SNT Energy makes large equipment that goes into power plants and refining and petrochemical plants. It holds the world's number-one market share in air-cooled heat exchangers (air coolers), which cool hot fluids with air, and heat recovery steam generators (HRSG), which recover exhaust heat from gas-fired power plants to make steam again, are another mainstay. 2025 revenue rose 106% from a year earlier to ₩606.1 billion and operating profit jumped about fivefold to ₩111.3 billion, and in the first quarter of 2026 net profit reached ₩26.6 billion, up 218% year on year. The recent point of interest is that while the order backlog is at a record high and Middle Eastern and U.S. orders continue, a low P/E, high ROE and net cash are strengths; however, by the nature of project-based orders, if the flow of orders is cut off, revenue and profit can swing sharply from quarter to quarter.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 106.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 7.2% higher than a year earlier.
- ROE is 23.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 18.4%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder SNT Holdings 54.36% (corporate)
Controlling bloc incl. related parties 59.13%
With the controlling bloc holding 59%, control is very secure but the free float is thin.
🔎 In-depth analysis
- SNT Energy makes and sells large heat equipment for power and plant applications.
- Its core product is the air-cooled heat exchanger (air cooler).
- It is a device that cools hot fluids with air instead of water, and it is essential in refining and petrochemical plants and gas-processing facilities.
- The company states that it holds the world's number-one market share in these air coolers, and most of its revenue comes from here.
- The second pillar is the heat recovery steam generator (HRSG).
- It is equipment that recovers the exhaust heat emitted by gas turbines to make steam again, raising the efficiency of combined-cycle power plants.
- Beyond these, it also makes condensers that return power-plant steam to condensate and SCR equipment that reduces nitrogen oxides.
- Its customers are concentrated in large overseas plants in the Middle East and the U.S. rather than domestically.
- As a result, the company's earnings move with oil-and-gas development investment and the flow of power-plant construction orders.
- The share price sits in a heavily pressured spot of late.
- The three-month return is -52% and the six-month return -33%, a steep recent slide.
- It is also 62% below the 52-week high.
- The current price of ₩24,200 sits well below the 20-day line (₩29,962), the 60-day line (₩42,162) and the 120-day line (₩43,714) - a state where both the short- and medium-term trends point down.
- The RSI (a gauge that expresses recent upward and downward force on a 0-100 scale) is 29.7, having moved below 30 into oversold territory.
- What stands out is that this is a stretch where earnings are rising but the share price has plunged.
- Valuation and profitability metrics are both good.
- The P/E ratio (how many times one year's earnings the share price represents) is a low 5.93x.
- The P/B (how many times net asset value the share price represents) is 1.37x.
- The ROE (how much is earned in a year on equity) is high at 23.1%, and profitability is solid with an operating margin of 18.4% and a net margin of 13.9%.
- The balance sheet is a net-cash structure.
- Net debt (total borrowings less cash) is -₩89.8 billion, meaning cash exceeds debt.
- With a current ratio of 2.10x, short-term solvency is also ample.
- The debt-to-equity ratio (debt relative to equity) is 61.7%, not a heavy burden by manufacturing standards.
- Enterprise-value metrics also point to undervaluation.
- EV/EBIT (enterprise value including debt divided by operating profit, a debt-adjusted version of the P/E) is a low 4.26x and EV/EBITDA is 4.05x.
- The FCF yield (the ratio of actual cash generated to market cap) is a high 17.1%, meaning that beyond earnings, actual cash-generating power is strong.
- The dividend yield is 4.75% (₩1,150 per share), returning about 27% of net profit as dividends.
- This is a phase of a clear earnings step-up.
- 2025 revenue rose 106% year on year to ₩606.1 billion.
- Operating profit rose about fivefold to ₩111.3 billion (from ₩22.2 billion the prior year), and net profit rose 44% to ₩84.4 billion.
- Over five years too, revenue grew at a compound average of 37% a year, from ₩171.1 billion in 2021 to ₩606.1 billion in 2025.
