Partron (091700) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Partron makes camera modules, sensors, antenna and RF parts, and wireless-charging modules that go into smartphones and supplies them mainly to Samsung Electronics' mobile division, so its revenue shows a clear seasonality that clusters around Galaxy new-product shipment schedules, and it is broadening its customer base into automotive sensors and electronics. It has formalized a high-dividend stance through a ₩310-per-share dividend (payout ratio of 45.5%) and a corporate value-up plan, with a dividend yield of about 5.5% at the current price, and in the first quarter of 2026 revenue, operating profit and net profit all rebounded by double digits, so earnings are climbing off a trough. What stands out most is that when the new-product cycle and mobile volume hold up, the low valuation of a forward P/E below peers (about 6-7x) and a P/B of 0.53-0.56x together with the high dividend stand out, whereas the operating margin is thin at around 3% and revenue is concentrated in Samsung mobile, so if volume turns down the swings in earnings widen.
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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 · Electronic Components), a type typically read first through forward P/E.
Camera-module and optics suppliers provide the parts that go into smartphone and automotive cameras, and results swing with new-model launch cycles and customer volumes. Because future earnings from a fresh product cycle matter more than results already booked, the forward P/E — reflecting expected earnings — is the 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 fell 9.2% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 37.5% higher than a year earlier.
- ROE is 7.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jong-gu 16.89% (individual)
Controlling bloc incl. related parties 37.74%
With the controlling bloc holding 38%, the ownership structure is stable.
🔎 In-depth analysis Reading
Partron makes and sells small electronic parts that go into smartphones. Its official business segments are four: mobile parts, automotive electronics, OEM/ODM, and network, with the largest share of revenue coming from mobile parts. Specifically, it makes camera modules, sensors such as fingerprint and proximity, antenna and RF (wireless transmit-receive) parts, and wireless-charging modules, and its top customer is Samsung Electronics' mobile division. Because results are heavily driven by Galaxy new-product shipment schedules and volume, there is a clear seasonality in which quarterly revenue clusters in the launch quarter. Recently it has continued work to broaden its customer base into automotive sensors and electronics parts, showing a direction toward diversifying a revenue mix concentrated on mobile.
The latest close is ₩5,570 and the market capitalization is ₩278.5 billion. The price sits below its 20-day moving average (₩5,632) and below its 60-day moving average (₩6,217). 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 44.9, a neutral level. The one-month change is -6.2%, the three-month change is -26.4%, and the position relative to the 52-week high is -35.2%. Relative strength versus the KOSDAQ is 56 (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 56% of all stocks. Over the past three months it outpaced the index by 10.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed full-year figures (FY2025), the P/E (how many times one year's earnings the price is worth) is 8.26x, the P/B (price relative to net assets) is 0.54x, and the P/S (price relative to one year's revenue) is 0.25x. The ROE (how much is earned in a year on equity) is 6.6%, close to the industry median (7.0%), and the operating margin is thin at 3.3%. The debt ratio is 42.1%, the current ratio 204% and interest coverage 27x, so financial stability is sound. The important point here is that the FY2025 P/E and P/B are trailing values using last year, when earnings fell, as the denominator. Because earnings rose sharply in the first quarter of 2026, the forward P/E recalculated on this year's expected earnings is even lower than that of camera-module peers (about 6-7x). On an asset basis too the forward P/B stands at just 0.53x, so in a phase where earnings are recovering the forward side is closer to the company's real strength than the trailing numbers. With a trailing P/E in single digits and a forward that goes lower still, the price is not at a level that is burdensome relative to earnings or net assets.
Over five years revenue barely changed, from ₩1.31 trillion in 2021 to ₩1.35 trillion in 2025, while operating profit fell from ₩78.7 billion to ₩44.7 billion over the same span. Looking at 2025 alone, revenue was -9.2%, operating profit -27.5% and net profit -37.0%, a year of negative growth. Yet in the most recent quarter, the first quarter of 2026, the direction changed clearly, with revenue of ₩451.0 billion (+37.5%), operating profit of ₩12.2 billion (+93.9%) and net profit of ₩10.3 billion (+54.6%). As camera-module and parts volume loaded onto the Galaxy new-product cycle, the thin margin expanded quickly into operating profit as revenue grew. The forward P/E on this year's expected earnings coming down reflects a picture in which this quarterly bounce carries through to a full-year earnings recovery, a figure that emerges in a phase supported by a mobile-demand recovery, new-product volume and share within the customer. On a multi-year view 2025 is close to a trough where earnings were depressed and 2026 reads as a recovery stretch climbing off that bottom; as long as this year's expected earnings are pitched above last year's, there is no basis to see the present as a cycle peak. That said, given the nature of mobile parts there is quarterly variance in volume, so whether the first-quarter recovery continues past the second quarter is something to keep checking.
Recent disclosures read along two axes, shareholder returns and an earnings recovery. On March 20, 2026 a corporate value-up plan (as a high-dividend company) formalized the company's high-dividend stance, and the February 12 cash and in-kind dividend decision (₩310 per share, payout ratio of 45.5%) backs it up. The April 30 preliminary-results fair disclosure and the May 15 quarterly report confirmed the strong first-quarter results. Meanwhile there was a February 25 capital-reduction decision and an April 29 capital-reduction completion disclosure; these are structural in character for tidying up the capital structure and involve changes to the share count and capital, so they are worth checking together when looking at per-share metrics.
