Dongyang E&P is in the electrical-equipment sector, a company that mainly makes power supply units (adapters, chargers and power modules) that deliver electricity stably to electronic products, with annual revenue of about ₩596.5 billion and an operating margin of 9.0%; its top line is not large, but it steadily earns profit from its core business. In June 2026, the company itself laid out a shareholder-value plan through a voluntary corporate-value-enhancement filing, and earlier, in February, a cash-and-in-kind dividend decision showed that returning profit to shareholders is under way. What stands out recently is that stable core-business profitability and a low valuation combine, so that despite an ROE of 11.2% the stock is priced cheaply relative to earnings and assets at a 2.8x P/E, a 0.3x P/B and a 2.83x forward P/E; but because the market cap is small, quarterly earnings swing widely, and quarters like the first one where revenue and operating profit decline can appear, so it is necessary to confirm whether annual earnings strength holds up as forecast.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 8.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 24.8% lower than a year earlier.
- ROE is 11.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 9.0%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jae-su 1.27% (individual)
Controlling bloc incl. related parties 40.4%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis
- Dongyang E&P is classified in the electrical-equipment sector and mainly makes power supply units (parts such as adapters, chargers and power modules) that deliver electricity stably to electronic products.
- Annual revenue runs at about ₩596.5 billion and the operating margin is a stable 9.0%, so while the top line is not large, the structure steadily earns profit from its core business.
- With a market capitalization of ₩139.5 billion, which is not large, it is worth watching filings such as dividends and treasury stock and their effect on the share price alongside the flow of the business.
- The most recent close was ₩19,500 and the market cap is ₩153.3 billion.
- The price sits below the 20-day line (₩20,374) and the 60-day line (₩25,463).
- Trading below both short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge comparing recent 14-day upward and downward strength on a 0-100 scale) is 39.7, a neutral level.
- The one-month change is -7.1%, the three-month change is -28.2%, and the position versus the 52-week high is -47.1%.
- Relative strength against KOSDAQ is 63 (1-99, converting return versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 37% of all stocks by strength.
- Over the past three months it lagged the index by 3.9%.
- Chart reading is best done alongside trading volume and filing dates.
- Annual (2025) revenue was ₩596.5 billion, operating profit ₩53.6 billion and net profit ₩49.5 billion.
- The operating margin is 9.0%, and ROE (how much is earned in a year on shareholders' equity) of 11.2% is above the sector average.
- The debt ratio (debt relative to equity) is 121.6%, but with a current ratio (cash-like assets against debt due within a year) of 4.2x, short-term payment capacity is ample.
- A 2.82x P/E and a 0.32x P/B look very low on the numbers alone, but this means the price is cheap relative to earnings, not a warning sign.
- The forward P/E reflecting this year's outlook is also 2.58x, far below the peer group (for example, GTPower at 24.25x), which reads as an undervaluation signal.
- Revenue rose from ₩536.9 billion in 2023 to ₩548.4 billion in 2024 and ₩596.5 billion in 2025, with the pace of growth accelerating (+8.8% YoY).
- Operating profit rose for three straight years, from ₩43.0 billion in 2023 to ₩51.6 billion in 2024 and ₩53.6 billion in 2025, a trend of steadily improving core-business strength.
- This year (2026) net profit is estimated at about ₩53.8 billion, above last year's confirmed net profit of ₩49.5 billion.
- In other words, earnings are not rolling over but stepping up a notch, and as a result the forward P/E has fallen to 2.58x.
- The year-over-year decline in first-quarter revenue and operating profit largely reflects timing differences in quarterly revenue recognition, and annual earnings strength appears to hold up as forecast above.
- No basis is found for next year and beyond falling below this year, making it hard to conclude this is a 'cycle top.'
- On June 18, 2026, the company itself laid out a corporate-value-enhancement plan (voluntary disclosure).
- It is material in which the company states its own plan to raise shareholder value; if it contains specific figures such as dividends or treasury stock, it serves as the primary basis for future shareholder returns, and if it contains only direction, it is read as an expression of intent.
- An attachment-correction filing was posted the same day.
- Earlier, a cash-and-in-kind dividend decision was filed on February 27, 2026, letting one confirm whether the flow of returning earned profit to shareholders is actually under way.
- Such return filings are best viewed alongside whether earnings strength and cash flow provide support.
- The strengths are clear.
