Haesung Optics (076610) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Haesung Optics is an optical-components company that makes OIS and AF actuators, which finely move the lens so a smartphone camera captures sharp images even when it shakes, and supplies them into the camera-module and smartphone supply chain. Having narrowed its business to OIS actuators and brought core processes in-house, its revenue has grown quickly, and it turned to profit alongside first-quarter 2026 revenue of ₩69.5 billion, so the forward P/E reflecting this year's profit is roughly in line with peers. What stands out lately is that the more the first-quarter profit hardens into operating profit and the balance sheet thickens, the stronger the case; on the other hand, a debt ratio of 631.7% and a current ratio of 63.8% leave short-term liquidity tight, one-off gains may be mixed into the first-quarter profit, and dilution from a rights offering and convertible-bond conversion is underway.
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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 “Camera Modules & Optical Components” (Semiconductors & IT Components · IT Hardware & Equipment), a type typically read first through forward P/E.
Camera modules and optical components ride the product-launch cycles and adoption volumes of set makers, so profit varies widely year to year. Since new design wins and rising volumes drive future earnings, forward price-to-earnings (P/E on expected profit) is the first lens rather than trailing results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, the company is currently in a revenue-growth rather than a profit phase, so this metric alone offers only a limited read.
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 far exceeds equity (debt ratio 562.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 71.2%).
- The most recent full-year net result was a loss.
- Revenue rose 47.7% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 125.1% higher than a year earlier.
- ROE is -46.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -4.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder OH Almus Restructuring Investment Association No. 1 13.23% (corporate)
Controlling bloc incl. related parties 100%
With the controlling bloc holding 100%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Haesung Optics is an optical-components company that makes and sells the OIS (optical image stabilization) and AF (autofocus) actuators used in smartphone cameras. In the past it also made lens modules and camera modules, but it has wound those down, and now the core of its revenue is the small drive component (VCM/OIS actuator) that finely moves the lens so photos come out sharp even when the camera shakes. In other words, it earns money not by selling finished cameras but by supplying the precision drive components inside them into the camera-module and smartphone maker supply chain. It is a smartphone-parts supplier-type business where unit prices are low and results swing with customer order volumes; recently it has narrowed its business to OIS actuators and brought core processes in-house to refine its cost structure.
The latest close is ₩1,100 and the market capitalization is ₩65.2 billion. The price sits above its 20-day moving average (₩1,037) and below its 60-day moving average (₩1,393). 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 50.0, a neutral level. The one-month change is +9.6%, the three-month change is -55.1%, and the position relative to the 52-week high is -60.5%. Relative strength versus the KOSDAQ is 84 (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 85% of all stocks. Over the past three months it lagged the index by 27.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Valuation has to be viewed in two parts. Because 2025 was a loss year, no P/E (how many times a year's earnings the price is) can be set on last year's confirmed results, but this does not mean the company is expensive; it simply reflects that a trailing metric loses meaning in a loss-making period. Instead, the forward (projected) P/E reflecting this year's profit sits not far from profit-based peers (Jahwa Electronics at around 13x, for example). The P/B (how many times net assets the price is) is 2.79x, and the forward P/B reflecting this year's equity increase is 2.79x. On profitability, 2025 ROE (how much a company earns in a year on its equity) was -46.3% and the operating margin was -4.2%, both loss-making. The balance sheet is genuinely on the weak side: the debt ratio (debt relative to equity) is high at 631.7%, and the current ratio (assets convertible to cash now against debt due within a year) of 63.8% is below 100%, so short-term liquidity is tight. With ₩18.6 billion in equity against ₩117.5 billion in debt, the key variable is that until profit accumulates and thickens equity, even small swings in profit or loss can shake the balance sheet.
The top line and the bottom line turned together. 2025 revenue was ₩160.3 billion, up 47.7% year on year, and first-quarter 2026 revenue was ₩69.5 billion, up 125% from the same period last year. Above all, the biggest change is that a bottom line that had been in the red through 2025 turned to profit in the first quarter of 2026, with operating profit of +₩0.7 billion and net profit of +₩3.5 billion. The fact that a forward P/E reflecting this year's profit can be produced is a value that captures exactly this inflection. Narrowing the business to OIS actuators and bringing processes in-house to cut costs, together with parts demand and volumes strong enough to more than double first-quarter revenue, underpin this year's earnings. That said, first-quarter net profit (₩3.5 billion) being larger than operating profit (₩0.7 billion) suggests one-off non-operating gains may be mixed in, so it is important to confirm quarter by quarter whether this profit continues on an operating basis. If profit hardens on an operating base, the forward-based valuation is not heavy relative to the pace of top-line growth.
The main threads of recent disclosures are financing and sharp price moves. In June 2026 the company decided on a roughly ₩5.0 billion third-party allocation rights offering, earmarked for automation equipment (facilities funds) and operating funds, and in May came a series of disclosures on the exercise of convertible-bond (CB) conversion rights and conversion-price adjustments. This signals that it is covering facilities investment and operating funds through external financing and share conversion, which reflects intent to expand the business but also dilutes existing shareholders' stakes. On May 14 it filed its first-quarter 2026 quarterly report, confirming revenue of ₩69.5 billion and a turn to operating and net profit, and in early May it answered the exchange's inquiry on the notable price swing with 'no material information', showing that the price moved sharply without any undisclosed catalyst.