This company divides fairly clearly into strengths and points to watch. The strengths are: (1) on this year's expected earnings the forward P/E is below camera-module peers (about 6-7x) and the P/B stands at just 0.53-0.56x, so the price is cheap relative to earnings and net assets; (2) at a dividend yield of about 5.5% at the current price the cash return is thick and the stance is formalized through the corporate value-up plan; (3) with a debt ratio of 42%, a current ratio of 204% and interest coverage of 27x the finances are stable; and (4) in the first quarter of 2026 revenue, operating profit and net profit all rebounded by double digits, so earnings are in a phase climbing off a trough. The points to watch are: (1) the operating margin is thin at around 3%, so earnings can swing with changes in customer unit price and volume; (2) revenue is concentrated in Samsung Electronics mobile, so customer dependence is high; and (3) whether the first-quarter bounce carries through to a full-year recovery needs confirmation from results past the second quarter. In sum, when the new-product cycle and mobile volume hold up, the low valuation and high dividend stand out together; conversely, when mobile volume turns down, the thin margin widens the swings in earnings.
🔎 Valuation vs peers Fairly valued
Compared against mobile-parts makers whose business overlaps, supplying camera modules, sensors and other parts to Samsung Electronics mobile. The figures are on-site calculations at the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| MCNEX | 6.42x | 0.84x | 11.71% |
| Namuga | 7.77x | 1.14x | 11.89% |
| Amotech | 23.12x | 1.14x | 3.71% |
Against the camera-module peers MCNEX (P/E 7.2x) and Namuga (P/E 9.2x), Partron's P/E of 9.7x is in a similar spot, hard to read as a clear discount or premium versus the peer set. The P/B is 0.56x, below the peer set (0.96-1.35x), but this reflects an ROE of 6.6% that is lower than peers' (13-15%), so it is hard to call it cheap outright (Amotech's business flavor is somewhat different, so the directness of a multiple comparison is low). The key is that trailing metrics on last year are values just before an earnings inflection, so they can under- or over-state strength. Accordingly, it is reasonable to view it as within a 'fairly valued' range for now and confirm the direction from earnings durability past the second quarter.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩409.3 billion | approx. ₩9.2 billion | approx. ₩6.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,570 and the market capitalization is ₩278.5 billion. The price sits below its 20-day moving average (₩5,632) and below its 60-day moving average (₩6,217). 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 44.9, a neutral level. The one-month change is -6.2%, the three-month change is -26.4%, and the position relative to the 52-week high is -35.2%. Relative strength versus the KOSDAQ is 56 (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 56% of all stocks. Over the past three months it outpaced the index by 10.9%. 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 +10.94% / 6M +10.12% / 12M -14.75%
Key metrics Computed vs sector median
Valuation
The P/E of 8.26x is below the sector median (15.45x). The P/B of 0.54x is below the sector median (0.86x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.2%, above the sector average (4.0%). The operating margin is 3.4%. The debt ratio is 53.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $823.6M | $1.0B | $948.0M | -9.21% ↓ slower |
| Operating profit | $29.3M | $43.3M | $31.4M | -27.48% ↓ slower |
| Net profit | $20.3M | $37.5M | $23.7M | -36.95% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $922.1M | $858.4M | $823.6M | $1.0B | $948.0M |
| Operating profit | $55.3M | $39.9M | $29.3M | $43.3M | $31.4M |
| Net profit | $50.9M | $27.1M | $20.3M | $37.5M | $23.7M |
| Revenue CAGR | 4-yr avg 0.69% | ||||
Revenue fell 9.2% year over year (2023 ₩1.2 trillion → 2024 ₩1.5 trillion → 2025 ₩1.3 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 27.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.7%. The two-year revenue CAGR is 7.3%. In the most recent quarter (Q1 2026), revenue was 37.5% 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.
- The dividend yield, at 5.6%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 9.2% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-20FilingFiled a corporate value-up plan (voluntary disclosure) as a high-dividend company — formalizing its shareholder-return stanceA document that raises confidence in dividend durability over the medium term. It should be viewed while checking that cash flow and the payout ratio are maintained together. Source
- 2026-04-30EarningsFair disclosure of preliminary operating results on a consolidated basis — confirming strong Q1 2026 resultsA document that in the short term confirmed a sharp jump in first-quarter revenue and operating profit. Whether the bounce carries through past the second quarter is the crux. Source
- 2026-02-12DividendCash and in-kind dividend decision — ₩310 per share, payout ratio of about 45.5%A return equivalent to a dividend yield of about 4.8% at the current price. A disclosure consistent with the high-dividend stance. Source
- 2026-04-29FilingCapital reduction completed — wrapping up the follow-on procedure to the February 25 capital-reduction decisionStructural in character for tidying the capital structure over the medium term. Because it involves changes to the share count and capital, it should be viewed together when looking at per-share metrics. Source
- 2026-05-15FilingFiling of the quarterly report (as of March 2026) — disclosure of confirmed Q1 resultsA periodic disclosure that in the short term confirms the detail of the preliminary results. It allows revenue mix by segment and cash flow to be checked. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 P/E (confirmed full year) | 9.66x | — | Unverified | link |
| Q1 2026 operating profit | ₩12.2 billion(+93.9% YoY) | — | Unverified | link |
| Dividend per share and payout ratio | ₩310·45.5% | — | Unverified | link |
| 2026 full-year operating profit (seasonality approximation) | approx. ₩47.9 billion | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-29Disclosure
- 2026-03-20Dividend disclosure
- 2026-03-19Shareholders' meeting notice
- 2026-03-11PeriodicAnnual business report
- 2026-03-11Audit report
- 2026-03-04Shareholders' meeting notice
- 2026-03-03Shareholders' meeting notice
- 2026-02-25Material-fact report
- 2026-02-12DividendCash/stock dividend decision
📖 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.