BH primarily makes flexible printed circuit boards (FPCBs), the bendable circuit boards used in electronics, with most of its revenue coming from the FPCBs that connect a smartphone's OLED display to its body. Because its ultimate customer is effectively Apple, its results swing heavily with the iPhone launch and sales cycle, and it shows a clear seasonality in which revenue and profit concentrate in the second half when new iPhones arrive. In early May its preliminary Q1 results were disclosed with both revenue and profit improving, followed by a late-May filing on treasury-share and ownership changes and an April disclosure of conversion and warrant exercises. What stands out lately is that, unlike the trailing P/E of about 20x based on last year's trough earnings, the price looks low relative to earnings once this year's Q1 is factored in, while a net-cash balance sheet and a P/B of 0.86x support the downside; if new second-half iPhones stay firm, profit steps up, but with revenue effectively concentrated in a single end customer, an iPhone sales slump or a shift in volume allocation feeds straight through to results.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 2.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 11.8% higher than a year earlier.
- ROE is 4.2% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.0%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Kyung-hwan 21.61% (individual)
Controlling bloc incl. related parties 21.77%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- BH primarily makes flexible printed circuit boards (FPCBs) - thin circuit boards that can be folded or bent.
- Most of its revenue comes from the FPCBs that connect a smartphone's OLED display to its body, and its ultimate customer is effectively Apple.
- In other words, it supplies display circuit boards used in iPhones in high volume.
- Revenue swings heavily with the iPhone launch and sales cycle, and there is a clear seasonality in which revenue and profit concentrate in the second half when new iPhones arrive.
- The latest close is ₩17,940 and the market cap is ₩604.8 billion.
- The price sits below its 20-day line (₩22,573) and below its 60-day line (₩28,581).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 31.1, a neutral level.
- The one-month change is -29.5%, the three-month change is -13.5%, and it stands -55.4% off its 52-week high.
- Its relative strength versus the KOSPI is 41 (1-99, converting the past year's return relative to the index with heavier weight on recent periods; higher means stronger than the market), placing it in roughly the top 60% for strength among all stocks.
- Over the past three months it lagged the index by 35.5%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- This is a stock where the valuation metrics and the actual results are out of sync in timing.
- The P/E (how many times a year's earnings the price trades at) looks high at 19.49x, but that is based on 2025 net profit (₩31.0 billion) when earnings were at their trough.
- The P/B (how many times net asset value the price is) is 0.81x, trading below book equity.
- Profitability is still in the early stage of recovery, with ROE (how much is earned in a year on equity) of 4.2% and an operating margin of 3.0%, both low.
- The balance sheet is in a net-cash position: net debt (total borrowings minus cash) is negative ₩11.9 billion, so cash exceeds debt.
- EV/EBIT (enterprise value divided by operating profit, the debt-adjusted counterpart of the P/E) is 11.7x, EV/Sales (enterprise value divided by revenue) is 0.35x, and the FCF yield (the ratio of actual cash generated to market cap) is 5.4%, so cash-generating ability held up even at the earnings trough.
- Revenue rose broadly for five straight years to about ₩1,792.7 billion in 2025.
- The problem was profit.
- Net profit fell from ₩143.9 billion in 2022 to ₩31.0 billion in 2025, marking an earnings trough.
- From there came an inflection point.
- First-quarter 2026 revenue rose 11.8% year over year, and Q1 net profit alone (₩26.1 billion) already filled 84% of full-year 2025 net profit (₩31.0 billion).
- That signals earnings passing the trough and normalizing quickly.
- The second half is the peak season, when revenue and profit concentrate around the new iPhone launch.
- Wider adoption of higher-value display circuit boards and a rising number of OLED devices such as foldables and tablets support this year's earnings recovery.
- Recent disclosures center on an earnings rebound and shareholder returns.
- In early May, preliminary Q1 results were disclosed with both revenue and profit improving.
- In late May, a filing on treasury-share and ownership changes confirmed a shareholder-return flow.
- In April there was a disclosure of conversion and warrant exercises; this reflects the exercise of rights on previously issued equity-linked bonds, which increases the share count.
- The regular March shareholders' meeting also concluded normally.
- Overall, these are disclosures more about earnings improvement and capital-structure change than about business impairment.
- The key is to separate last year's earnings trough from this year's recovery.
- Even though the P/E looks high at 20x, that is based on last year's figures when earnings were at their bottom.
- Once this year's Q1 results are factored in, the price is actually low relative to earnings.
- The net-cash balance sheet and a P/B of 0.86x are elements that support the downside.
