S-Tech (069510) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
S-Tech is an audio-visual equipment company that makes speakers and acoustic components and supplies them to finished-product manufacturers, providing car-audio speakers for vehicles and acoustic parts for home appliances and electronics; its business rises and falls with its customers' auto and appliance sales. Last year, consolidated revenue was ₩468.2 billion, operating profit ₩45.8 billion, and net profit ₩41.6 billion (a 9.8% operating margin), while in Q1 2026 revenue was ₩105.2 billion, operating profit ₩5.3 billion, and net profit ₩7.9 billion, with the early-year slowdown showing up in the numbers, and in February it declared a cash and in-kind dividend (about 17% of last year's net profit). What stands out lately is that with an ROE of 17.7%, a dividend yield in the 7% range, a P/E of 2.97x, and a P/B of 0.53x, it clearly trades below peers. On the other hand, if the auto and appliance demand slowdown persists as it did in Q1, this year's earnings could fall short of expectations, so the first thing to confirm is whether quarterly results break out of the slowdown.
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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 “IT Hardware & Equipment” (Semiconductors & IT Components), a type typically read first through forward P/E.
IT hardware and equipment makers see orders and earnings swing with their customers' investment cycles and new-product launches, so what matters is the profit still to come, not the profit already booked. That is why forward P/E, based on expected earnings, is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 8.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 11.9% lower than a year earlier.
- ROE is 16.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Foster Electric 49.41% (corporate)
Controlling bloc incl. related parties 49.41%
With the controlling bloc holding 49%, the ownership structure is stable.
🔎 In-depth analysis Reading
S-Tech is in the audio-visual equipment industry, and its mainstay is manufacturing speakers and acoustic components. It earns its money by making car-audio speakers for vehicles and acoustic parts for home appliances and electronics, then supplying these components and sets to finished-product manufacturers. Last year, on a consolidated basis, revenue was ₩468.2 billion, and it earned operating profit of ₩45.8 billion and net profit of ₩41.6 billion, for an operating margin of 9.8% and a net margin of 8.9%. Because its customers buy and use its parts, the business rises with their auto and appliance sales and is affected when those fall. As a small-cap with a market cap of ₩123.6 billion, a large customer's order volume or a single disclosure tends to weigh relatively heavily on both results and the share price, which is worth keeping in mind.
The latest close is ₩12,470 and the market capitalization is ₩136.0 billion. The price sits above its 20-day moving average (₩12,370) and above its 60-day moving average (₩12,405). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.3, a neutral level. The one-month change is +1.0%, the three-month change is -18.1%, and the position relative to the 52-week high is -28.5%. Relative strength versus the KOSDAQ is 60 (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 60% of all stocks. Over the past three months it outpaced the index by 20.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Last year's annual revenue was ₩468.2 billion, operating profit ₩45.8 billion, and net profit ₩41.6 billion. With an operating margin of 9.8% and an ROE (how much it earns in a year on its own equity) of 17.7%, profitability runs above the industry average. The debt ratio (debt against equity) is 146.9%, but the current ratio of 285% gives ample short-term solvency and interest coverage of 54x keeps the interest burden light. In other words, its actual repayment and liquidity strength is solid, more so than the headline debt ratio suggests. On valuation, the P/E on last year's earnings (how many times a year's earnings the price represents) is 3.15x and the P/B (how many times book value the price represents) is 0.56x. The forward P/B reflecting this year's expected earnings is 0.56x. Since last year was close to a record-high profit, this year's earnings will normalize somewhat, so the forward P/E is a bit higher than the trailing figure; even so, it sits below industry peers (Kortek 6.74x, Tovis 5.56x, MCNEX 6.23x), making it cheap on either a trailing or a forward basis. So the low current P/E and P/B read more as a sign of undervaluation than a burden.
Over several years, revenue rose from ₩414.6 billion in 2023 to ₩509.4 billion in 2024 and then took a breather at ₩468.2 billion in 2025, while operating profit grew steadily from ₩24.6 billion in 2023 to ₩44.0 billion in 2024 and ₩45.8 billion in 2025 (a two-year average operating-profit growth of +36.6%). The latest quarter (Q1 2026) came in with revenue of ₩105.2 billion, operating profit of ₩5.3 billion, and net profit of ₩7.9 billion, a heavy start with revenue down 11.9% and operating profit down 55.8% year on year. This appears to reflect a temporary slowdown in auto and appliance demand, and reflecting the quarterly revenue and profit mix through the year, this year's estimate is around revenue of ₩470.6 billion, operating profit of ₩26.1 billion, and net profit of ₩34.8 billion. Q1 started weak and it is not at last year's peak level, but the core business's earning power itself is intact, so this year too points to a margin near the double digits and profit in the tens of billions of won. Top-line growth is in a brief slowdown, but there is no basis in the data for a decline in earnings from next year onward that would call the cycle broken.
On February 9, 2026 there was a cash and in-kind dividend decision. It is a decision to return cash to shareholders, distributing about 17% of last year's net profit as a dividend, bringing the dividend yield to the 7% range. The point to check is whether earnings and cash flow support the dividend. In the Q1 quarterly report of May 15, 2026, revenue of ₩105.2 billion, operating profit of ₩5.3 billion, and net profit of ₩7.9 billion were confirmed, and the early-year slowdown noted above showed up in the numbers. In the business report of March 16, 2026, last year's annual revenue of ₩468.2 billion, operating profit of ₩45.8 billion, and net profit of ₩41.6 billion were confirmed (ignore the revenue misprint on the disclosure summary screen; the ₩468.2 billion in the main text is correct). It is worth checking whether these disclosures point in the same direction as the annual trend and whether there are any one-off factors.