- Operating profit rose in stair-steps after the 2022 trough (₩3.6 billion).
- Into 2026 the growth continues.
- First-quarter revenue was ₩123.6 billion (+7.2%), operating profit ₩22.8 billion (+77%) and net profit ₩26.6 billion (+218%), with a particularly large jump in profit.
- Interest income from net cash plus foreign-exchange effects added on, so net profit grew faster than operating profit.
- On the basis of an air-cooler supply agreement (CPA) with Saudi Aramco, the company is pursuing expansion of Middle Eastern and U.S. revenue.
- The order backlog is also at a record high.
- Reflecting this backdrop, this year's profit has a high chance of exceeding last year's results.
- On an in-house estimate, the forward P/E reflecting this year's expected net profit is about 5.0x, even lower than the already-low 5.93x on last year's basis.
- In other words, taking the direction of rising earnings into account, the current share price is in cheap territory relative to earnings.
- Recent disclosures show orders, results and shareholder returns in balance.
- A single sales/supply contract disclosure (amended) on June 8, 2026 confirms that new orders are continuing.
- On April 30 the company fair-disclosed preliminary first-quarter 2026 results, the key being that net profit rose 218% year on year.
- On May 12 it decided on a cash dividend, continuing a dividend stance of ₩1,150 per share (a yield of about 4.75%).
- Through a corporate value-up plan, the company officially set out a direction for expanding in the Middle Eastern and U.S. markets.
- An Aramco supply agreement through its Saudi local subsidiary and preparations for local HRSG production are also under way.
- Power and plant equipment carries a lag from order to revenue recognition.
- It therefore helps to read the flow of earnings by looking at supply-contract disclosures together with the trend in the order backlog.
- In sum, this is a stock in undervalued territory where earnings are improving but the share price has fallen sharply.
- The strengths are clear.
- Its business standing as the world's number one in air-cooled heat exchangers, a high ROE of 23%, net cash and a FCF yield in the 17% range, and a 4.75% dividend are all in place at once.
- A P/E of 5.9x, or about 5.0x forward, is low even compared with peers in power and plant equipment, which reads as a signal of undervaluation.
- The caution comes from the business structure.
- The company's revenue depends on large-project orders.
- As a result, there is a wide swing in results between years when orders bunch up and years when they thin out.
- While Middle Eastern and U.S. orders and the backlog hold up, earnings strength is strong.
- Conversely, if oil-and-gas investment or power-plant orders slow, revenue and profit can wobble from quarter to quarter.
- In short, the points to watch are whether the order pipeline continues and when the plunged share price reflects the earnings improvement.
🔎 Valuation vs peers Undervalued
Peers in power and plant equipment and energy-facility manufacturing (air-cooled heat exchangers, HRSG, power equipment); the P/E, P/B and ROE below are all based on the current price and confirmed annual results.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CS Wind | 47.64x | 1.43x | 300.00% |
| KEPCO KPS | 16.21x | 1.50x | 920.00% |
| SNT Motiv | 9.64x | 0.66x | 690.00% |
| SNT Holdings | 6.02x | 0.57x | 940.00% |
Compared with peers in power and plant equipment, SNT Energy trades at a low value relative to earnings and cash. The P/E of 5.93x is far below CS Wind (47.6x) and KEPCO KPS (16.2x), and the ROE of 23.1% is far higher than theirs. In other words, it earns more yet trades cheaper. The 5.93x P/E on last year's basis is already low, but because this company is in a phase where earnings are stepping up, looking at last year's figure alone can actually make it look more expensive than reality. The forward P/E, reflecting the flow of first-quarter net profit rising 218% year on year, falls further to about 5.0x. Because of the net-cash structure, the enterprise-value metrics - EV/EBIT of 4.26x and EV/EBITDA of 4.05x - are also low, and a FCF yield of 17.1% shows that actual cash-generating power is strong too. That said, because this is an order-based business, profit can fall in years when orders thin out, so the low multiples can be seen as partly reflecting this earnings volatility. On balance, the current metrics point toward undervaluation.
