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.
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 5.1% (total-net basis). It is below the sector average.
- Operating margin is 3.0%.
- The P/E sits above the sector median, reflecting elevated expectations.
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
- 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 ₩14,140 and market capitalization is ₩124.0 billion.
- The price sits below the 20-day line (₩18,373) and below the 60-day line (₩20,031).
- Trading below both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs the strength of gains against losses over the past 14 days on a 0-100 scale) is 37.0, a neutral level.
- The one-month change is -30.0%, the three-month change is -13.3%, and the position versus the 52-week high is -54.1%.
- Relative strength against the KOSDAQ is 76 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 24% of all stocks by strength.
- Over the past three months it outpaced the index by 11.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- 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 2.22x, 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 120%, 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 | 83.86x | 3.79x | 4.52% |
| Samsung Electro-Mechanics | 157.93x | 11.69x | 7.40% |
(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 ₩14,140 and the market capitalization is ₩124.0 billion. The price sits below its 20-day moving average (₩18,373) and below its 60-day moving average (₩20,031). 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 37.0, a neutral level. The one-month change is -30.0%, the three-month change is -13.3%, and the position relative to the 52-week high is -54.1%. Relative strength versus the KOSDAQ is 76 (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 76% of all stocks. Over the past three months it outpaced the index by 11.1%. 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 +11.10% / 6M +14.41% / 12M +12.31%
Key metrics vs sector median
Valuation
The P/E of 43.52x is above the sector median (18.61x). The P/B of 2.22x is above the sector median (1.63x). 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 5.1%, below the sector average (7.0%). The operating margin is 3.0%. The debt ratio is 120.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $21.8M | $22.1M | $25.4M | +14.72% ↑ faster |
| Operating profit | $2.8M | $1.9M | $755,119 | -60.70% ↓ slower |
| Net profit | $3.2M | $2.1M | $1.9M | -11.77% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $21.8M | $22.1M | $25.4M |
| Operating profit | — | — | $2.8M | $1.9M | $755,119 |
| Net profit | — | — | $3.2M | $2.1M | $1.9M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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
- 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.