CS Wind (112610) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
CS Wind is the world's number-one maker of wind towers, the pillars of wind turbines, having supplied more than 13,000 units worldwide; it delivers to global turbine makers such as Vestas and Siemens Gamesa from plants in eight countries including Vietnam and the U.S., and in 2023 it broadened into offshore-wind substructures by acquiring Denmark's Bladt. Q1 2026 was confirmed on May 7, 2026 with revenue of ₩711.1 billion, operating profit of ₩74.3 billion, and net profit of ₩43.9 billion, followed by three IR sessions, a decision on debt guarantees for a subsidiary, and a corporate governance report and other administrative disclosures. The point to watch is that, with its world-leading position, production bases in eight countries, and two growth axes in U.S. onshore and European offshore, net profit that was depressed by a 2025 impairment returned to a normal track in Q1, so reflecting this recovery brings the headline P/E of 53x down sharply; but a 174.8% debt ratio and 2.33x interest coverage leave a financing-cost burden, and this is a policy-sensitive industry where a wind-down of U.S. tax support and offshore-wind policy drive the order flow.
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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 “Machinery & Electrical Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery and electrical-equipment makers build and sell industrial gear, and orders and shipments feed fairly directly into profit. Because revenue translates cleanly into current-year net income, price-to-earnings (P/E) is the natural 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
- The most recent full-year net result was a loss.
- Revenue fell 4.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 21.1% lower than a year earlier.
- ROE is -1.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 9.8%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2021-12-31
Largest shareholder Kim Sung-kwon 29.05% (individual)
Controlling bloc incl. related parties 43.37%
With the controlling bloc holding 43%, the ownership structure is stable.
🔎 In-depth analysis Reading
CS Wind makes wind towers, the 'pillar' of the wind turbines that generate electricity from wind, and is the world's number-one player in the field, having supplied more than 13,000 units worldwide to date. It has plants in eight countries including Vietnam, the U.S., Portugal, China, Turkey, and Taiwan, and delivers towers to global turbine makers such as Vestas and Siemens Gamesa. At the end of 2023 it acquired Denmark's Bladt, a specialist in offshore-wind substructures (the foundation structures that fix a turbine to the seabed), broadening its business from onshore towers to offshore foundations. Revenue splits mainly into a tower segment and a substructure segment; as of Q1 2026, towers were ₩597.6 billion and substructures ₩113.5 billion, so the tower share is large.
The latest close is ₩42,250 and the market capitalization is ₩1.8 trillion. The price sits above its 20-day moving average (₩39,620) and below its 60-day moving average (₩43,938). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.6, a neutral level. The one-month change is +2.9%, the three-month change is -36.9%, and the position relative to the 52-week high is -45.1%. Relative strength versus the KOSPI is 22 (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 21% of all stocks. Over the past three months it lagged the index by 17.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation surface looks heavy. The P/E ratio (how many years of profit the price represents) is high at 53x, and ROE (how much is earned in a year on equity) is just 3.0%. But this is because 2025 net profit (₩34.7 billion) was unusually low. In the same year operating profit actually rose to ₩320.3 billion (up 25.4% year on year), while only net profit fell 75.6%. The reason is a large impairment at an offshore-wind subsidiary: when a U.S. project cancellation cut off work at the Danish monopile plant (Lindoe), the company booked a one-off accounting charge marking down asset values sharply. Because this charge involves no cash outflow, it is a temporary item and should be separated from the ongoing operating strength of the business. For reference, the U.S. plant receives a tax credit for domestic production (AMPC); at about ₩95.1 billion last year, this equaled 37% of operating profit, contributing structurally to earnings. The debt ratio (debt against equity) is somewhat high at 174.8% and interest coverage is 2.33x, a structure with a financing-cost burden. P/B (the price relative to book equity) is 1.48x and the dividend yield is 2.3% (₩1,000 per share). The cash flow is also worth noting: EV/EBIT (enterprise value including debt divided by operating profit) is low at 8.1x and the FCF yield (actual cash generated relative to market cap) is high at 23.5%, so even though accounting net profit was depressed by a one-off, the real cash-generating power is solid.
Over five years, revenue grew from ₩1.20 trillion in 2021 to ₩3.07 trillion in 2024, then eased to ₩2.93 trillion in 2025, while operating profit rose clearly over the same span from ₩101.1 billion to ₩320.3 billion. Net profit plunged from ₩142.3 billion in 2024 to ₩34.7 billion in 2025, not because of operating weakness but because of the one-off impairment at the offshore-wind subsidiary. In fact, Q1 2026 net profit of ₩43.9 billion already surpassed the entire 2025 full-year net profit (₩34.7 billion) in a single quarter. In other words, net profit has hit bottom and is returning to a normal level. Q1 revenue and operating profit fell year on year largely because Q1 of the prior year was unusually strong, a negative base effect. The offshore-wind subsidiary had a work gap in the second half of last year, but new substructure orders have secured this year's revenue, so that concern has cleared. In the U.S., onshore-wind orders are being pulled forward ahead of the reduction in tax support, and the company sees the U.S. tax credit staying at around ₩120 billion a year. On these grounds, this year's earnings are on a trajectory clearly pointing up from the depressed 2025 level. Reflecting this recovery, even though the current price looks to carry a high P/E on last year's results, it sits at a much lower multiple on this year's earnings basis.
On May 7, 2026, a consolidated preliminary results disclosure confirmed Q1 revenue of ₩711.1 billion, operating profit of ₩74.3 billion, and net profit of ₩43.9 billion. In May the company held three IR sessions in succession (5/11, 5/18, 5/22), strengthening communication with investors, and on May 15 it disclosed a decision on debt guarantees for third parties, showing that the funding-support structure for its production subsidiaries remains in place. On May 22 large-holding and ownership-change filings related to treasury shares followed, and a corporate governance report came on May 29 and an executive and major-shareholder ownership report on June 1. Rather than standalone disclosures of major new orders, the quarter was dominated by administrative disclosures such as periodic reports, IR, and stake/guarantee items.