Price history Close · MA20 · MA60
The latest close is ₩24,200 and the market capitalization is ₩500.5 billion. The price sits below its 20-day moving average (₩29,962) and below its 60-day moving average (₩42,162). 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 29.7, near oversold territory. The one-month change is -26.7%, the three-month change is -52.3%, and the position relative to the 52-week high is -62.3%. Relative strength versus the KOSPI is 8 (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 7% of all stocks. Over the past three months it lagged the index by 65.1%. 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 -65.07% / 6M -61.34% / 12M -71.67%
Key metrics vs sector median
Valuation
The P/E of 5.93x is below the sector median (14.44x). The P/B of 1.37x is in line with the sector median (1.44x). 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.
Profitability & financials
Return on equity (ROE) is 23.1%, above the sector average (5.0%). The operating margin is 18.4%. The debt ratio is 61.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $213.4M | $195.0M | $401.7M | +105.98% ↑ faster |
| Operating profit | $13.8M | $14.7M | $73.8M | +400.52% ↑ faster |
| Net profit | $15.1M | $23.0M | $55.9M | +143.60% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $113.4M | $134.5M | $213.4M | $195.0M | $401.7M |
| Operating profit | $8.8M | $2.4M | $13.8M | $14.7M | $73.8M |
| Net profit | $8.3M | $10.0M | $15.1M | $23.0M | $55.9M |
| Revenue CAGR | 4-yr avg 37.19% | ||||
Revenue rose 106.0% year over year (2023 ₩322.0 billion → 2024 ₩294.3 billion → 2025 ₩606.1 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 400.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 37.2%. The two-year revenue CAGR is 37.2%. In the most recent quarter (Q1 2026), revenue was 7.2% 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 4.8%, is on the high side.
- ROE of 23.1% points to solid profitability.
- Revenue grew 106.0% 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
- 2026-06-08UpdateSingle sales/supply contract disclosure (amended) - a new supply contract maintaining and expanding the order backlogStrengthens medium-term revenue visibility. Because power and plant equipment orders are recognized as revenue with a lag, this is grounds for earnings continuity. Source
- 2026-04-30EarningsFair-disclosure of preliminary consolidated first-quarter 2026 results - revenue of ₩123.6 billion (+7.2%), operating profit of ₩22.8 billion (+77%), net profit of ₩26.6 billion (+218%)Confirmation of near-term profit momentum. The surge in net profit in particular is the key basis for a lower forward-looking valuation. Source
- 2026-05-12DividendDecided on a cash/in-kind dividend - ₩1,150 per share (dividend yield of about 4.75%, payout ratio of about 27%)Maintains a high-dividend stance, sustaining shareholder-return appeal. The net-cash structure supports dividend stability. Source
- 2026-05-12FilingFiled the first-quarter 2026 report - confirming revenue and profit growth and a net-cash financial structureA regular disclosure that finalizes the preliminary results, supporting financial credibility. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 revenue, operating profit and net profit | revenue ₩123.6 billion / operating profit ₩22.8 billion / net profit ₩26.6 billion | revenue ₩123,567,021,503 / operating profit ₩22,804,473,617 / net profit ₩26,583,514,732 | Confirmed | link |
| First-quarter 2026 net profit change rate | +218% | +218% | Confirmed | link |
| Air-cooled heat exchanger market position | revenue | 1 | Confirmed | link |
| Dividend per share (DPS) | ₩1,150 | — | Confirmed | link |
| 2026 expected net profit (forward) | approx. ₩100.0 billion(self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-08Single supply/sales contract (amended)
- 2026-05-29Corporate governance report
- 2026-05-14Disclosure
- 2026-05-12PeriodicQuarterly report
- 2026-05-12DividendCash/stock dividend decision
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-07OwnershipLargest-shareholder ownership change report
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-20OwnershipLargest-shareholder ownership change report
- 2026-03-20OwnershipOwnership-change filing
📖 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.