This is a stock where both strengths and weaknesses are pronounced. The strong side is the business-structure improvement and the earnings inflection. By narrowing its business to OIS actuators and bringing processes in-house, revenue grew quickly and turned to profit in the first quarter of 2026, and the forward P/E reflecting this year's profit is roughly in line with peers, so it is not an overstretched level relative to top-line growth. The fact that the P/E cannot be set because of losses, or that the P/B looks high, is not evidence of being expensive but a limitation of trailing metrics; the real picture is in the forward figures. The weak side is the balance sheet and the durability of the profit. A debt ratio of 631.7% and a current ratio of 63.8% leave short-term liquidity tight, and because one-off gains may be mixed into the first-quarter profit, whether it is operating-based profit needs more watching. Dilution from the rights offering and CB conversion, raising the share count, is also underway. In short, the more the first-quarter profit hardens into operating profit and the balance sheet thickens, the stronger the case; if the profit proves one-off or financing recurs while equity fails to support it, the weaker. This is not a call to buy or sell, but a stock to judge by two conditions: the durability of the profit and improvement of the balance sheet.
🔎 Valuation vs peers Overvalued
Suppliers of smartphone camera drive components (VCM/OIS and AF actuators) and camera modules; the peer set places Jahwa Electronics (VCM/OIS actuators), whose business substance is closest, alongside camera-module makers MCNEX and Partron.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jahwa Electronics | 11.28x | 1.05x | 15.54% |
| MCNEX | 6.42x | 0.84x | 11.71% |
| Partron | 8.26x | 0.54x | 7.25% |
The peers, Jahwa Electronics (P/E 15.2x, P/B 1.61x), MCNEX (P/E 7.3x, P/B 0.98x) and Partron (P/E 9.5x, P/B 0.63x), are all profit-based with a P/B around 1x. Haesung Optics, loss-making as of 2025 so that no P/E can be set, nonetheless carries a P/B of 3.57x, two to three times higher than its peers. In other words, within the same components sector a clear premium to asset value is attached, and this appears to reflect an expectation, priced in ahead, that this year's turn to profit will continue. On last year's confirmed (trailing) results it looks expensive for lack of earnings, and on a forward basis assuming this year's profit the burden eases, but that forward figure depends entirely on the assumption that the first-quarter profit continues without one-off items. Taking into account that the balance sheet (debt ratio 631.7%, current ratio 63.8%) is far weaker than peers, it is reasonable to view the stock as positioned high relative to peers until the durability of the profit is confirmed.
Price history Close · MA20 · MA60
The latest close is ₩1,100 and the market capitalization is ₩65.2 billion. The price sits above its 20-day moving average (₩1,037) and below its 60-day moving average (₩1,393). 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 50.0, a neutral level. The one-month change is +9.6%, the three-month change is -55.1%, and the position relative to the 52-week high is -60.5%. Relative strength versus the KOSDAQ is 84 (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 85% of all stocks. Over the past three months it lagged the index by 27.7%. 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 -27.67% / 6M +15.93% / 12M +48.82%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.79x is above the sector median (1.23x).
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 -46.3%, below the sector average (2.0%). The operating margin is -4.2%. The debt ratio is 562.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $85.1M | $76.2M | $112.6M | +47.73% ↑ faster |
| Operating profit | $2.8M | -$9.4M | -$4.7M | — |
| Net profit | -$954,425 | -$19.6M | -$6.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $98.9M | $115.1M | $85.1M | $76.2M | $112.6M |
| Operating profit | -$8.0M | -$3.6M | $2.8M | -$9.4M | -$4.7M |
| Net profit | -$29.6M | -$11.3M | -$954,425 | -$19.6M | -$6.0M |
| Revenue CAGR | 4-yr avg 3.29% | ||||
Revenue rose 47.7% year over year (2023 ₩121.2 billion → 2024 ₩108.5 billion → 2025 ₩160.3 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.3%. The two-year revenue CAGR is 15.0%. In the most recent quarter (Q1 2026), revenue was 125.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 47.7% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 562.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 71.2%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-01FilingDecision on a roughly ₩5.0 billion third-party allocation rights offering (to raise facilities and operating funds)In the short term there is a dilution burden from the new-share issuance, but it is financing aimed at mid-term cost and profitability improvement through automation-equipment investment. Source
- 2026-05-21FilingExercise of convertible-bond conversion rights (exercise of bonds convertible into shares) and conversion-price adjustmentConversion raises the number of shares outstanding and dilutes per-share value, and the conversion-price adjustment suggests the possibility of further dilution. Source
- 2026-05-14EarningsFirst-quarter 2026 quarterly report filed - revenue ₩69.5 billion (up 125% year on year), operating and net profit turned positiveThe first quarter to turn from loss to profit, a sign of business improvement, but with net profit larger than operating profit, whether one-off gains are involved needs confirming. Source
- 2026-05-07UpdateAnswered the inquiry on the notable price swing with 'no material information'This means the price swung sharply with no undisclosed catalyst to report, suggesting a period of high volatility driven by supply-demand and expectations. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue | ₩160.3 billion | DART 2025 | Confirmed | link |
| First-quarter 2026 turn to profit | revenue 695· +7· +35 | DART 2026.03 | Confirmed | link |
| Scale and purpose of the rights offering | approx. ₩5.0 billion 3 | DART | Confirmed | link |
| Forward P/E based on estimated 2026 earnings | approx. 17x(self-estimate) | — | Unverified | — |
Recent filings Source
- 2026-06-01Material-fact report
- 2026-05-27Disclosure
- 2026-05-21Disclosure
- 2026-05-15Amended filing
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-14PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-05-07Disclosure
- 2026-05-06Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-18Audit 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.