Seoho Electric makes the power and control systems that move and control port and shipyard cranes, along with inverters and converters. About 82% of its revenue comes from port-crane control systems, and in unmanned automated-crane control it holds world-leading technology alongside Sweden's ABB, supplying systems to Busan New Port, Singapore's Tuas mega-port, China's ZPMC and others. On June 24, 2026 it signed a supply contract worth about 107.9 billion won (92.5% of recent annual revenue) with China's ZPMC, following earlier large contracts of 55.0 billion won and 13.4 billion won in 2025, a Q1 order backlog of about 70.1 billion won, and a mid-year interim-dividend record-date decision; the annual dividend yield as of 2025 is about 12.9%. What stands out recently is that high-barrier technology and the ZPMC order grew the backlog to the 170 billion won range, sharply improving revenue visibility, supported by a 25.3% ROE and a dividend in the 12% range - clear strengths - while on the other hand results are swung by large per-project contracts, making annual variation large, and the sustainability of the high payout ratio bears watching.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 151.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 23.7% lower than a year earlier.
- ROE is 25.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 21.7%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Sang-ho 54.32% (individual)
Controlling bloc incl. related parties 70.29%
With the controlling bloc holding 70%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Seoho Electric makes and sells the power and control systems that move and control port container cranes and shipyard cranes, as well as inverters and converters that precisely drive motors.
- Put simply, its flagship products are the electrical control equipment that serves as the 'brain and muscle' of the giant cranes that lift containers on a wharf: about 82% of revenue comes from port-crane control systems and about 18% from inverters and converters.
- Its core competitiveness lies not in mere parts but in supplying, with its own technology, systems that operate and control cranes unmanned and automatically; the industry regards it as holding world-leading technology in this unmanned automated-crane control field alongside Sweden's ABB.
- Domestically it handled the equipment control and terminal operating system for the West Container 2-5 phase of Busan New Port (Korea's first fully automated wharf), and abroad it supplies systems to Singapore's Tuas (TUAS) mega-port, the world's largest smart automated terminal, and to China's ZPMC, the world's largest crane maker.
- It holds a domestic subsidiary (Seoho Driver) and a Singapore local entity, and the basic character of the business is that revenue is swung by large per-project supply contracts.
- The latest close is 43,600 won and the market cap is 224.5 billion won.
- The price sits below both the 20-day line (45,572 won) and the 60-day line (44,730 won).
- Trading below both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 45.2, a neutral level.
- The one-month change is -3.1%, the three-month change is +3.1%, and the position versus the 52-week high is -25.6%.
- Relative strength against KOSDAQ is 82 (1-99, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 17% of all stocks by strength.
- Over the past three months it has led the index by 38.4%.
- It is best to read the chart alongside trading volume and disclosure dates.
- On a 2025 annual (consolidated) basis, ROE (how much is earned in a year on equity) is a high 25.3%, and with an operating margin of 21.7% and a net margin of 17.8%, profitability is excellent.
- The financial structure is also solid.
- On the Q1 2026 report (consolidated), total debt of 42.3 billion won and total equity of 101.5 billion won put the debt-to-equity ratio at about 42% (about 25% at end-2025), which is low, and the current ratio (assets convertible to cash against debt due within a year) is 321%, leaving room in short-term payment capacity.
- On valuation, the P/E on last year's confirmed earnings (trailing) is 10.83x, the P/B (how many times net assets the share price is) is 2.74x, and the forward P/E on this year's expected earnings is about 10.2x (reflecting an in-house estimate that this year's net profit will rise to about 22.0-23.5 billion won, exceeding 2025's 20.7 billion won, as the Q1 2026 operating margin rose to 31% and the large China ZPMC contract signed in June starts to be booked as some revenue from the second half of this year).
- While this is above the forward P/E median of the same electrical-equipment sector (about 5.9x), that median bundles stocks with disparate business characters such as power grids, transformers and components, so it does not directly represent Seoho Electric's actual standing (port-crane control and automation).
- Conversely, compared with large power-equipment makers carrying P/Es in the 40-50x range, Seoho Electric's forward P/E of around 10x is not high, and viewed together with a 25%-range ROE, a double-digit dividend yield and a thick order backlog, it is hard to see this as a stock with a heavy valuation burden.
- The top line has fluctuated over the years.
- Revenue fell from 66.2 billion won in 2023 to 46.5 billion won in 2024, then rose 151% to 116.6 billion won in 2025, and net profit also recovered from 11.5 billion won in 2024 to 20.7 billion won in 2025.
- The five-year revenue CAGR is double-digit but with wide year-to-year variation, because this is a project-type business whose top line swings depending on which year a large supply contract is recognized as revenue.
- Q1 2026 revenue of 25.9 billion won (-23.7%) and net profit of 4.95 billion won (-38.6%) falling versus a year earlier reflects a high base from large works concentrated in Q1 2025, closer to a base effect than a downturn in the business.
