Sena Technologies makes and sells Bluetooth mesh intercoms for motorcycle riders and outdoor users, its differentiator being a proprietary mesh technology that connects many people at greater distance without dropouts, with about 87% of revenue from motorcycle products and, by region, more than half in Europe and about a quarter in North America, making it an export-centered company. In June it terminated a treasury-share acquisition trust agreement and decided on a share cancellation, reducing shares outstanding, and in April it issued a first-half results forecast (fair disclosure) and continued its IR. What stands out lately is that a net-cash balance sheet, treasury-share cancellation, and P/E, P/B, and forward P/E below peers are strengths; on the other hand, a single motorcycle-product category and a Europe/North America concentration make quarterly results swing heavily with the riding season and exchange rates, and against a high base, early-year profit growth started in negative territory, which should be viewed together.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 7.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.3% lower than a year earlier.
- ROE is 9.5% (controlling-interest basis).
- Operating margin is 9.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder K Oil-ho Investment 33.6% (corporate)
Controlling bloc incl. related parties 44.3%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis
- Sena Technologies makes and sells 'Bluetooth mesh intercoms' for motorcycle riders and outdoor-sports users.
- Its mainstay is a communication device attached to a helmet that lets several people talk at once as if on a call, and unlike ordinary Bluetooth, which connects only a few people over short distances, its proprietary mesh technology connects many people at greater distance without dropouts, which is the differentiator.
- Most of its revenue (about 87%) comes from motorcycle products, with cycling and outdoor products and industrial and networking gear making up the rest.
- By region, Europe is more than half and North America about a quarter, so it is in effect an export-centered company, and exchange rates and overseas riding-season (spring/summer peak) demand are the core variables for its results.
- The latest close is ₩37,500 and the market cap is ₩205.0 billion.
- The price sits above the 20-day line (₩34,910) and below the 60-day line (₩40,955).
- With the short- and mid-term trends diverging, the direction should be read separately.
- The RSI (a gauge comparing recent up-strength and down-strength over the past 14 days on a 0-100 scale) is 51.4, a neutral level.
- The one-month change is -8.0%, the three-month change is +1.9%, and it sits -53.2% from its 52-week high.
- Relative strength versus the KOSDAQ is 77 (1-99, recent one-year return versus the index weighted toward the most recent period; higher means stronger than the market), placing it in roughly the top 22% of all stocks by strength.
- Over the past three months it outpaced the index by 32.1%.
- Chart reading is best done alongside volume and the dates of disclosures.
- The P/E (how many years of profit the price represents) is 12.54x and the P/B (how many times net assets the price represents) is 1.19x.
- That the P/B is around one means the price is set close to the company's net asset value, and the P/E is also low compared with the sector, so against earnings and assets the price sits cheap.
- Profitability is sound, with ROE (how much is earned on equity in a year) of 9.5% and an operating margin of 9.1%.
- The balance sheet is especially solid.
- The debt ratio (debt against equity) is about 117%, but most of that debt is non-interest-bearing operating debt, and with a current ratio of 619% (assets convertible to cash within a year against debt due within a year) and ample cash, it is effectively net cash.
- The forward P/E on this year's expected earnings is below the sector median, so on either a trailing or forward basis the valuation burden is not large.
- Over three years, revenue grew steadily from ₩153.6 billion to ₩167.5 billion to ₩179.3 billion (2023 to 2024 to 2025).
- The growth rate did ease from 9.1% to 7.0%, and profit has some variance.
- Operating profit jumped to ₩21.5 billion in 2024, then adjusted down 24% to ₩16.3 billion in 2025, and net profit also adjusted 12%, from ₩19.0 billion to ₩16.7 billion.
- Q1 2026 came in at revenue of ₩43.8 billion (down 4.3% year on year), operating profit of ₩3.8 billion (-37%), and net profit of ₩3.9 billion (-30%), starting off under the influence of last year's high profit base.
- That the forward P/E the company sets on this year's expected earnings forms below the sector median suggests that, if the riding peak (first half) and Europe/North America demand hold up, this year's profit base could be firmer than the current price assumes.
- Given the single category and large export share there is quarter-to-quarter amplitude, but the fact that revenue itself has held an upward path for three straight years is the underpinning.
- The main threads of recent disclosures are two.
- The first is shareholder returns.
- The company terminated its treasury-share acquisition trust agreement (2026-06-04) and reported the result, and on the same day disclosed a share-cancellation decision, moving to cancel the treasury shares it had bought.
- Cancelling treasury shares is a classic shareholder return that reduces shares outstanding to raise per-share value.
- The second is the company's own results forecast.
- On 2026-04-16, through the 'forecast for operating results on a consolidated basis (fair disclosure),' it presented guidance for this year's first half, and it held investor briefings (IR) twice, in April and May, to continue communicating.
- The quarterly report (March 2026) was also filed as normal.
- This is a stock with distinct observable strengths.
- It is an export-type company with proprietary technology and a brand in the niche of mesh intercoms, it has a net-cash balance sheet with almost no debt burden, it shows shareholder-return intent through treasury-share cancellation, and its P/E, P/B, and forward P/E are all set low versus peers, so the valuation sits cheap.
- The point to weigh lies in the business structure.
- Revenue is skewed to a single motorcycle-product category and to Europe and North America, so quarterly results swing heavily with the riding season, exchange rates, and overseas consumer conditions, and because last year's profit base was high, early-year profit growth started in negative territory.
