New Power Plasma is a parts-and-equipment company that makes plasma power supplies (RF and DC generators), gas-scrubber units and chillers (temperature controllers) used in semiconductor and display process equipment; consolidated revenue in 2025 was about ₩578 billion, and its revenue grows in step with customers' facility investment and utilization. The May 15 quarterly report confirmed Q1 results in which revenue, operating profit and net profit all rose sharply together, with profit turning up in earnest, and the estimated P/E for this year that reflects this profit stands at about 10x, a low spot versus peers such as GST, Tes and Eugene Technology. The notable point is that when the earnings rebound that began in Q1 carries into the following quarters and front-end investment stays alive, the undervaluation appeal becomes clear, while the debt ratio of 196% and current ratio of 99% leave the balance sheet tight, and share-count changes from exchange-right exercises are a variable.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 99.4%).
- Revenue rose 11.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 37.3% higher than a year earlier.
- ROE is 3.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.0%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Dae-gyu 21.16% (individual)
Controlling bloc incl. related parties 34.04%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis
- New Power Plasma makes core parts and units that go into the process equipment of semiconductor and display fabs.
- Its flagship products are plasma power supplies (RF and DC generators) used to turn gas into a plasma state in etching and deposition processes, gas-scrubber units that burn off or filter out the hazardous gases coming out of processes, and chillers (temperature controllers) that keep equipment temperature constant.
- That is, it is not a company selling finished equipment whole, but one supplying power, environmental and temperature modules common across the equipment of many toolmakers.
- To that extent it is a business where revenue grows in step with customers' facility investment and utilization.
- Consolidated revenue in 2025 was about ₩578 billion, a parts-and-units business that breathes with the flow of semiconductor front-end investment.
- The latest close is ₩8,270 and market capitalization is ₩361.3 billion.
- The price sits above the 20-day line (₩8,217) and above the 60-day line (₩8,146).
- Being above both its short- and medium-term moving averages, the trend is on the healthy side.
- RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 50.6, a neutral level.
- The one-month change is +4.3%, the three-month change is +62.5%, and the price stands -28.9% from its 52-week high.
- Relative strength versus the KOSDAQ is 94 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 5% by strength across all stocks.
- Over the past three months it outperformed the index by 105.3%.
- When reading the chart, it helps to look at trading volume and disclosure dates together.
- On confirmed full-year (2025) results, the P/E (how many times one year's profit the price represents) is about 36.5x and the P/B (how many times net assets the price represents) is 1.27x.
- ROE (how much is earned in a year on shareholders' equity) is 3.0% and the operating margin is 5.0%.
- The debt ratio (debt against equity) is 196.3% and the current ratio is 99.4%, so debt due within a year and readily convertible assets are at a similar level, meaning the balance sheet is not very roomy.
- Still, there is a reason not to read this P/E straight as expensive.
- The 2025 net profit of ₩8.5 billion is a figure from a temporarily suppressed year, down 60% from a year earlier.
- A P/E calculated on last year's (trailing) confirmed profit is bound to look inflated relative to true earning power.
- In fact, profit rebounded sharply in Q1 2026, and the P/E based on this year's estimated profit that reflects it is about 10x, actually a low spot versus peer parts-and-units makers.
- In a stock passing through a profit inflection, the estimate based on this year is closer to the company's real picture than last year's figure.
- Revenue rose steadily from ₩350.7 billion in 2023 to ₩519.8 billion in 2024 and ₩578.0 billion in 2025.
- The two-year CAGR is about 28.4%, and the annual growth rate cooled somewhat from +48.2% in 2024 to +11.2% in 2025.
- The profit trend is more interesting.
- Operating profit rose +9.7% to ₩28.7 billion in 2025, so the strength of the core business continued, but net profit fell from ₩21.5 billion to ₩8.5 billion.
- Operations grew while a year's net profit was cut down in non-operating income and expenses — a temporary factor of a different grain than the core business's strength.
- Then in Q1 2026 the picture changes sharply.
- Revenue of ₩148.5 billion (+37.3%), operating profit of ₩13.5 billion (+293.1%) and net profit of ₩15.5 billion, with the core business and the bottom line jumping together.
- This year's estimated profit is derived on the basis of this rebound and a recovery in demand and utilization as semiconductor front-end investment revives, pointing to a profit scale large enough to bring this year's estimated P/E down to about 10x.
- Plasma power supplies, scrubbers and chillers span process areas like etching and deposition that are used more as investment grows, so the demand base holds up during customer capacity-expansion phases.
- There is no basis in the current data to view profit next year and beyond as lower than this year's, so this year is not prematurely declared the end of the cycle.
- Recent disclosures center on periodic reports (quarterly and annual) and equity- and exchange-related items.
- The May 15, 2026 quarterly report confirmed the sharply rebounding Q1 results, and the March 23 annual report confirmed 2025 full-year results (operating profit up, net profit down).
- In May, disclosures of exchange-right exercises on exchangeable bonds (EBs) appeared twice; this is the procedure by which bonds convert into stock and can increase share count (dilution), a matter to view together.
- In April a large-holding report appeared, confirming a change in a major shareholder's holdings.
- No disclosure of a single-supply contract (order) or an official company earnings target appears in the disclosure list as of this writing, so the flow is summarized by confirmed results and the quarterly trend.
- The strengths are clear.
- In Q1 2026 revenue, operating profit and net profit all rose sharply together, with profit turning up in earnest, and as long as semiconductor front-end investment continues, there is a demand base for plasma power supplies, scrubbers and chillers.
