KSP (073010) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
KSP earns its money from an engine-parts business that makes exhaust valves for the large low-speed engines that power ships, a die-forging business, and connecting-rod manufacturing by its subsidiary Daeyoung Industry, with the core marine engine parts tied to the shipbuilding and shipping cycle and to demand from engine makers. Within a single year the company logged a convertible-bond issuance decision in September 2025 (conversion price ₩6,830), confirmed full-year revenue of ₩95.5 billion, operating profit of ₩11.5 billion and net profit of ₩6.6 billion in February 2026, and a cash and in-kind dividend decision in March. On the plus side, revenue has grown for a fourth straight year and Q1 rebounded with operating profit up 43% and net profit up 23%, so a forward P/E of 9.80x is low versus peers and the price sits 64% below its 52-week high; on the cautious side, the debt ratio of 73% is on the high side and conversion of the convertible bonds could increase the share count.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Machinery & Electrical Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery and electrical-equipment makers build and sell industrial gear, and orders and shipments feed fairly directly into profit. Because revenue translates cleanly into current-year net income, price-to-earnings (P/E) is the natural first lens.
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 rose 12.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 15.1% higher than a year earlier.
- ROE is 8.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.9%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Keumkang Industry 50.16% (corporate)
Controlling bloc incl. related parties 53.75%
With the controlling bloc holding 54%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
KSP makes its money from an engine-parts business that makes exhaust valves for the large low-speed engines that power ships, a die-forging business that shapes metal by placing it in a die and hammering it, and the manufacture of connecting rods (the rods that link an engine's pistons to the crankshaft) handled by its subsidiary Daeyoung Industry. The core is marine engine parts, so results are tied to the shipbuilding and shipping cycle and to demand from engine makers. As a small-to-mid-cap with a market cap of ₩115.8 billion, a single filing can have a large effect on results and the share count, so it helps to read the filings alongside the flow of the business.
The latest close is ₩2,700 and the market capitalization is ₩108.5 billion. The price sits above its 20-day moving average (₩2,614) and below its 60-day moving average (₩3,397). 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 47.7, a neutral level. The one-month change is -3.9%, the three-month change is -56.6%, and the position relative to the 52-week high is -66.2%. Relative strength versus the KOSDAQ is 31 (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 30% of all stocks. Over the past three months it lagged the index by 33.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue was ₩95.5 billion, operating profit ₩11.5 billion (operating margin 12.1%) and net profit ₩6.6 billion. ROE (how much is earned in a year on shareholders' equity) is 7.9%, above the sector average. The debt ratio of 73.3% is somewhat on the high side, but operating profit covers interest costs 3.1x and the current ratio is 143%, leaving room for short-term repayment. The P/E is 16.42x and the P/B is 1.30x; both use as their denominator earnings from a point when last year's net profit temporarily dipped, so they look more expensive than they are. The forward P/E reflecting this year's recovered earnings is 9.73x, below the peer-set median, which reads toward undervalued. In other words, this is a stock turning an inflection point in earnings, so the forward figure is closer to the real picture than the trailing metrics.
Revenue grew steadily from ₩43.8 billion in 2021 to ₩95.5 billion in 2025, and last year it rose 12.0% from the prior year, with the pace of growth actually quickening. Last year's net profit falling to ₩6.6 billion from the prior year owed much to non-operating factors, while the underlying business strength was flowing through into revenue growth. That recovery shows clearly in the Q1 results. Q1 2026 revenue was ₩25.0 billion (up 15.1% year on year), operating profit ₩4.0 billion (up 43.3%) and net profit ₩2.5 billion (up 22.9%), with earnings growing faster than revenue and margins improving. This year's annual outlook is around ₩105.6 billion in revenue, ₩18.1 billion in operating profit and ₩11.0 billion in net profit, based on the assumption that demand for marine engine parts and the margin improvement confirmed in Q1 carry through the full year. The recovery from last year's ₩11.5 billion in operating profit to this year's ₩18.1 billion rests on the actual reading that Q1 operating profit was already 43% higher than the same period last year, so it is a figure backed by quarterly results rather than a simple estimate.
The September 9, 2025 convertible-bond issuance decision (conversion price ₩6,830) is a filing where funds come in but the share count can later increase, so it should be viewed alongside whether the raised funds are actually put toward facility or operating investment and flow through into revenue. The February 4, 2026 earnings-change filing confirmed full-year revenue of ₩95.5 billion, operating profit of ₩11.5 billion and net profit of ₩6.6 billion. On March 5, 2026, a cash and in-kind dividend was decided, showing the company has the capacity to return cash it has earned to shareholders. Taken together, the three mark a stretch in which financing, confirmation of results and returns all occurred within a single year.
