Dong-A Eltek is a holding-style company whose core business makes back-end inspection and measurement equipment for OLED and LCD panel modules, and which is largely carried by the OLED deposition-equipment business of its subsidiary Sunic System (KOSDAQ 171090, about a 47.5% stake) that accounts for most of consolidated revenue. Its 2025 annual report confirmed a surge in consolidated revenue and a swing to profit, while its Q1 2026 report showed revenue rising even as the timing of equipment-sales recognition at the subsidiary shook the quarterly result. What stands out lately is that the value of its stake in a subsidiary that is the world leader in small-panel OLED deposition equipment far exceeds Dong-A Eltek's entire market cap, so the stock trades at a large discount on an NAV basis, and with ROE of 28.9%, a trailing P/E of 1.93x and a P/B of 0.56x the valuation appeal is clear; on the other side, the equipment business is recognized irregularly from quarter to quarter, so a given quarter's result can swing, and both earnings and the share price are heavily driven by the subsidiary's flow.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 295.5%).
- Revenue rose 226.4% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 54.2% higher than a year earlier.
- ROE is 28.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 19.4%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Park Jae-gyu 14.83% (individual)
Controlling bloc incl. related parties 37.72%
With the controlling bloc holding 38%, the ownership structure is stable.
🔎 In-depth analysis
- Dong-A Eltek earns money along three main lines.
- The first is its core display-inspection equipment: it makes back-end (final-stage) inspection and measurement equipment for OLED and LCD panel modules and supplies it to panel makers.
- The second, which accounts for most of consolidated revenue, is OLED manufacturing equipment, namely the OLED deposition equipment made by its subsidiary Sunic System (KOSDAQ 171090, about a 47.5% stake).
- Deposition equipment is the core facility that coats glass with light-emitting organic material to form a screen, and Sunic System is the world's leading maker of small-panel OLED deposition equipment.
- The third is a new-technology business-finance (venture investment) segment, which is small.
- In short, the company's results and value are carried by the core business together with the subsidiary Sunic System's equipment business, and the Sunic System stake is a major axis of its value.
- The latest close is ₩4,920 and the market cap is ₩86.0 billion.
- The price sits below both the 20-day line (₩5,628) and the 60-day line (₩7,954).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that scores upward versus downward force over the last 14 days on a 0-100 scale) is 32.6, a neutral level.
- The one-month change is -26.0%, the three-month change is -30.7%, and the price sits -66.3% from its 52-week high.
- Relative strength versus the KOSDAQ is 87 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 12% of all stocks by strength.
- Over the last three months it lagged the index by 8.7%.
- Chart reading is best done alongside volume and the dates of filings.
- Valuation metrics sit at generally low levels across the board.
- The P/E (how many times one year's earnings the price represents) is 1.75x and the P/B (how many times net assets the price represents) is 0.51x, so the stock trades below net assets, and it also pays a dividend yield of about 2.34% (₩150 per share).
- Profitability is solid, with ROE (how much is earned in a year on equity) of 28.9%, an operating margin of 19.4% and a net margin of 8.4%.
- The P/E of 1.93x here is on a trailing basis (last year's confirmed earnings), and last year's net profit of ₩49.2 billion reflected the subsidiary's equipment business coming through in full.
- When earnings step up a level, it is closer to the real picture to look at the forward P/E on this year's expected earnings alongside the trailing P/E on last year's earnings.
- Either way, on a trailing or forward basis the signal is that the price relative to earnings sits cheaper than peers.
- The debt ratio (debt relative to equity) is 295.5%, which looks high on the number alone, but equipment businesses have a feature where advances and contract liabilities received are booked as debt, so that should be taken into account; a current ratio of 150% and interest coverage of 6.4x make short-term payment capacity unremarkable.
- Over five years, revenue went from ₩173.7 billion in 2021 to ₩213.8 billion in 2022, ₩165.1 billion in 2023, ₩178.4 billion in 2024 and ₩582.4 billion in 2025, jumping more than threefold (+226% year over year) in 2025.
- Operating profit that year rose sharply to ₩113.2 billion, and net profit swung from losses in 2023-2024 (-₩6.5 billion and -₩29.8 billion) to a ₩49.2 billion profit in 2025 (a turnaround).
- This leap reflects the consolidation of the subsidiary Sunic System's Gen-8.6 OLED deposition-equipment business, and it is not a one-off but a full expansion of the top line riding the OLED investment cycle.
- In the latest Q1 2026, revenue rose 54.2% from the same period a year earlier, so the growth trend continues.
- Equipment businesses recognize large projects as revenue and profit at different points each quarter, so costs may be booked first in a given quarter and the result may swing (Q1 2026 is an example).
- It is therefore appropriate to look at the annual rather than a single quarter.
- This year's expected earnings are set on the basis of display-investment demand and the subsidiary's deposition-equipment flow, and the fact that the forward P/E is lower than the peer (Sunic System's 6.21x) supports this.
- Recent filings center on periodic reports (the 2025 annual report and the Q1 2026 report) and governance and routine items such as the shareholders' meeting, a change of chief executive and a market-segment reclassification.
- Because the OLED deposition-equipment flow that scales up the business arises at the subsidiary Sunic System rather than at the parent itself, holders of Dong-A Eltek do well to track the subsidiary's business and recognition flow as well.
- The 2025 annual report confirms the surge in consolidated revenue and the swing to profit, while the Q1 2026 report shows revenue rising even as recognition-timing effects shook the quarterly result.
- Reading the two together makes clear that both why the top line grew and why a given quarter's result is uneven stem from the same cause: the timing of recognition in the subsidiary's equipment business.
- The strengths are clear.