- Above all, the P/E based on this year's estimated profit stands at about 10x, a low spot versus peer parts-and-units makers such as GST, Tes and Eugene Technology, reading as an undervaluation signal in which the earnings recovery is not yet fully reflected in the price.
- The high-looking trailing P/E of 36.5x is an optical effect of a year in which net profit was suppressed by -60%, not the company being inherently that expensive.
- There are also clear points to watch.
- The debt ratio of 196% and current ratio of 99% leave the balance sheet tight, and share-count changes from exchange-right exercises are a variable.
- In sum, this stock's undervaluation appeal shows clearly when the earnings rebound that began in Q1 carries into the following quarters and front-end investment stays alive, and it can wobble when non-operating income-and-expense swings, dilution, or a tight balance sheet come to the fore.
🔎 Valuation vs peers Overvalued
Rather than finished toolmakers, the comparison prioritizes closely related businesses within the same machinery-and-equipment space that make parts and units (gas scrubbers, chillers, power supplies, etc.) going into semiconductor process equipment; the figures are on the site's same basis (current-price basis).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| GST | 17.62x | 2.65x | 15.03% |
| TES | 49.32x | 7.17x | 14.53% |
| Eugene Technology | 79.34x | 7.33x | 9.24% |
The closest business, gas-scrubber and chiller peer GST, has a P/E of 26.4x, a P/B of 4.0x and ROE of 15.0%, so it has higher profitability and a lower price relative to profit than New Power Plasma (P/E 51.5x, ROE 3.0%). Process-equipment peers Tes and Eugene Technology have higher P/E and P/B but also higher ROE of 9-15% than New Power Plasma. That is, within the peer set, New Power Plasma sits at 'a mid-to-upper P/E but the lowest ROE,' so on last year's confirmed results alone it is closer to a premium than a discount. That said, this P/E has the limit of being based on 2025, when net profit was suppressed by -60%, so if the sharp Q1 2026 rebound carries through the year, the actual burden could be lower than on last year's basis. That gauge is presented only via the seasonality approximation in the forecast below, and it does not declare it cheap or expensive. The overall judgment is that it is appropriate to view it cautiously until profit durability is confirmed in the next quarters, so it is seen as overvalued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩208.5 billion | approx. ₩51.7 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩8,270 and the market capitalization is ₩361.3 billion. The price sits above its 20-day moving average (₩8,217) and above its 60-day moving average (₩8,146). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.6, a neutral level. The one-month change is +4.3%, the three-month change is +62.5%, and the position relative to the 52-week high is -28.9%. Relative strength versus the KOSDAQ is 94 (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 95% of all stocks. Over the past three months it outpaced the index by 105.3%. 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 +105.27% / 6M +74.07% / 12M +58.90%
Key metrics vs sector median
Valuation
The P/E of 42.39x is above the sector median (14.44x). The P/B of 1.27x 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 3.0%, below the sector average (5.0%). The operating margin is 5.0%. The debt ratio is 196.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $232.4M | $344.5M | $383.1M | +11.19% ↓ slower |
| Operating profit | $10.7M | $17.3M | $19.0M | +9.72% ↓ slower |
| Net profit | $12.8M | $14.2M | $5.6M | -60.30% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $205.5M | $233.9M | $232.4M | $344.5M | $383.1M |
| Operating profit | $16.2M | $9.4M | $10.7M | $17.3M | $19.0M |
| Net profit | $18.1M | $13.4M | $12.8M | $14.2M | $5.6M |
| Revenue CAGR | 4-yr avg 16.85% | ||||
Revenue rose 11.2% year over year (2023 ₩350.7 billion → 2024 ₩519.8 billion → 2025 ₩578.0 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 9.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.9%. The two-year revenue CAGR is 28.4%. In the most recent quarter (Q1 2026), revenue was 37.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 11.2% 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
- 2026-05-15UpdateQ1 2026 quarterly report filed — revenue ₩148.5 billion (+37.3%), operating profit ₩13.5 billion (+293.1%), disclosing confirmed results that rebounded sharply from a year earlierIn the short term, a key document supporting the earnings improvement. But with large quarterly seasonality, whether the Q1 strength persists through the year must be confirmed against the next quarters' confirmed figures. Source
- 2026-05-29FilingExercise of exchange rights on Round 1 exchangeable bonds — the procedure by which bonds convert into stock is under wayThe possibility of a rise in share count (dilution) and changes in the shareholder base must be examined. A disclosure of the same round's exercise also appeared on May 13. Source
- 2026-04-03UpdateLarge-holding report (general) filed — a filing of a change in a major shareholder's holdingsA holdings change is information to note on the supply-demand and governance sides. The direction and reason for the change need to be verified in the original text. Source
- 2026-03-23Update2025 annual report filed — consolidated revenue ₩578.0 billion (+11.2%) and operating profit ₩28.7 billion (+9.7%), but net profit down -60% to ₩8.5 billion in confirmed full-year resultsOver the medium term, the key is that operations grew while net profit fell in non-operating income and expenses. This is why last year's P/E looks higher than actual earning power. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Most recent quarter (Q1 2026) operating profit | ₩13.5 billion | approx. ₩13.5 billion | Confirmed | link |
| 2025 full-year net profit | ₩8.5 billion | approx. ₩8.5 billion | Confirmed | link |
| Latest closing price | ₩8,270 | — | Unverified | link |
| This year's (2026) operating profit (seasonality approximation) | approx. ₩109.6 billion | — | Unverified | link |
Recent filings
- 2026-05-29Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' 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.