- In fact, Q1 2026 operating profit was 8.0 billion won, with the operating margin rising to 31%, and the net-profit decline stems not from operations but largely from non-operating and tax factors such as FX (the Q1 net margin was also firm at 19.1%).
- Above all, the orders that form the basis of this year's results grew substantially.
- On top of the roughly 70.1 billion won order backlog at end-Q1 2026, on June 24 it newly signed a crane electrical-control system supply contract worth about 107.9 billion won (92.5% of recent annual revenue, delivery February 2028) with China's ZPMC, the world's largest crane maker, swelling the backlog to the 170 billion won range.
- Added to this are multi-year projects with delivery spread over 2026-2029, such as HJ Heavy Industries' Busan New Port 2-6 phase ARMG, Gwangyang Port and Busan New Port DTQC, further raising revenue visibility for the next couple of years.
- That said, the ZPMC contract has a delivery date of February 2028, so it is booked as revenue by progress; having been signed at end-June, only the initial volume (roughly around 15%) is likely to be recognized in the second half of this year, with most of the remainder likely booked in 2027.
- So this year's (2026) net profit rises to about 22.0-23.5 billion won as the ZPMC initial recognition is added to the existing-business portion (around 2025's 20.7 billion won level), with profit stepping up another notch in 2027 when the ZPMC volume is booked in earnest.
- The forward P/E on this year's expected earnings, reflecting this strong operating flow and a backlog in the 170 billion won range, is about 10.2x.
- Both the roots of results and shareholder returns show up in the disclosures.
- Most recently, on June 24, 2026, it signed a crane electrical-control system supply contract worth about 107.9 billion won (supply region China, delivery February 2028) with China's ZPMC (Shanghai Zhenhua Heavy Industries), the world's largest crane maker - a large order equal to 92.5% of recent annual revenue.
- Earlier, in 2025, large supply contracts of about 55.0 billion won (HJ Heavy Industries Busan New Port 2-6 phase) and 13.4 billion won were signed in succession, laying the foundation for the multi-year backlog, and it continued shareholder returns with a value-up plan voluntary disclosure on March 27, 2026, the May 15 Q1 quarterly report (confirming a backlog of about 70.1 billion won), and a June 10 interim (quarterly) dividend record-date decision.
- With the annual dividend yield as of 2025 reaching about 12.9%, dividend- and order-related disclosures carry heavy weight in viewing this stock.
- The strengths are clear.
- It holds world-leading technology in the high-barrier field of unmanned automated-crane control, and profitability and shareholder returns are solid, combining a 25.3% ROE, a double-digit operating margin, a low-debt, sturdy financial structure, a dividend in the 12% range, and a value-up plan.
- In particular, the large contract of about 107.9 billion won to China's ZPMC signed in June grew the backlog to the 170 billion won range, sharply improving future revenue visibility, and after Busan New Port, domestic automated-port new ventures such as Jinhae, Gwangyang and Incheon Port are also in the pipeline.
- The cautions come from the business structure.
- Results are swung by large per-project supply contracts, so variation between years when large works are recognized and years when they are not is large (the Q1 2026 decline is an example), and as a small-cap of about 232.5 billion won in market value, trading and supply-demand can also swing.
- Also, the 2025 total dividend amount was a high payout ratio approaching or exceeding that year's net profit, so whether the same per-share dividend is maintained once earnings normalize bears watching.
- In sum, it is a structure where profitability and dividends are supported on the back of high technology and a thick backlog, but one that is easier to understand when the quarterly and annual volatility from project-recognition timing is viewed together.
🔎 Valuation vs peers Fairly valued
Contrasted with on-site comparable stocks among makers of electrical equipment and industrial power/control gear. However, large power-equipment makers differ in business character (power grids, transformers) and scale, so they are not a direct one-to-one peer group; given the different business substance (crane control and automation), they are used only as a positional reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HD Hyundai Electric | 40.10x | 14.48x | 36.11% |
| Hyosung Heavy Industries | 49.68x | 10.98x | 22.11% |
(a) The core of the valuation is on a forward basis. The forward P/E of about 10.2x on this year's expected earnings is above the forward P/E median of the same electrical-equipment sector (about 5.9x), so on a sector-relative basis an overvaluation signal appears. (b) However, this sector median bundles stocks with disparate business characters such as power grids, transformers and components, so it does not represent Seoho Electric's actual standing (port-crane control and automation); conversely, large power-equipment makers (HD Hyundai Electric, Hyosung Heavy Industries) carry P/Es in the 40-50x range, and compared with them Seoho Electric is on the low side. (c) On an absolute level, a forward P/E of about 10.2x is hard to see as a burdensome multiple for a company with world-leading unmanned automated-crane control technology, a 25%-range ROE, a double-digit dividend yield, and a backlog in the 170 billion won range (including the new June ZPMC contract of about 107.9 billion won). (d) Q1 2026 net profit fell versus a year earlier, but that quarter's operating margin was actually higher at 31%, so the net-profit decline is judged to be from one-off non-operating and tax factors such as FX rather than an operating downturn. Added to the strong operating flow, the large ZPMC contract being partly recognized from the second half of this year gives room for this year's net profit to rise to 22.0-23.5 billion won, exceeding 2025's 20.7 billion won, with profit able to step up another notch in 2027 when the ZPMC volume is recognized in earnest. On balance, weighing the sector-relative signal (overvalued) against real peers, technology, profitability and the backlog, it is hard to see this as excessively overvalued and is judged to be at a fair level. Project-driven results volatility and small-cap supply-demand are the main risks.