The strong case is clear. There is the world-leading tower-making position, production bases in eight countries, and two growth axes in pulled-forward U.S. onshore orders and European offshore substructures; and net profit, temporarily depressed by the 2025 impairment, had already returned to a normal track by Q1 2026. Reflecting this recovery, the headline 53x P/E comes down sharply on this year's earnings basis, so it is hard to call the stock expensive on last year's results alone. The cautions are equally clear. With a 174.8% debt ratio and 2.33x interest coverage, there is a financing-cost burden, so rates and exchange rates can amplify net-profit volatility. And as a policy-sensitive industry where the timing of the U.S. tax-support wind-down and offshore-wind policy direction drive the order flow, a wobble in order visibility would shake the earnings trajectory too. In the end, this is a structure where an earnings recovery supports the valuation while policy and orders hold, and where high leverage becomes a burden in a policy-retreat phase.
🔎 Valuation vs peers Undervalued
Korean-listed peers within the wind value chain. SK Oceanplant, which overlaps in offshore-wind substructures, is the closest by business, while Unison, a wind-turbine maker, is a value-chain reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK Oceanplant | 22.66x | 1.04x | 5.26% |
| Unison | 0.00x | 2.27x | -19.74% |
A headline P/E of 53x looks higher than the peer SK Oceanplant (25.8x), but this is an illusion created by 2025 net profit (₩34.7 billion) being unusually low due to the one-off impairment at the offshore-wind subsidiary. In the same year operating profit actually rose to ₩320.3 billion, and Q1 2026 net profit of ₩43.9 billion already surpassed the full 2025 figure, with earnings returning to a normal track. On this year's earnings basis reflecting that recovery, the multiple falls sharply to a level below SK Oceanplant's current P/E. Given the world-leading position and dual growth axes, it is hard to call the stock overvalued on last year's trailing results alone, and on a forward view that reflects the earnings inflection it is seen as undervalued territory. The high debt ratio, however, should be weighed together as a discount factor.
Price history Close · MA20 · MA60
The latest close is ₩42,250 and the market capitalization is ₩1.8 trillion. The price sits above its 20-day moving average (₩39,620) and below its 60-day moving average (₩43,938). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.6, a neutral level. The one-month change is +2.9%, the three-month change is -36.9%, and the position relative to the 52-week high is -45.1%. Relative strength versus the KOSPI is 22 (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 21% of all stocks. Over the past three months it lagged the index by 17.9%. 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 -17.88% / 6M -15.27% / 12M -52.83%
Key metrics Computed vs sector median
Valuation
The P/E of 51.34x is above the sector median (14.98x). The P/B of 1.48x is above the sector median (0.78x).
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 -1.4%, below the sector average (1.0%). The operating margin is 9.8%. The debt ratio is 180.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1B | $2.2B | $2.1B | -4.59% ↓ slower |
| Operating profit | $73.2M | $179.5M | $225.0M | +25.38% ↓ slower |
| Net profit | $13.6M | $100.0M | $24.4M | -75.61% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $839.5M | $965.9M | $1.1B | $2.2B | $2.1B |
| Operating profit | $71.0M | $29.6M | $73.2M | $179.5M | $225.0M |
| Net profit | $46.5M | -$689,549 | $13.6M | $100.0M | $24.4M |
| Revenue CAGR | 4-yr avg 25.15% | ||||
Revenue fell 4.6% year over year (2023 ₩1.5 trillion → 2024 ₩3.1 trillion → 2025 ₩2.9 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 25.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 25.1%. The two-year revenue CAGR is 38.9%. In the most recent quarter (Q1 2026), revenue was 21.1% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 4.6% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-07EarningsQ1 2026 consolidated preliminary results: revenue ₩711.1 billion, operating profit ₩74.3 billion, net profit ₩43.9 billion. Towers ₩597.6 billion, substructures ₩113.5 billion.Revenue and operating profit fell year on year (negative base), but net profit of ₩43.9 billion exceeded the 2025 full-year net profit (₩34.7 billion), a signal of earnings normalization. Source
- 2026-05-15FilingQ1 2026 quarterly report filed (as of March 2026).Periodic material for confirming segment results for towers and substructures and the financial structure (174.8% debt ratio). Source
- 2026-05-15FilingDisclosure of a decision on debt guarantees for third parties.A guarantee to fund overseas production subsidiaries, supporting the operating structure across eight countries. Expanded debt guarantees are a factor to watch from a financial-leverage standpoint. Source
- 2026-05-22IRDisclosure of IR sessions (three held in succession in May: 5/11, 5/18, 5/22).Strengthened investor communication after results, explaining the direction of orders and industry conditions. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue / operating profit / net profit | revenue 7,111, operating profit 743, net profit 439 | revenue 7,111, operating profit 743, net profit 439 | Confirmed | link |
| 2025 full-year operating profit / net profit | operating profit 3,203, net profit 347 | operating profit 3,203, net profit 347 | Confirmed | link |
| 2026 forward earnings estimate for this year | net profit forward PER | — | Unverified | link |
Recent filings Source
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Corporate governance report
- 2026-05-22Disclosure
- 2026-05-22OwnershipLargest-shareholder ownership change report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-05-11Disclosure
- 2026-05-07EarningsFair-disclosure notice
- 2026-05-04OwnershipLargest-shareholder ownership change report
- 2026-05-04OwnershipOwnership-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.