Cochip (126730) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Cochip is an electronic-components maker that mass-produces ultra-small and small supercapacitors (EDLCs) under its own brands such as 'STARCAP' and supplies them for IP cameras, smart meters, solar inverters, and server power backup; the business also includes MLCC distribution and a next-generation lithium-based cell called 'ChipCell LTO,' with roughly 80-90% of revenue coming from exports. In Q1 2026 results rebounded, with revenue of ₩12.1 billion and operating profit of ₩1.1 billion, and the company voluntarily disclosed a corporate value-up plan and filed several corrected disclosures on treasury-share disposals between April and June. What stands out recently is that if data-center power demand and ChipCell LTO mass production continue, earnings should follow quickly, giving weight to this year's forward P/E, which is lower than peer component makers (Samhwa Capacitor at 109x, Samsung Electro-Mechanics at 211x); however, Q1 net profit (+311.6%) grew faster than operating profit (+138.6%), suggesting non-operating income may be mixed in, and because most revenue is exported, quarterly results can swing with exchange rates and end-demand.
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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 “Passive Components (MLCC, etc.)” (Semiconductors & IT Components · Electronic Components), a type typically read first through P/E.
Passive components such as MLCCs see volumes and prices move with device demand, but their recurring-demand model lets earnings accumulate fairly steadily. That is why trailing P/E, built on actually reported profit, 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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 14.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 40.9% higher than a year earlier.
- ROE is 7.8% (total-net basis). It is above the sector average.
- Operating margin is 4.2%.
- 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 Son Jin-hyung 48.54% (individual)
Controlling bloc incl. related parties 66.58%
With the controlling bloc holding 67%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Cochip is an electronic-components maker that produces ultra-small and small supercapacitors (EDLCs) itself. A supercapacitor stores energy like a battery but is strong at delivering and absorbing large bursts of power instantly; Cochip mass-produces these under its own brands 'STARCAP' and 'ChipCell Carbon' and supplies them for IP cameras, smart meters, solar inverters, and more recently server power backup. Most of its revenue (about 80-90%) comes from exports. On top of this, the company runs an MLCC (multilayer ceramic capacitor) distribution business built on its long-running cooperation with Samsung Electro-Mechanics since its 1994 founding (it acquired Samsung Electro-Mechanics' DLC division in 2002), and a next-generation lithium-based secondary cell, 'ChipCell LTO (lithium titanate),' is being added as a new revenue source. In short, in-house manufacturing (supercapacitors and ChipCell batteries) and component distribution (MLCC) run side by side.
The latest close is ₩12,900 and the market capitalization is ₩113.1 billion. The price sits above its 20-day moving average (₩12,836) and below its 60-day moving average (₩17,781). 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 45.6, a neutral level. The one-month change is -12.0%, the three-month change is -43.2%, and the position relative to the 52-week high is -58.1%. Relative strength versus the KOSDAQ is 59 (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 59% of all stocks. Over the past three months it lagged the index by 8.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed 2025 basis, the P/E (how many times the past year's earnings the price reflects) prints high at 43.52x. That figure, however, is calculated on top of a 'depressed' profit — last year's operating profit plunged 60.7% — so it is hard to call it expensive at face value. In fact, this year's forward P/E, which reflects the Q1 earnings rebound, is clearly lower than peers in the same component sector such as Samhwa Capacitor (109x) or Samsung Electro-Mechanics (211x) — factoring in a normalization of earnings, Cochip actually sits in a relatively cheap range versus its peers. The P/B (how many times shareholders' equity the price reflects) is 1.98x, and ROE (how much is earned on equity in a year) is still 5.1%, so the profitability recovery is a work in progress. Its finances, by contrast, are very solid: the debt ratio is around 20%, but short-term debt is small, so the current ratio (current assets against short-term debt) reaches 6.83x. This is not a company pressured by debt, but one whose earnings are climbing back on track from a well-stocked cash position.
Revenue rose for three straight years to ₩38.3 billion in 2025 (+14.7%), with the pace accelerating. That same year operating profit turned down -60.7%, a transition phase where 'the top line grew but margins were squeezed,' but the picture clearly shifts in Q1 2026. Quarterly revenue of ₩12.1 billion (+40.9%) and operating profit of ₩1.1 billion (+138.6%) meant that in a single quarter the company earned profit on par with all of last year's annual operating profit (about ₩1.1 billion). This rebound is not a one-off number game but the result of demand and capacity supporting each other — adoption of supercapacitors for instantaneous power-outage protection (power backup) in AI data-center servers is rising, and as new customers come in, the product mix is shifting toward higher-priced applications. The reason a forward P/E can even be set is that it reflects this earnings recovery, and the accelerating revenue and profit trend in Q1 shows that expectation has a basis. Add ChipCell LTO, whose mass production is signaled for the second half, and the growth axis broadens from one (supercapacitors) to two.
Disclosure flow runs along three lines. First, in March 2026 the company itself presented a corporate value-up plan (voluntary disclosure), formalizing its direction on shareholder value and capital use. Second, when the quarterly report (2026.03) was filed in April, the earnings rebound of ₩12.1 billion in revenue and ₩1.1 billion in operating profit was officially confirmed, and around the same time a change in major-shareholder holdings (large-holding report) was also reported. Third, from April through June the company filed several corrected disclosures on treasury-share disposal decisions (material report filings) — a decision to dispose of held treasury shares, which can be viewed through the two lenses of cash use and changes in floating share supply. Company IR has laid out a direction of 'rising orders for AI data centers and second-half mass production of ChipCell Lithium,' so the disclosures and business direction point to the same place.