S-Tech clearly has a cheap-and-well-earning profile. With an ROE of 17.7% its profitability is good, its finances are stable thanks to ample current ratio and interest coverage, and with a dividend yield in the 7% range, a P/E of 2.97x, and a P/B of 0.53x it clearly trades below industry peers. Its forward P/E is also below its cohort (5x to 7x), so its valuation appeal holds even if earnings normalize somewhat from last year's level. The conditions that work strongly in its favor are a recovery in auto and appliance demand that halts the slowdown in quarterly revenue and profit, at which point the low P/E and P/B and the high dividend come into focus together. What could work against it is the customer-demand slowdown persisting as it did in Q1, with this year's earnings falling short of expectations. Also, given small-cap traits, disclosures tied to heavy reliance on a large customer or to fundraising could bring more volatility than the metrics suggest, so the first thing to confirm is whether quarterly results break out of the slowdown.
🔎 Valuation vs peers Undervalued
Peers within audio-visual equipment that are close in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Kortek | 7.67x | 0.56x | 9.04% |
| Tovis | 4.18x | 0.41x | 17.65% |
| MCNEX | 6.42x | 0.84x | 11.71% |
The primary comparison uses public-data peers within audio-visual equipment that are close in market cap. The current P/E (how many times a year's earnings the price represents) is 3.27x and the P/B (how many times book value the price represents) is 0.56x. That said, for smaller-cap names, earnings swings and financing disclosures carry greater weight, so we did not draw firm conclusions from last year's confirmed-results figures alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩470.6 billion | ₩26.1 billion | ₩34.8 billion |
| Next quarter | Q2 2026 | ₩113.7 billion | ₩8.1 billion | ₩9.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩12,470 and the market capitalization is ₩136.0 billion. The price sits above its 20-day moving average (₩12,370) and above its 60-day moving average (₩12,405). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.3, a neutral level. The one-month change is +1.0%, the three-month change is -18.1%, and the position relative to the 52-week high is -28.5%. Relative strength versus the KOSDAQ is 60 (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 60% of all stocks. Over the past three months it outpaced the index by 20.5%. 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 +20.50% / 6M +16.86% / 12M -26.25%
Key metrics Computed vs sector median
Valuation
The P/E of 3.27x is below the sector median (6.05x). The P/B of 0.56x is below the sector median (0.71x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 16.1%, above the sector average (4.0%). The operating margin is 8.6%. The debt ratio is 43.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $291.3M | $357.8M | $328.9M | -8.08% ↓ slower |
| Operating profit | $17.2M | $30.9M | $32.2M | +4.17% ↓ slower |
| Net profit | $15.2M | $32.5M | $29.2M | -10.04% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $232.3M | $329.1M | $291.3M | $357.8M | $328.9M |
| Operating profit | -$32.3M | $6.1M | $17.2M | $30.9M | $32.2M |
| Net profit | -$24.5M | $6.7M | $15.2M | $32.5M | $29.2M |
| Revenue CAGR | 4-yr avg 9.08% | ||||
Revenue fell 8.1% year over year (2023 ₩414.6 billion → 2024 ₩509.4 billion → 2025 ₩468.2 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 4.2% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.1%. The two-year revenue CAGR is 6.3%. In the most recent quarter (Q1 2026), revenue was 11.9% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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 6.8%, is on the high side.
- ROE of 16.1% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 8.1% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-02-09UpdateCash and in-kind dividend decision: check the return termsA disclosure tied to a cash return or a change in share count. Check whether earnings capacity and cash flow support it. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue of ₩105.2 billion, operating profit of ₩5.3 billion, and net profit of ₩7.9 billionRecent confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-03-16EarningsBusiness report (2025.12): revenue of ₩180,000, operating profit of ₩45.8 billion, and net profit of ₩41.6 billionRecent confirmed or preliminary results. Check whether they point 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 | ₩12,470 | ₩12,470 | Confirmed | link |
| Latest quarterly results | revenue ₩105.2 billion, operating profit ₩5.3 billion | revenue ₩105.2 billion, operating profit ₩5.3 billion | Confirmed | link |
| Annual results | revenue ₩468.2 billion, operating profit ₩45.8 billion | revenue ₩468.2 billion, operating profit ₩45.8 billion | Confirmed | link |
| Shareholder-return disclosure (original text) | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Results disclosure (original text) | (2026.03): 2026 1 revenue ₩105.2 billion · operating profit ₩5.3 billion · net profit ₩7.9 billion | (2026.03): 2026 1 revenue ₩105.2 billion · operating profit ₩5.3 billion · net profit ₩7.9 billion | Confirmed | link |
| Results disclosure (original text) | (2025.12): revenue 18 · operating profit ₩45.8 billion · net profit ₩41.6 billion | (2025.12): revenue 18 · operating profit ₩45.8 billion · net profit ₩41.6 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-03-24Amended filing
- 2026-03-24Shareholders' meeting notice
- 2026-03-24Disclosure
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-09Disclosure
- 2026-03-09Shareholders' meeting notice
- 2026-02-27Shareholders' 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.