Price history Close · MA20 · MA60
The latest close is ₩43,600 and the market capitalization is ₩224.5 billion. The price sits below its 20-day moving average (₩45,572) and below its 60-day moving average (₩44,730). 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 45.2, a neutral level. The one-month change is -3.1%, the three-month change is +3.1%, and the position relative to the 52-week high is -25.6%. 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 83% of all stocks. Over the past three months it outpaced the index by 38.4%. 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 +38.37% / 6M -0.95% / 12M +20.17%
Key metrics vs sector median
Valuation
The P/E of 10.83x is below the sector median (19.17x). The P/B of 2.74x is above 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 25.3%, above the sector average (2.0%). The operating margin is 21.7%. The debt ratio is 126.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $43.9M | $30.8M | $77.3M | +150.98% ↑ faster |
| Operating profit | $8.6M | $1.1M | $16.8M | +1439.00% ↑ faster |
| Net profit | $10.3M | $7.6M | $13.7M | +80.32% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $49.2M | $39.9M | $43.9M | $30.8M | $77.3M |
| Operating profit | $9.8M | $8.3M | $8.6M | $1.1M | $16.8M |
| Net profit | $11.5M | $7.5M | $10.3M | $7.6M | $13.7M |
| Revenue CAGR | 4-yr avg 11.93% | ||||
Revenue rose 151.0% year over year (2023 ₩66.2 billion → 2024 ₩46.5 billion → 2025 ₩116.6 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 1439.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.9%. The two-year revenue CAGR is 32.8%. In the most recent quarter (Q1 2026), revenue was 23.7% 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 dividend yield, at 13.8%, is on the high side.
- ROE of 25.3% points to solid profitability.
- Revenue grew 151.0% year over year, a sign of growth.
- 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
- 2026-06-24UpdateCrane electrical-control system supply contract with China's ZPMC (Shanghai Zhenhua Heavy Industries) - about 107.9 billion won (92.5% of recent annual revenue, delivery 2028-02-20)The largest new order, sharply raising 2026-2028 revenue visibility and expanding the backlog to the 170 billion won range. Repeat business with the world's largest crane maker also reaffirms its technological competitiveness. Source
- 2026-03-27FilingVoluntarily disclosed a value-up plan, formalizing the direction of enhancing shareholder valueA signal showing the company-level commitment to the continuity of its dividend and shareholder-return policy over the mid term. Source
- 2026-06-10DividendRecord-date decision for an interim (quarterly) dividend - continuing quarterly dividendsA factor sustaining quarterly-dividend expectations in the short term (annual dividend yield of about 12.9% as of 2025). Source
- 2025-08-14UpdateSingle-supply contract signed (amended) - HJ Heavy Industries Busan New Port 2-6 phase, a large supply contract in the 55.0 billion won rangeBecomes a basis for multi-year revenue recognition (delivery June 2027) over the mid term, but a factor that widens quarterly-results variation depending on recognition timing. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed - revenue 25.9 billion won, net profit 4.95 billion won (base-effect decline), backlog of about 70.1 billion won confirmedShort term, confirms the base-effect decline from the concentrated recognition of large works in Q1 2025 (the operating margin was actually firm at 31%); mid term, the pace of recognizing the remaining orders is the key. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| China ZPMC supply contract (2026-06-24) | approx. ₩107.9 billion(₩107,871,472,800), revenue 92.5% | DART ·approx. — approx. SHANGHAI ZHENHUA HEAVY INDUSTRIES, , 2028-02-20 | Confirmed | link |
| 2025 annual results (business report) | revenue 1,166· 253· 207 | (2025.12) | Confirmed | link |
| Q1 2026 cumulative results | revenue 259· 49.5 | (2026.03) | Confirmed | link |
| Order backlog (end-Q1 2026 + new June orders) | 1 approx. 701 + 6 ZPMC approx. 1,079 → approx. ₩170.0 billion | '' + 6 approx. | Confirmed | link |
| Debt-to-equity ratio | base approx. 126% | 41.7%· 24.6% | Mismatch | link |
| Forward P/E based on this year's expected net profit | approx. 10.2x | — | Unverified | link |
Recent filings
- 2026-06-10Dividend disclosure
- 2026-05-28Shareholders' meeting notice
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-05-08Shareholders' meeting notice
- 2026-05-07Shareholders' meeting notice
- 2026-04-30Disclosure
- 2026-04-13Disclosure
- 2026-03-27Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
📖 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.