Starting with strengths, the core supercapacitor business has met a new demand source in AI data-center power stabilization, driving a clear Q1 earnings rebound, and the new ChipCell LTO product is attaching as a second growth axis. A well-stocked balance sheet and the company's formalized value-up plan are also favorable. Above all, this year's forward P/E, reflecting the earnings recovery, is lower than peer component makers (Samhwa Capacitor at 109x, Samsung Electro-Mechanics at 211x), so this is not a place to call 'expensive' based only on the past year's depressed profit — as long as the recovery continues, it leans toward undervalued rather than a valuation burden. Points to watch are also clear. Q1 net profit (+311.6%) grew faster than operating profit (+138.6%), so some non-operating income may be mixed in; simply multiplying the quarter's net profit by four should be avoided. Also, because most revenue is exported, quarterly results can swing with exchange rates, end-demand, and customer concentration. In sum, if data-center demand and ChipCell LTO mass production continue, earnings should follow quickly and the low forward multiple gains weight; if that momentum cools, the pace of recovery slows.
🔎 Valuation vs peers Inconclusive
Domestic listed companies making passive capacitor and condenser components, chosen as the closest in business substance — Samhwa Capacitor is a traditional condenser maker of MLCCs and film capacitors, while Samsung Electro-Mechanics is both the supplier of the MLCCs Cochip distributes and a leading integrated component maker.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samhwa Capacitor | 62.96x | 2.83x | 4.92% |
| Samsung Electro-Mechanics | 130.00x | 9.35x | 8.33% |
(a) Position versus peers: the confirmed 2025 P/E of 79.1x looks high in absolute terms, but traditional condenser maker Samhwa Capacitor (157.7x) and integrated component maker Samsung Electro-Mechanics (232.7x) also print high trailing multiples, being in an industry and earnings inflection, so it is hard to call Cochip especially expensive versus peers. (b) Premium/discount: the P/B of 4.0x is lower than both peers (7.1x and 17.2x), so on an asset-value basis it is actually in discount territory. (c) Limits of trailing: a trailing P/E divided by the 'depressed' profit from a 60.7% drop in 2025 operating profit makes it look more expensive than it is during a recovery phase. On a forward basis reflecting the Q1 operating trend, the multiple falls noticeably, so rather than simply concluding 'expensive,' it is more reasonable to treat this as a stretch for confirming whether the earnings recovery persists.
Price history Close · MA20 · MA60
The latest close is ₩12,900 and the market capitalization is ₩113.1 billion. The price sits above its 20-day moving average (₩12,836) and below its 60-day moving average (₩17,781). 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 45.6, a neutral level. The one-month change is -12.0%, the three-month change is -43.2%, and the position relative to the 52-week high is -58.1%. Relative strength versus the KOSDAQ is 59 (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 59% of all stocks. Over the past three months it lagged the index by 8.3%. 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 -8.33% / 6M +7.57% / 12M +6.88%
Key metrics Computed vs sector median
Valuation
The P/E of 39.70x is above the sector median (15.45x). The P/B of 1.98x is above the sector median (0.86x). 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 7.8%, above the sector average (4.0%). The operating margin is 4.2%. The debt ratio is 20.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $23.1M | $23.4M | $26.9M | +14.72% ↑ faster |
| Operating profit | $2.9M | $2.0M | $800,384 | -60.70% ↓ slower |
| Net profit | $3.4M | $2.3M | $2.0M | -11.77% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $23.1M | $23.4M | $26.9M |
| Operating profit | — | — | $2.9M | $2.0M | $800,384 |
| Net profit | — | — | $3.4M | $2.3M | $2.0M |
| Revenue CAGR | 2-yr avg 7.85% | ||||
Revenue rose 14.7% year over year (2023 ₩32.9 billion → 2024 ₩33.4 billion → 2025 ₩38.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 60.7% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 7.8%. The two-year revenue CAGR is 7.8%. In the most recent quarter (Q1 2026), revenue was 40.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 14.7% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-30IRFiled corporate value-up plan (voluntary disclosure) — the company itself formally presented its direction on shareholder-value enhancement and capital useMedium term: an official signal on shareholder returns and capital policy. Short term: interpretation varies depending on whether specific figures are attached. Source
- 2026-04-30EarningsFiled Q1 2026 quarterly report — rebound confirmed with revenue of ₩12.1 billion (+40.9%), operating profit of ₩1.1 billion (+138.6%), and net profit of ₩2.1 billion (+311.6%)Short and medium term: confirmation of an earnings inflection lifts the forward earnings baseline. That said, net profit may include non-operating factors. Source
- 2026-06-02FilingCorrected disclosure of treasury-share disposal decision (material report) — revised disclosure on the disposal of company-held treasury sharesShort term: a factor in floating supply and demand. Medium term: interpretation diverges depending on the direction of capital use and shareholder returns. Source
- 2026-04-21FilingFiled large-holding report (general) — reporting a change in major-shareholder holdingsMedium term: a checkpoint on governance and the supply-demand side. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-02TreasuryMaterial-fact report (amended)
- 2026-05-29TreasuryMaterial-fact report (amended)
- 2026-05-29Shareholders' meeting notice
- 2026-05-21Disclosure
- 2026-05-13Shareholders' meeting notice
- 2026-04-30PeriodicQuarterly report
- 2026-04-27Amended filing
- 2026-04-21OwnershipOwnership-change filing
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15TreasuryMaterial-fact report
- 2026-04-15Shareholders' 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.