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.
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%.
- P/E is hard to compute here, so this is read on P/B.
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
- 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 ₩3,010 and the market capitalization is ₩110.2 billion.
- The price sits below both the 20-day line (₩3,448) and the 60-day line (₩4,436).
- Trading beneath both the short- and medium-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 32.1, a neutral level.
- The one-month change is -21.2%, the three-month change is -32.7%, and the price is -53.1% from its 52-week high.
- Relative strength versus the KOSDAQ is 53 (on a 1-99 scale that converts the past year's return against the index with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 47% of all stocks by strength.
- Over the past three months it lagged the index by 12.7%.
- It helps to read the chart alongside trading volume and the dates of filings.
- 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 0.57x, 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 | 6.27x | 0.63x | 9.98% |
| Sungwoo | 25.32x | 0.54x | 2.14% |
| THN | 1.50x | 0.46x | 30.56% |
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 0.56x. 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 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 ₩3,010 and the market capitalization is ₩110.2 billion. The price sits below its 20-day moving average (₩3,448) and below its 60-day moving average (₩4,436). 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 32.1, a neutral level. The one-month change is -21.2%, the three-month change is -32.7%, and the position relative to the 52-week high is -53.1%. Relative strength versus the KOSDAQ is 53 (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 53% of all stocks. Over the past three months it lagged the index by 12.7%. 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 -12.74% / 6M -16.01% / 12M -36.15%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.56x is below the sector median (2.15x).
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 (2.0%). The operating margin is -0.9%. The debt ratio is 184.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $512.4M | $486.1M | $455.0M | -6.40% ↓ slower |
| Operating profit | $10.3M | $1.6M | -$4.2M | -362.93% ↓ slower |
| Net profit | $10.9M | $8.4M | -$8.2M | -197.40% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $602.0M | $493.0M | $512.4M | $486.1M | $455.0M |
| Operating profit | -$9.3M | -$25.9M | $10.3M | $1.6M | -$4.2M |
| Net profit | -$5.4M | -$32.8M | $10.9M | $8.4M | -$8.2M |
| 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 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.
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 | ₩3,010 | ₩3,010 | 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) | [] (2025.12): revenue ₩0.2 billion · operating profit ₩2.4 billion · net profit ₩12.4 billion | [] (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
- 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.