Soosan Industries earns money not from building new power plants but from 'power plant and plant maintenance' — periodically inspecting the equipment of already-running nuclear, thermal and combined-cycle plants and replacing parts to keep them performing. Recurring orders from power public enterprises are its core revenue source, including maintenance of the Hanul No. 5 and 6 reactors (₩63.7 billion) and Boryeong thermal plant maintenance (₩97.2 billion); an April corporate-value-enhancement plan set out expansion of overseas maintenance and confirmed it meets high-dividend criteria with a 25.9% payout ratio, and earnings turned up in Q1. The point to watch is that maintenance demand arises periodically because plants cannot stop, and combined with a P/B of 0.53x, dividends and a forward P/E of about 4.4x the price appeal is large, while customers are concentrated among domestic power public enterprises so results hinge on their ordering policy and maintenance pricing.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 6.6% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 8.1% higher than a year earlier.
- ROE is 8.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 12.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Jeong Seok-hyeon 54.5% (individual)
Controlling bloc incl. related parties 69.68%
With the controlling bloc holding 70%, control is very secure but the free float is thin.
🔎 In-depth analysis
- This company's core business is 'power plant and plant maintenance.' Not construction of new plants, but keeping already-running nuclear, thermal and combined-cycle plants performing by periodically inspecting their equipment, replacing broken parts and maintaining performance.
- Its supply-contract disclosures make the roots of revenue plain: maintenance jobs for power public enterprises are the core revenue source, such as electromechanical maintenance of Korea Hydro & Nuclear Power's Hanul No.
- 5 and 6 reactors (₩63.7 billion), routine maintenance of coal-handling equipment for Korea Midland Power's Boryeong thermal units 1-8 (₩97.2 billion), and routine maintenance of Daegu Green Power's combined-cycle plant (₩23.6 billion).
- Because plants cannot be shut down at will, maintenance is needed periodically regardless of the economy, and once a unit is taken on it is re-awarded repeatedly over several years, so the revenue base is relatively firm.
- The latest close is ₩20,750 and market capitalization is ₩296.4 billion.
- The price sits below both the 20-day line (₩22,220) and the 60-day line (₩26,932).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 35.6, a neutral level.
- The one-month change is -12.8%, the three-month change is -24.4%, and the position versus the 52-week high is -41.9%.
- Relative strength against the KOSPI is 24 (1-99, computed from returns versus the index over the past year with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 77% of all stocks by strength.
- Over the past three months it lagged the index by 41.8%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On confirmed full-year 2025 figures, the P/E ratio (how many times one year's profit the price represents) is 6.06x, the P/B (how many times net assets) is 0.54x, ROE (how much it earns in a year on equity) is 8.9%, the operating margin is 12.8%, and the net margin is 14.5%.
- Financial stability is sound: the debt ratio (debt against equity) is 122%, but a current ratio of 485% and interest-coverage of 18.7x leave ample short-term liquidity and interest cover.
- A P/B of 0.53x means the price is set at half the company's net assets, showing on its own that the price is valued low.
- One point to flag is that this P/E is on a trailing basis (last year's results).
- Because earnings turned up in Q1 2026, the forward multiple reflecting this year's earning power is even lower than 6x.
- In other words, it is not that the surface number is expensive but that, being at an inflection where earnings are rising, the past-basis multiple actually makes it look pricier than it really is.
- Over five years revenue rose gently from ₩294.1 billion in 2021 to ₩337.7 billion in 2025 (about +3.5% a year), while operating profit stagnated from ₩51.3 billion to ₩43.1 billion over the same period, so the margin was pressed relative to the top line.
- That flow changed clearly in Q1 2026, with revenue of ₩85.7 billion (+8.1%), operating profit of ₩13.6 billion (+29.2%) and net profit of ₩23.0 billion (+144%), a large jump in earnings.
- Behind this improvement are large maintenance jobs filled in succession this year, such as the Hanul reactors (₩63.7 billion), Boryeong thermal (₩97.2 billion) and Daegu Green Power (₩23.6 billion).