The strength is that the core business is well defined. With a specialized product in exhaust valves for large marine engines, revenue has grown for a fourth straight year, and earnings that dipped last year on a one-off effect rebounded in Q1 with operating profit up 43% and net profit up 23%, a signal of recovery. The forward P/E of 9.80x reflecting that recovery is below the peer set, reading as undervalued, and the price is already well pressed down at 64% below its 52-week high with an RSI of 27.8, so price and results are pointing in opposite directions. Points to weigh together are the debt ratio at a high 73% and the possibility that convertible bonds later converting into shares could increase the share count. In short, if the earnings recovery confirmed in Q1 carries through the full year the undervalued appeal comes alive; conversely, if demand for engine parts slows or conversion of the bonds coincides, the recovery could proceed more slowly.
🔎 Valuation vs peers Undervalued
Peers with nearby market caps within the machinery and equipment sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nine Tech | — | 1.24x | -19.29% |
| Soosan Sebotics | 6.99x | 0.54x | 7.64% |
| M-Plus | 5.62x | 1.04x | 25.79% |
Within machinery and equipment, the comparison drew first on public-data peers with nearby market caps. The current P/E is 16.42x and the P/B is 1.30x. Because smaller-cap names are heavily affected by swings in earnings and by financing-related filings, the read does not rest on last year's confirmed results alone. The basis for the outlook box is DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩105.6 billion | ₩18.1 billion | ₩11.0 billion |
| Next quarter | Q2 2026 | ₩25.7 billion | ₩5.0 billion | ₩2.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩2,700 and the market capitalization is ₩108.5 billion. The price sits above its 20-day moving average (₩2,614) and below its 60-day moving average (₩3,397). 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 47.7, a neutral level. The one-month change is -3.9%, the three-month change is -56.6%, and the position relative to the 52-week high is -66.2%. Relative strength versus the KOSDAQ is 31 (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 30% of all stocks. Over the past three months it lagged the index by 33.9%. 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 -33.90% / 6M -13.37% / 12M -40.31%
Key metrics Computed vs sector median
Valuation
The P/E of 16.54x is above the sector median (14.07x). The P/B of 1.28x is above the sector median (1.01x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.3%, above the sector average (2.0%). The operating margin is 12.9%. The debt ratio is 76.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $57.3M | $59.9M | $67.1M | +12.04% ↑ faster |
| Operating profit | $8.3M | $9.7M | $8.1M | -16.44% ↓ slower |
| Net profit | $9.0M | $10.7M | $4.6M | -57.10% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $30.8M | $44.7M | $57.3M | $59.9M | $67.1M |
| Operating profit | $1.4M | $2.4M | $8.3M | $9.7M | $8.1M |
| Net profit | $1.6M | $2.8M | $9.0M | $10.7M | $4.6M |
| Revenue CAGR | 4-yr avg 21.51% | ||||
Revenue rose 12.0% year over year (2023 ₩81.6 billion → 2024 ₩85.3 billion → 2025 ₩95.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 16.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 21.5%. The two-year revenue CAGR is 8.2%. In the most recent quarter (Q1 2026), revenue was 15.1% higher 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.
- Revenue grew 12.0% 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
- 2025-09-09UpdateReport on material matters (convertible-bond issuance decision): conversion price ₩6,830This is a filing where the intended use of incoming funds and the change in share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and linked to revenue is the key point. Source
- 2026-02-04EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: full-year revenue ₩95.5 billion · operating profit ₩11.5 billion · net profit ₩6.6 billionThis is recent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-03-05UpdateCash and in-kind dividend decision: see the return termsThis is a filing related to a cash return or a change in the share count. Check whether it is backed by earnings strength and cash flow. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩2,700 | ₩2,700 | Confirmed | link |
| Latest quarterly results | revenue ₩25.0 billion, operating profit ₩4.0 billion | revenue ₩25.0 billion, operating profit ₩4.0 billion | Confirmed | link |
| Annual results | revenue ₩95.5 billion, operating profit ₩11.5 billion | revenue ₩95.5 billion, operating profit ₩11.5 billion | Confirmed | link |
| Financing filing (original text) | ₩6,830 | ₩6,830 | Confirmed | link |
| Earnings filing (original text) | revenue30%: revenue ₩95.5 billion · operating profit ₩11.5 billion · net profit ₩6.6 billion | revenue30%: revenue ₩95.5 billion · operating profit ₩11.5 billion · net profit ₩6.6 billion | Confirmed | link |
| Shareholder-return filing (original text) | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-13PeriodicQuarterly report
- 2026-03-20Disclosure
- 2026-03-20Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-12PeriodicAnnual business report
- 2026-03-11Audit report
- 2026-03-05Shareholders' meeting notice
- 2026-03-05DividendCash/stock dividend decision
- 2026-03-05Shareholders' 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.