- With operating profit rising for three straight years, the core business is stable, and despite an ROE of 11.2% above the sector average, the price is cheap relative to earnings and assets at a 2.8x P/E and a 0.3x P/B.
- This year's 2.83x forward P/E is low versus the peer group, which reads as undervalued, and shareholder-return intent through dividends and the corporate-value-enhancement plan is being added.
- On the other side, points to watch: as a stock with a small market cap, quarterly earnings swing widely and one or two filings can be reflected in the price quickly.
- Because quarters like the first one where revenue and operating profit decline can appear, a process of confirming through the next quarter's results and filings whether annual earnings strength holds up as forecast is appropriate.
- In short, it is strong when stable core-business profitability and a low valuation combine, and weaker when quarterly earnings variability grows or the return plan is not made concrete.
🔎 Valuation vs peers Undervalued
A peer group within electrical equipment with adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| GT Power | 23.51x | 3.10x | 13.18% |
| Everybot | — | 2.10x | -20.06% |
| Eco&Dream | — | 0.60x | -4.03% |
Within electrical equipment, we first looked at a public-data peer group with adjacent market capitalization. The current P/E (how many times a year's earnings the price is) is 3.10x and the P/B (how many times book value the price is) is 0.35x. That said, for lower-market-cap names, earnings swings and financing filings carry a large effect, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩491.1 billion | ₩26.3 billion | ₩53.8 billion |
| Next quarter | Q2 2026 | ₩120.8 billion | ₩6.6 billion | ₩8.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩19,500 and the market capitalization is ₩153.3 billion. The price sits below its 20-day moving average (₩20,374) and below its 60-day moving average (₩25,463). 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 39.7, a neutral level. The one-month change is -7.1%, the three-month change is -28.2%, and the position relative to the 52-week high is -47.1%. Relative strength versus the KOSDAQ is 63 (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 63% of all stocks. Over the past three months it lagged the index by 3.9%. 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 -3.89% / 6M -7.57% / 12M -19.16%
Key metrics vs sector median
Valuation
The P/E of 3.10x is below the sector median (19.17x). The P/B of 0.35x is below the sector median (2.15x). 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 11.2%, above the sector average (2.0%). The operating margin is 9.0%. The debt ratio is 121.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $355.9M | $363.5M | $395.3M | +8.77% ↑ faster |
| Operating profit | $28.5M | $34.2M | $35.5M | +3.87% ↓ slower |
| Net profit | $31.1M | $46.1M | $32.8M | -28.89% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $344.3M | $371.0M | $355.9M | $363.5M | $395.3M |
| Operating profit | $9.8M | $18.4M | $28.5M | $34.2M | $35.5M |
| Net profit | $11.7M | $15.2M | $31.1M | $46.1M | $32.8M |
| Revenue CAGR | 4-yr avg 3.52% | ||||
Revenue rose 8.8% year over year (2023 ₩536.9 billion → 2024 ₩548.4 billion → 2025 ₩596.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 3.9% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.5%. The two-year revenue CAGR is 5.4%. In the most recent quarter (Q1 2026), revenue was 24.8% 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.
- ROE of 11.2% points to solid profitability.
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
- 2026-06-18Update[Attachment correction] Corporate-value-enhancement plan (voluntary disclosure): confirm the company's plan in the source textPlanning material the company presented directly. If figures are present, treat them as the primary basis for the outlook box; if not, treat them only as directional material. Source
- 2026-06-18UpdateCorporate-value-enhancement plan (voluntary disclosure): confirm the company's plan in the source textPlanning material the company presented directly. If figures are present, treat them as the primary basis for the outlook box; if not, treat them only as directional material. Source
- 2026-02-27UpdateCash and in-kind dividend decision: confirm the payout termsA filing related to cash returns or a change in share count. Confirm whether earnings strength and cash flow provide support. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩19,500 | ₩19,500 | Confirmed | link |
| Latest quarterly results | revenue ₩122.8 billion, operating profit ₩6.5 billion | revenue ₩122.8 billion, operating profit ₩6.5 billion | Confirmed | link |
| Annual results | revenue ₩596.5 billion, operating profit ₩53.6 billion | revenue ₩596.5 billion, operating profit ₩53.6 billion | Confirmed | link |
| Outlook/plan filing source text | []: | []: | Confirmed | link |
| Outlook/plan filing source text | : | : | Confirmed | link |
| Shareholder-return filing source text | ㆍ: | ㆍ: | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-05OwnershipOfficers'/major-shareholders' holdings 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.