- On top of the core display-inspection business, the key point is that it is a holding-style company owning a stake (about 47.5%) in Sunic System, the world's leading maker of small-panel OLED deposition equipment.
- The subsidiary's market cap times the held stake far exceeds Dong-A Eltek's entire market cap, so on a net-asset-value (NAV) basis the parent trades at a large discount to the subsidiary's value.
- Profitability is also strong at 28.9% ROE, and with a trailing P/E of 1.93x, a P/B of 0.56x and this year's forward P/E all below peers, the valuation appeal is distinct.
- The points to be careful about are that the recognition of the equipment business's revenue and profit is irregular from quarter to quarter, so a given quarter's result can swing, and that consolidated results and the share price are heavily driven by the subsidiary Sunic System's business flow.
- In sum, this is a stock whose value shows clearly when the OLED deposition-equipment investment cycle is alive and the NAV discount is large, and whose short-term flow can be shaken by quarterly recognition timing and the subsidiary's volatility.
🔎 Valuation vs peers Inconclusive
Because the core of Dong-A Eltek's value is its stake in the listed subsidiary Sunic System, the listed subsidiary itself is used as the comparison basis.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sunic System | 5.39x | 3.62x | 67.12% |
(a) The real peer is the listed subsidiary Sunic System. The subsidiary's market cap (about ₩724.4 billion) times the held stake of about 47.5% comes to about ₩344.0 billion, far exceeding Dong-A Eltek's entire market cap (about ₩112.1 billion). Relative to net asset value (NAV) including the core operating business, the parent's price trades at a large discount. (b) This discount is common for holding-style companies, though the core business's earnings volatility and the mix of minority-shareholder interest in the subsidiary partly justify it. (c) The headline P/E of 2.28x is on a trailing basis, based on peak earnings where a year of subsidiary orders was recognized at once, so it is quite limited. As the Q1 2026 net loss shows, quarterly earnings swing with recognition timing, so a trailing P/E alone cannot confirm the stock is cheap. From a forward view, the possibility of a recognition gap this year should be taken into account. It is more appropriate to view this through NAV and SOTP (the sum of the subsidiary stake value and the core operating value) than through the consolidated P/E, so the verdict is left inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩4,920 and the market capitalization is ₩86.0 billion. The price sits below its 20-day moving average (₩5,628) and below its 60-day moving average (₩7,954). 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 32.6, a neutral level. The one-month change is -26.0%, the three-month change is -30.7%, and the position relative to the 52-week high is -66.3%. Relative strength versus the KOSDAQ is 87 (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 88% of all stocks. Over the past three months it lagged the index by 8.7%. 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 -8.74% / 6M +55.48% / 12M +63.86%
Key metrics vs sector median
Valuation
The P/E of 1.75x is below the sector median (14.44x). The P/B of 0.51x is below the sector median (1.44x). 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 28.9%, above the sector average (5.0%). The operating margin is 19.4%. The debt ratio is 295.5%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $109.4M | $118.3M | $386.0M | +226.41% ↑ faster |
| Operating profit | $1.5M | $9.8M | $75.0M | +668.69% ↑ faster |
| Net profit | -$4.3M | -$19.7M | $32.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $115.1M | $141.7M | $109.4M | $118.3M | $386.0M |
| Operating profit | $3.7M | $8.7M | $1.5M | $9.8M | $75.0M |
| Net profit | $2.8M | $989,348 | -$4.3M | -$19.7M | $32.6M |
| Revenue CAGR | 4-yr avg 35.32% | ||||
Revenue rose 226.4% year over year (2023 ₩165.1 billion → 2024 ₩178.4 billion → 2025 ₩582.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 668.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 35.3%. The two-year revenue CAGR is 87.8%. In the most recent quarter (Q1 2026), revenue was 54.2% higher 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 3.0%, is on the high side.
- ROE of 28.9% points to solid profitability.
- Revenue grew 226.4% 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
- 2026-05-15FilingQ1 2026 quarterly report filed. Consolidated revenue rose 54.2% year over year, but the quarter posted a net loss of about -₩17.2 billion — mainly reflecting the timing difference in revenue and profit recognition of the subsidiary's equipment orders.Short term: the loss despite revenue growth highlights the gap between the headline valuation (low P/E) and results. Medium term: recovery is possible once recognition timing unwinds, but quarterly volatility needs to be checked. Source
- 2026-03-16Earnings2025 annual report filed. Consolidated revenue of ₩582.4 billion (+226% year over year), operating profit of ₩113.2 billion and net profit of ₩49.2 billion, a swing from loss to profit — the result of the subsidiary Sunic System's OLED deposition-equipment orders coming through on a consolidated basis.Medium term: confirms that as a holding-style company the subsidiary's results drive the consolidated whole. That said, the boom has a one-off character, so repeatability needs separate checking. Source
- 2026-03-24FilingAnnual shareholders' meeting result disclosed. Over the same period, a change of chief executive (March 20, 2026) and appointment of outside directors and other routine governance items were handled.Short term: a point to check governance continuity given changes to management and the board. Medium-term impact on results is limited. Source
- 2026-04-30FilingMarket-segment reclassification disclosed (a change in classification within the KOSDAQ).Short term: may affect index inclusion and administrative classification. Direct relevance to fundamentals is low. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩582.4 billion | 2025 | Confirmed | link |
| Q1 2026 net profit | -₩17.2 billion (revenue +54.2%) | 2026 1 | Confirmed | link |
| Subsidiary Sunic System stake value vs. Dong-A Eltek market cap | approx. ₩112.1 billion | (171090) approx. ₩724.4 billion, approx. 47.5% | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-03-25Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-20Disclosure
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-10Amended filing
- 2026-03-09Disclosure
- 2026-03-09Shareholders' meeting notice
- 2026-02-23Shareholders' 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.