The stock is cheap relative to assets at 0.57x book value, and it has entered an earnings inflection, turning from last year's loss to a Q1 profit this year with profit reviving. The chart, too, sits at a deeply pressed low, so if the earnings recovery is confirmed there is room for re-valuation of both the valuation and the price. This is not a place to conclude it is expensive by looking only at last year's loss-making figures. At the same time, there are points to watch. The debt ratio is not low at 184.9%, and with the recovery confirmed for only one quarter, it needs two or three more quarters of profit to harden into a trend. In short, if quarterly profit continues and the revenue recovery takes hold for the full year, the undervaluation becomes clear; conversely, if results wobble again or an additional financing overlaps, the recovery expectation could be pushed back.
🔎 Valuation vs peers Undervalued
A comparison set within electrical equipment whose market capitalizations are close to the company's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Powernet | 6.10x | 0.60x | 8.64% |
| Sungwoo | 25.67x | 0.55x | 2.11% |
| THN | 1.59x | 0.44x | 32.54% |
We looked first at a public-data comparison set within electrical equipment whose market capitalizations are close. The current P/E (how many times one year's earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 0.53x. That said, because lower-market-cap stocks are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the forecast box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩897.1 billion | — | — |
| Next quarter | Q2 2026 | ₩203.8 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩3,070 and the market capitalization is ₩112.4 billion. The price sits above its 20-day moving average (₩2,911) and below its 60-day moving average (₩3,672). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.2, a neutral level. The one-month change is -0.2%, the three-month change is -42.1%, and the position relative to the 52-week high is -52.2%. Relative strength versus the KOSDAQ is 38 (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 37% of all stocks. Over the past three months it lagged the index by 9.1%. 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 -9.06% / 6M -24.62% / 12M -33.67%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.53x is below the sector median (1.21x).
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 -6.2%, below the sector average (1.0%). The operating margin is -0.9%. The debt ratio is 95.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $543.2M | $515.2M | $482.3M | -6.40% ↓ slower |
| Operating profit | $10.9M | $1.7M | -$4.5M | -362.93% ↓ slower |
| Net profit | $11.5M | $8.9M | -$8.7M | -197.40% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $638.1M | $522.6M | $543.2M | $515.2M | $482.3M |
| Operating profit | -$9.9M | -$27.5M | $10.9M | $1.7M | -$4.5M |
| Net profit | -$5.7M | -$34.8M | $11.5M | $8.9M | -$8.7M |
| Revenue CAGR | 4-yr avg -6.76% | ||||
Revenue fell 6.4% year over year (2023 ₩773.2 billion → 2024 ₩733.4 billion → 2025 ₩686.5 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 362.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -6.8%. The two-year revenue CAGR is -5.8%. In the most recent quarter (Q1 2026), revenue was 35.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 6.4% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-02-11EarningsChange of 30% or more in revenue or profit structure (15% for large corporations): full-year revenue ₩686.5 billion, operating loss ₩6.4 billion, net loss ₩12.3 billionThis is recent confirmed or preliminary earnings material. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-06-02Earnings[Amended] Annual report (2025.12): revenue ₩0.2 billion, operating profit ₩2.4 billion, net profit ₩12.4 billionThis is recent confirmed or preliminary earnings material. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-05-14EarningsQuarterly report (2026.03): Q1 2026 revenue ₩241.3 billion, operating profit ₩7.8 billion, net profit ₩8.9 billionThis is recent confirmed or preliminary earnings material. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,070 | ₩3,070 | Confirmed | link |
| Latest quarterly results | revenue ₩241.3 billion, operating profit ₩7.8 billion | revenue ₩241.3 billion, operating profit ₩7.8 billion | Confirmed | link |
| Annual results | revenue ₩686.5 billion, operating profit -₩6.4 billion | revenue ₩686.5 billion, operating profit -₩6.4 billion | Confirmed | link |
| Earnings filing (original text) | revenue30%: revenue ₩686.5 billion · operating profit -₩6.4 billion · net profit -₩12.3 billion | revenue30%: revenue ₩686.5 billion · operating profit -₩6.4 billion · net profit -₩12.3 billion | Confirmed | link |
| Earnings filing (original text) | [amended] (2025.12): revenue ₩0.2 billion · operating profit ₩2.4 billion · net profit ₩12.4 billion | [amended] (2025.12): revenue ₩0.2 billion · operating profit ₩2.4 billion · net profit ₩12.4 billion | Confirmed | link |
| Earnings filing (original text) | (2026.03): 2026 1 revenue ₩241.3 billion · operating profit ₩7.8 billion · net profit ₩8.9 billion | (2026.03): 2026 1 revenue ₩241.3 billion · operating profit ₩7.8 billion · net profit ₩8.9 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-02PeriodicAnnual business report (amended)
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-03-25Disclosure
- 2026-03-25Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-02-11EarningsEarnings 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.