Tovis takes LCD panels, attaches components and encloses them in a housing to make ready-to-use monitors (display modules). It combines high-margin industrial and gaming monitors for casino slot machines and gaming machines, where replacement demand is steady, with automotive display modules for instrument clusters and navigation - its growth engine - within one company, and a spin-off separating the automotive-electronics business into a new company is scheduled for July 2026. A spin-off securities registration statement was filed on April 28, took effect on May 12, and was approved at an extraordinary general meeting on June 2, carried out to unwind the conglomerate discount; existing shareholders receive shares in the surviving and new companies in proportion to their holdings, and in May ownership disclosures such as large-holding changes followed. What stands out is that a P/B of 0.86x and an ROE of 15.4%, with a forward P/E of 2.90x below the trailing P/E of 5.6x and lower than the peer set (13-18x), point to undervaluation, alongside the cash-generating casino core plus the automotive-electronics growth engine and a double-digit Q1 earnings rebound; but with interest coverage of 2.3x leaving limited headroom, the price and liquidity swings during the re-listing process after the July spin-off should be watched as well.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 2.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.4% higher than a year earlier.
- ROE is 15.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.9%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2023-12-31
Largest shareholder Kim Yong-beom 9.83% (individual)
Controlling bloc incl. related parties 14.71%
With the controlling bloc holding 15%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Tovis takes LCD panels, attaches components and encloses them in a housing to make ready-to-use monitors (display modules).
- Revenue has two main pillars.
- The first is industrial and gaming monitors used in casino slot machines and gaming machines - a core business with steady replacement demand, good margins and strong cash flow.
- The second is automotive display modules used in vehicle instrument clusters and navigation screens, supplied to automakers and electronics-component suppliers, a growth engine building the top line.
- On top of these, the company has broadened into products such as medical monitors.
- In other words, a well-earning casino monitor business and a fast-growing automotive display business sit within one company, and a spin-off separating the automotive-electronics business into a new company is scheduled for July 2026.
- The latest close is ₩16,090 and market capitalization is ₩240.0 billion.
- The price sits below its 20-day line (₩16,371) and below its 60-day line (₩17,281).
- With the price under both its short- and medium-term moving averages, the trend is subdued.
- RSI (a gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 39.7, a neutral level.
- The one-month change is -5.3%, the three-month change is +7.3%, and the position versus the 52-week high is -20.9%.
- Relative strength against the KOSDAQ is 82 (1-99, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 18% of all stocks by strength.
- Over the past three months it outpaced the index by 43.4%.
- Chart reading is best done alongside trading volume and disclosure dates.
- This is a low-valuation stock.
- The P/E ratio (how many times one year's earnings the price represents) is 5.56x and the P/B (how many times net asset value the price represents) is 0.86x, trading below even net assets, while the P/S (how many times revenue the price represents) is around 0.4x.
- Profitability is solid.
- ROE (how much is earned in a year on equity) is 15.4%, sound, and with a 8.9% operating margin and a 6.7% net margin the core business consistently turns a profit.
- The important point here is that the current 5.6x P/E is a trailing multiple on confirmed 2025 results.
- 2025 fell short of the high earnings of the year before (2024), which pushes the trailing multiple somewhat higher, whereas the forward P/E on this year's expected earnings is actually lower at 2.90x.
- At the same price, this year's earnings are larger, which means this is a stock to read not as one where the trailing multiple is a 'burden' but as one at an inflection where earnings turn up again.
- Financially, the debt ratio (debt against equity) is 90% and the current ratio is 141%, so working capital turns over, while interest coverage of 2.3x (the room to cover interest out of operating profit) is not very ample, so rate and earnings swings are a point to watch.
- The dividend-to-price ratio is 2.1% (₩350 per share), so there is some shareholder return.
- Over the long run this is a growth company.
- Revenue grew about 25% a year on average over five years, operating profit moved from loss to profit, and net profit rose to a profit footing from losses.
- Looking at the prior year, 2025 alone, revenue was +2.6%, operating profit -2.0% and net profit -25%, a year that caught its breath - largely because of a high base from the sharp jump in 2024 earnings rather than any deterioration.
- Then in the most recent Q1 2026 the trend revived: revenue of ₩169.8 billion (+10.4% year on year), operating profit of ₩15.5 billion (+28.6%) and net profit of ₩16.8 billion (+83.6%), a clear rebound with profit rising much faster than revenue.
- This came as steady replacement demand for casino and industrial monitors supported cash, automotive display modules lifted the top line, and the product mix shifted toward higher-margin lines, restoring profitability.
- This Q1 earnings-growth pace is what pulled this year's forward P/E down to about 4.2x, a picture made by demand, product mix and margin recovery together, not a simple seasonality approximation or a one-quarter figure multiplied by four.
- One point to check is that the Q1 net-profit increase outpaced operating profit, which may include non-operating factors; whether this continues can be confirmed in the next quarter.
- The centerpiece of the first half of 2026 is the spin-off.
- The automotive-electronics display division is separated into a new company while the surviving company keeps the casino, industrial and medical monitor businesses; the company cited strengthening business-specific expertise and unwinding the conglomerate discount (the phenomenon of mixed businesses being valued too low) as the purpose.
- A spin-off securities registration statement was filed on April 28, took effect on May 12, and the spin-off was approved at an extraordinary general meeting on June 2.
- Around the spin-off, existing shareholders receive shares in the surviving and new companies in proportion to their holdings, and the spin-off itself does not increase or decrease shareholders' total equity value.
- In addition, ownership-related disclosures such as large-holding-change reports by major shareholders followed in May.