- Because recurring orders from power public enterprises are booked as revenue over several years, the earning power that stepped up in Q1 has a foundation to support results all year.
- Reflecting this year's increased earnings, the forward P/E is around 4.4x — a low spot even against the market average, let alone comparable power-maintenance peers, and lower still than the 6x seen on last year's confirmed results alone.
- That said, the surge in net profit may contain one-off factors, so it is safer to focus on the revenue and operating-profit trends closer to the core business.
- Power-plant maintenance orders are at the center of the disclosure flow.
- In April, amendment contracts were disclosed one after another — Hanul No.
- 5 and 6 reactor maintenance (₩63.7 billion), Boryeong thermal coal-handling equipment maintenance (₩97.2 billion), Daegu Green Power maintenance (₩23.6 billion) — filling the order backlog.
- In the April 1 voluntary 'corporate-value-enhancement plan,' it set out a direction to expand overseas maintenance into Eastern Europe, Africa and Southeast Asia using the UAE Barakah reactor (BNPP) as a springboard, to extend into high-value maintenance fields such as SMR, aviation and defense, and to firm up its profit structure through active M&A.
- The same disclosure noted that it met high-dividend-company criteria with a 2025 payout ratio of 25.9% and a profit-dividend amount of about ₩12.7 billion.
- The May 15 quarterly report is the document that confirmed the strong Q1 results.
- The strengths are clear: maintenance demand that arises periodically because plants cannot stop, a recurring-order structure with power public enterprises, earnings that turned up in Q1, and price appeal that adds dividends to a P/B of 0.53x.
- In particular, the forward P/E of about 4.4x reflecting this year's earnings is clearly lower than comparable power-maintenance peers, read as an undervaluation signal on price.
- There are also points to watch.
- Customers are concentrated among domestic power public enterprises such as KHNP and Korea Midland Power, so their ordering policy and maintenance pricing affect results, and whether the operating profit that stagnated for five years continues improving on an annual basis, as it did in Q1, is a point to confirm in the next quarter's results.
- In short, this is a stock backed by stable maintenance cash flow and dividends with a low-set price: its appeal grows as the earnings improvement continues and overseas maintenance and new businesses convert into revenue, while its earnings variance widens if public-enterprise ordering wobbles.
🔎 Valuation vs peers Undervalued
Power-plant maintenance stocks with the same business substance were the first comparison. KEPCO KPS is a same-business peer whose core work is power-facility maintenance, and Sebo M&C, in plant and mechanical-equipment construction, is an adjacent business. P/E, P/B and ROE are the site's internal calculation (on the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KEPCO KPS | 16.21x | 1.50x | 9.23% |
| Sebo M.E.C | 6.44x | 0.84x | 13.11% |
Compared with KEPCO KPS (P/E about 23x, P/B 2.1x), which is in the same business, Soosan Industries (P/E 7.0x, P/B 0.62x) sits at a clear discount within the same power-maintenance industry. Its ROE of 8.9% is similar to KEPCO KPS (9.2%), so profitability is not so much lower as to justify the discount. Against the adjacent business Sebo M&C (P/E 6.8x), the multiples are similar. One limit remains, however: this P/E is on last year's confirmed results (trailing), so with earnings up sharply in Q1, the past numbers now make it look pricier than reality. On a DART seasonality approximation (this year's operating profit about ₩54.0 billion), the forward multiple could fall further, but this is an approximation, not official company guidance. Also factoring in the customer concentration among domestic power public enterprises as a discount factor, it is more appropriate to view it as a structure that is 'strong once earnings sustainability is confirmed and weak if public-enterprise ordering wobbles' than to declare it cheap or expensive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩103.7 billion | approx. ₩17.0 billion | approx. ₩25.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩20,750 and the market capitalization is ₩296.4 billion. The price sits below its 20-day moving average (₩22,220) and below its 60-day moving average (₩26,932). 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 35.6, a neutral level. The one-month change is -12.8%, the three-month change is -24.4%, and the position relative to the 52-week high is -41.9%. Relative strength versus the KOSPI is 24 (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 23% of all stocks. Over the past three months it lagged the index by 41.8%. 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 -41.78% / 6M -40.38% / 12M -65.83%
Key metrics vs sector median
Valuation
The P/E of 6.06x is below the sector median (7.73x). The P/B of 0.54x is below the sector median (0.79x). 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.