- In short, an undervalued valuation and a solid balance sheet and shareholder returns form a reassuring foundation and it is strong when the first-half peak and core-market demand revive, while its heavy reliance on a single market makes quarterly swings larger when that demand cools.
🔎 Valuation vs peers Fairly valued
Because listed peers in exactly the same product group of wireless communication devices for motorcycles and outdoors are rare, the peer set was drawn from RF, network, and wireless-device makers within the same communications and broadcasting equipment sector that are profitable, have relatively solid balance sheets, and sit at an adjacent market-cap range.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Suprema | 9.69x | 1.16x | 11.94% |
| Ubiquoss | 5.77x | 0.71x | 12.29% |
| Samji Electronics | 7.27x | 1.14x | 15.62% |
(a) Position versus peers: profitable peers in the same sector (Suprema P/E 9.6, Ubiquoss P/E 7.1, Samji Electronics P/E 9.3) cluster in a P/E range of 7-10x, so Sena's 12.6x is somewhat high, but across a sector with many cases at P/Es in the tens or in the red, such as Intellian Technologies and RFHIC, it is mid-level. A P/B of 1.19x is a position similar to peers. (b) Premium/discount: the net-cash balance sheet, shareholder returns, and proprietary technology brand are factors justifying a slight premium, while the profit slowdown and the single-category, regional concentration act as discount factors. (c) Trailing's limitation: the trailing P/E of 12.6x uses last year's high profit as the denominator. Since the first-half forecast and Q1 results the company disclosed are below last year, one should also note that the forward multiple on this year's expected earnings forms higher than this. With strengths and weaknesses interlocking, rather than declaring cheap or expensive it is viewed as within a fair range.
Price history Close · MA20 · MA60
The latest close is ₩37,500 and the market capitalization is ₩205.0 billion. The price sits above its 20-day moving average (₩34,910) and below its 60-day moving average (₩40,955). 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 51.4, a neutral level. The one-month change is -8.0%, the three-month change is +1.9%, and the position relative to the 52-week high is -53.2%. Relative strength versus the KOSDAQ is 77 (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 78% of all stocks. Over the past three months it outpaced the index by 32.1%. 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 +32.15% / 6M -8.97% / 12M -47.12%
Key metrics vs sector median
Valuation
The P/E of 12.54x is below the sector median (16.19x). The P/B of 1.19x is in line with the sector median (1.32x).
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 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 9.5%. The operating margin is 9.1%. The debt ratio is 116.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $101.8M | $111.0M | $118.8M | +7.04% ↓ slower |
| Operating profit | $8.5M | $14.3M | $10.8M | -24.43% ↓ slower |
| Net profit | $7.2M | $12.6M | $11.1M | -12.05% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $101.8M | $111.0M | $118.8M |
| Operating profit | — | — | $8.5M | $14.3M | $10.8M |
| Net profit | — | — | $7.2M | $12.6M | $11.1M |
| Revenue CAGR | 2-yr avg 8.04% | ||||
Revenue rose 7.0% year over year (2023 ₩153.6 billion → 2024 ₩167.5 billion → 2025 ₩179.3 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 24.4% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 8.0%. The two-year revenue CAGR is 8.0%. In the most recent quarter (Q1 2026), revenue was 4.3% lower 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 balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 7.0% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-06-04UpdateDecision to terminate the treasury-share acquisition trust agreement and result report - ending the treasury-share acquisition program via trust.Short term: with the acquisition program ending, the company's demand for treasury shares may fall, but tied to the same-day cancellation decision it signals the completion of the 'acquire-then-cancel' cycle of shareholder returns. Source
- 2026-06-04DividendShare-cancellation decision - cancelling held treasury shares to reduce shares outstanding.Mid term: a shareholder-value effect that raises earnings per share and book value per share by reducing shares outstanding. Source
- 2026-04-16EarningsForecast for operating results on a consolidated basis (fair disclosure) - the company directly presented guidance for 2026 first-half revenue, operating profit, and net profit.Mid term: disclosure of the company's official forecast sets a benchmark for gauging this year's first-half results. The company itself reflects the possibility of a profit slowdown versus last year. Source
- 2026-05-20IRHeld an investor briefing (IR) - following April, it set up an investor communication venue again in May.Short term: maintains a direct communication channel on business status and strategy. Source
- 2026-05-14FilingFiling of the quarterly report (March 2026) - formal disclosure of Q1 results on a consolidated basis.Mid term: confirms a profit decline versus the same period last year, with revenue ₩43.8 billion, operating profit ₩3.8 billion, and net profit ₩3.9 billion. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market capitalization | ₩205.0 billion | — | Unverified | link |
| Q1 2026 operating results (consolidated) | revenue 438.2·operating profit 38.5·net profit 39.1 | (2026.03) | Confirmed | link |
| Company official forecast for 2026 first half | base | revenue·operating profit·net profit | Confirmed | link |
| Treasury-share cancellation | base | (2026-06-04) | Confirmed | link |
Recent filings
- 2026-06-04Disclosure
- 2026-06-04Disclosure
- 2026-06-04TreasuryMaterial-fact report
- 2026-05-20Disclosure
- 2026-05-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-04-22Disclosure
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-16Fair-disclosure notice
- 2026-03-26Disclosure
- 2026-03-26Shareholders' 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.