- The spin-off is an occasion for the value of each division to surface, while also bringing variables such as re-listing and liquidity.
- Tovis is a stock with clear strengths.
- With a P/B of 0.86x below net assets and a 15.4% ROE for good profitability, this year's forward P/E of 2.90x is lower than the trailing P/E of 5.6x, so the price does not yet fully reflect that it is in a zone where earnings turn up again.
- Given that peer P/Es are mostly 13-18x, its undervalued position - trading lower while delivering higher return on equity - is clear.
- It holds a cash-generating casino and industrial monitor core alongside an automotive-electronics growth engine, Q1 2026 earnings rebounded double digits, and a 2.1% dividend provides some shareholder return.
- The points to watch are matters of confirmation rather than intrinsic risk.
- With interest coverage of 2.3x, financial headroom is not very ample, so rate and earnings swings need watching, and after the July spin-off the surviving and new companies must be viewed separately, with price and liquidity swings possibly larger during the re-listing process.
- In short, if the Q1 earnings rebound continues and the spin-off surfaces the value of each business, the undervaluation appeal comes into focus; if the rebound proves temporary or the spin-off process brings confusion, the price recovery could be delayed.
🔎 Valuation vs peers Undervalued
Domestic small-to-mid-cap manufacturers in display modules, electronic components and automotive electronics were used as the peer set; Motrex overlaps in automotive electronics and displays, Jahwa Electronics in electronic-component and display parts, and Intops in electronic-product set manufacturing.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Motrex | 17.43x | 0.52x | 2.96% |
| Jahwa Electronics | 11.92x | 1.26x | 10.60% |
| Intops | 17.99x | 0.44x | 2.43% |
Tovis trades at a P/E of 5.9x, well below the peer set (15-23x), while its ROE of 15.4% is the highest among peers - better profitability at a lower multiple, a discount zone. That said, the 5.9x P/E is a trailing multiple on confirmed 2025 results, and with net profit down 25% in 2025 after the 2024 peak, an inflection zone, it is hard to call it cheap on the past multiple alone. This year, with the Q1 rebound as a basis, earnings have room to rise, so the forward multiple on this year could fall below the past multiple. It should also be considered that the July spin-off, by separating the value of each division, has room to partly unwind the conglomerate discount. That the price is below net assets (P/B 0.91x) is a factor that partly supports the downside.
Price history Close · MA20 · MA60
The latest close is ₩16,090 and the market capitalization is ₩240.0 billion. The price sits below its 20-day moving average (₩16,371) and below its 60-day moving average (₩17,281). 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 39.7, a neutral level. The one-month change is -5.3%, the three-month change is +7.3%, and the position relative to the 52-week high is -20.9%. Relative strength versus the KOSDAQ is 82 (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 82% of all stocks. Over the past three months it outpaced the index by 43.4%. 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 +43.41% / 6M +26.29% / 12M +1.43%
Key metrics vs whole-market median
Valuation
The P/E of 5.56x is below the whole-market median (13.81x). The P/B of 0.86x is below the whole-market median (1.15x). 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.
Profitability & financials
Return on equity (ROE) is 15.4%, above the whole-market average (5.0%). The operating margin is 8.9%. The debt ratio is 90.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $296.5M | $413.4M | $424.4M | +2.65% ↓ slower |
| Operating profit | $17.0M | $38.7M | $37.9M | -2.02% ↓ slower |
| Net profit | $7.7M | $38.3M | $28.6M | -25.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $174.6M | $217.5M | $296.5M | $413.4M | $424.4M |
| Operating profit | -$583,805 | $4.7M | $17.0M | $38.7M | $37.9M |
| Net profit | $836,253 | -$3.3M | $7.7M | $38.3M | $28.6M |
| Revenue CAGR | 4-yr avg 24.87% | ||||
Revenue rose 2.6% year over year (2023 ₩447.4 billion → 2024 ₩623.8 billion → 2025 ₩640.3 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 2.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 24.9%. The two-year revenue CAGR is 19.6%. In the most recent quarter (Q1 2026), revenue was 10.4% 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.
- ROE of 15.4% points to solid profitability.
Points to watch
- Revenue rose 2.6% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-04-28FilingSpin-off securities registration statement filed (including amendment) to separate the automotive-electronics display division into a new company. The surviving company retains the casino, industrial and medical monitor businesses.Medium term: expectations of unwinding the conglomerate discount and surfacing per-division value, alongside re-listing and liquidity variables. Source
- 2026-05-12FilingNotice that the spin-off securities registration statement took effect, and prospectus filed, advancing the spin-off process.Medium term: a stage confirming the schedule toward the July spin-off date, raising the likelihood of the structural change being executed. Source
- 2026-06-02FilingThe spin-off proposal was approved at the extraordinary general meeting, and a filing on the appointment of outside directors related to the post-spin-off board was made.Short and medium term: with the spin-off approved, the separation of the new and surviving companies is effectively confirmed. Note price volatility around the re-listing. Source
- 2026-05-11FilingA large-holding status report (abbreviated form) was filed, reporting a change in a major shareholder's holdings.Short term: a reference factor on ownership-structure change ahead of the spin-off. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-02Disclosure
- 2026-06-02Shareholders' meeting notice
- 2026-05-12Disclosure
- 2026-05-12Spin-off/split decision
- 2026-05-11OwnershipOwnership-change filing
- 2026-05-08Amended filing
- 2026-05-08Amended filing
- 2026-05-08Disclosure
- 2026-05-08Shareholders' meeting notice
- 2026-05-08Amended filing
- 2026-05-08Amended filing
- 2026-04-28Spin-off/split decision (amended)
📖 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.