Profitability & financials
Return on equity (ROE) is 8.9%, in line with the sector average (9.0%). The operating margin is 12.8%. The debt ratio is 122.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $215.2M | $210.0M | $223.8M | +6.59% ↑ faster |
| Operating profit | $33.3M | $28.8M | $28.6M | -0.97% ↑ faster |
| Net profit | $32.3M | $26.1M | $32.4M | +24.38% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $194.9M | $201.2M | $215.2M | $210.0M | $223.8M |
| Operating profit | $34.0M | $33.5M | $33.3M | $28.8M | $28.6M |
| Net profit | $35.0M | $27.7M | $32.3M | $26.1M | $32.4M |
| Revenue CAGR | 4-yr avg 3.51% | ||||
Revenue rose 6.6% year over year (2023 ₩324.7 billion → 2024 ₩316.8 billion → 2025 ₩337.7 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 1.0% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.5%. The two-year revenue CAGR is 2.0%. In the most recent quarter (Q1 2026), revenue was 8.1% 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 4.3%, is on the high side.
- 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
- 2026-04-28UpdateAmendment contract for secondary-side electromechanical maintenance of Hanul No. 5 and 6 reactors (Korea Hydro & Nuclear Power), contract value ₩63.7 billion (19.6% of prior revenue), term extended to April 30, 2027A core order in the reactor-maintenance core business, stable work recognized as revenue over several years. Rather than a near-term spike driver, it forms the foundation of medium-term results. Source
- 2026-04-15UpdateAmendment contract for routine maintenance of coal-handling equipment at Boryeong thermal units 1-8 (Korea Midland Power), contract value ₩97.2 billion applying the supply ratio (32.0% of prior revenue)A large maintenance job worth about one-third of prior revenue in a single contract. It serves as a pillar of thermal-maintenance revenue. Source
- 2026-04-01IRCorporate-value-enhancement plan (voluntary disclosure): expansion of overseas reactor maintenance (UAE Barakah BNPP), entry into high-value maintenance such as SMR, aviation and defense, pursuit of M&A, and meeting high-dividend-company criteria with a 2025 payout ratio of 25.9% and profit-dividend of about ₩12.7 billionNot numerical annual guidance, but official material confirming the growth direction and shareholder-return intent the company itself set out. Source
- 2026-03-26UpdateAmendment contract for routine maintenance of Daegu Green Power's combined-cycle plant (Daegu Green Power), contract value ₩23.6 billion (7.3% of prior revenue), term extended to June 30, 2027Combined-cycle maintenance work that broadens the order portfolio. Modest in individual size, but it shows the recurring-order structure. Source
- 2026-05-15FilingQ1 2026 quarterly report: revenue ₩85.7 billion (+8.1%), operating profit ₩13.6 billion (+29.2%), net profit ₩23.0 billion (+144%)The document confirming that Q1 earnings turned up. Annual sustainability is the subsequent point to watch. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Boryeong thermal maintenance contract value | ₩97.2 billion | ₩97,226,533,182 | Confirmed | link |
| 2025 payout ratio | 25.9% | 25.90% | Confirmed | link |
| Q1 2026 operating profit | ₩13.6 billion(+29.2%) | ₩13,621,170,362 | Confirmed | link |
| 2026 seasonality-approximated annual operating profit | approx. ₩54.0 billion | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-28Single supply/sales contract (amended)
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15Single supply/sales contract (amended)
- 2026-04-01Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-26Single supply/sales contract (amended)
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-19Single supply/sales contract (amended)
📖 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.