- The bullish conditions are clear: if second-half new iPhone sales stay firm and the share of higher-value circuit boards grows, profit steps up.
- The bearish conditions are just as clear: with revenue effectively concentrated in a single end customer, an iPhone sales slump or a shift in volume allocation feeds straight through to results.
- The recent sharp price drop appears to reflect this customer-concentration risk overlapping with short-term supply-demand pressure.
🔎 Valuation vs peers Undervalued
The effective peer set within the Apple supply chain and the printed-circuit-board group.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Interflex | 4.66x | 0.49x | 10.60% |
| LG Innotek | 51.39x | 3.04x | 5.92% |
| Daeduck Electronics | 116.27x | 6.17x | 5.31% |
The trailing P/E of 20.82x is based on 2025 net profit (₩31.0 billion) when earnings were at their trough, which distorts the stock's actual valuation. Factoring in that Q1 net profit (₩26.1 billion) already reached 84% of last year's full-year figure, the price multiple on this year's earnings falls well below that. Against Interflex (P/B 0.52x), a direct peer that also makes flexible circuit boards, BH holds an edge in scale and customer standing. Versus LG Innotek (P/B 3.59x) and Daeduck Electronics (P/B 7.21x) in the Apple supply chain, BH is distinctly lower at a P/B of 0.86x. Taking the recovering earnings and the net-cash balance sheet together, we judge this to be in undervalued territory. That said, the structural discount from single-customer concentration remains a constant.
Price history Close · MA20 · MA60
The latest close is ₩17,940 and the market capitalization is ₩604.8 billion. The price sits below its 20-day moving average (₩22,573) and below its 60-day moving average (₩28,581). 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 31.1, a neutral level. The one-month change is -29.5%, the three-month change is -13.5%, and the position relative to the 52-week high is -55.4%. Relative strength versus the KOSPI is 41 (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 41% of all stocks. Over the past three months it lagged the index by 35.5%. 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 -35.50% / 6M -31.14% / 12M -40.80%
Key metrics vs sector median
Valuation
The P/E of 19.49x is in line with the sector median (18.61x). The P/B of 0.81x is below the sector median (1.63x).
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 4.2%, below the sector average (7.0%). The operating margin is 3.0%. The debt ratio is 183.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.2B | +2.18% ↓ slower |
| Operating profit | $56.2M | $57.7M | $35.8M | -37.99% ↓ slower |
| Net profit | $60.1M | $44.4M | $20.6M | -53.71% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $687.3M | $1.1B | $1.1B | $1.2B | $1.2B |
| Operating profit | $47.1M | $87.0M | $56.2M | $57.7M | $35.8M |
| Net profit | $54.2M | $95.4M | $60.1M | $44.4M | $20.6M |
| Revenue CAGR | 4-yr avg 14.67% | ||||
Revenue rose 2.2% year over year (2023 ₩1.6 trillion → 2024 ₩1.8 trillion → 2025 ₩1.8 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 38.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 14.7%. The two-year revenue CAGR is 6.1%. In the most recent quarter (Q1 2026), revenue was 11.8% 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.
Points to watch
- Revenue rose 2.2% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-04EarningsFirst-quarter 2026 consolidated preliminary results disclosed. Revenue of about ₩371.6 billion (+11.8% year over year), operating profit of about ₩10.7 billion, and net profit of about ₩26.1 billion, with profit improving.With Q1 net profit alone filling 84% of full-year 2025 net profit, a short- to medium-term positive event confirming passage through the earnings trough and this year's recovery phase. Source
- 2026-05-28FilingReport on changes in the largest shareholder's and others' holdings and treasury-share ownership status. Details of changes in shareholder stakes and treasury shares were disclosed.Use of treasury shares is shareholder-return in nature and is favorable for per-share value over the medium term. Source
- 2026-04-22UpdateDisclosure of conversion, warrant, and exchange right exercises. Rights on previously issued equity-linked bonds were exercised, resulting in new share issuance.The rising share count dilutes existing shareholders. That said, to the extent debt converts into equity, it is positive for the balance sheet. Source
- 2026-05-15FilingFirst-quarter 2026 report filed. Detailed financials were confirmed and disclosed, including cumulative Q1 revenue of ₩371.6 billion, operating profit of ₩10.7 billion, and net profit of ₩26.1 billion.The improvement announced in the preliminary results is confirmed in the formal report, raising confidence in the recovery trend. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-28OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-05-04EarningsFair-disclosure notice
- 2026-04-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22Disclosure
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' 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.