Oneul E&M has telecom antennas as its core business, alongside robotics and travel operations; antenna revenue is dominant, and within it the company participates as a small-cell antenna supplier for the open-RAN network modernization that top U.S. carrier AT&T is pursuing with Ericsson, giving it a large North American share (of 2025 antenna revenue, North America was about ₩9.6 billion). At an IR on May 7, 2026 it presented its 5G small-cell antenna and North American export strategy; the Q1 report on May 15 confirmed revenue of ₩5.12 billion (+69%) and a narrowing operating loss; and at the same time disclosures on convertible-bond conversion claims, conversion-price adjustments and litigation appeared together. The key point to watch now is that riding the structural demand of North American 5G network replacement, antenna exports are rising and the company's position within AT&T's supply chain is climbing, so revenue growth and improving operating results show up in actual numbers — a strength — while equity is thin, the debt ratio of 2533% leaves little cushion, and non-business variables such as dilution from CB conversion and disputes can affect the stock price.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 2533.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 89.5%).
- The most recent full-year net result was a loss.
- Revenue rose 28.2% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 69.0% higher than a year earlier.
- ROE is -2452.3% (controlling-interest basis).
- Operating margin is -11.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Oneul Bio 3.6% (corporate)
Controlling bloc incl. related parties 6.89%
With the controlling bloc holding 7%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Oneul E&M's core is its telecom antenna business, with robotics and travel operations alongside it.
- By revenue mix, antennas are dominant, and within that North America is the largest market (of 2025 antenna revenue, domestic was about ₩5.6 billion and North America about ₩9.6 billion).
- Its flagship product is the 'small-cell (small base-station) antenna' that densely fills the gaps between base stations, and it participates as a supplier for the open-RAN-based network modernization that top U.S. carrier AT&T is pursuing together with Ericsson.
- According to the company's IR briefing, it has risen to a leading share in supplying AT&T small-cell antennas, and as a result its 2025 overseas revenue share jumped from the 30% range a year earlier to about the 60% range, shifting its makeup so that exports fill in for weak domestic demand.
- Robotics and travel contribute little revenue, so the company's value effectively rests on the growth of antenna exports.
- The latest close is ₩3,135 and the market cap is ₩79.0 billion.
- The price sits below the 20-day line (₩3,818) and below the 60-day line (₩5,528).
- Trading beneath both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 30.2, a neutral level.
- The one-month change is -32.3%, the three-month change is -51.2%, and the position versus the 52-week high is -61.5%.
- Relative strength versus the KOSDAQ is 99 (1-99, converted from returns against the index over the past year with heavier weight on the recent period; higher means stronger than the market), placing it in roughly the top 1% for strength among all stocks.
- Over the past three months it lagged the index by 38.1%.
- Chart reading is best done together with volume and disclosure dates.
- Valuation and finances must be viewed together.
- The P/E ratio is not calculated because the company runs a loss, and the P/B (how many times book value the stock trades at) prints very high at 24.74x.
- However, that figure is inflated because a large one-off loss temporarily thinned equity (BPS of ₩127), shrinking the denominator, so it is hard to read literally as 'expensive.' ROE (how much a company earns in a year on its equity) of -2452% and ratios like net margin are extreme values born of the same distortion.
- What truly deserves attention, by contrast, is debt.
- The debt ratio is 2533%, meaning debt overwhelmingly exceeds equity, and the current ratio (assets readily convertible to cash against debt due within a year) is 89.5%, below 1, so the equity and cash cushion is clearly thin.
- In sum, filter out the extreme ratio metrics as accounting distortions, but debt and liquidity are the financial issues to actually keep an eye on.
- The top line is clearly reviving.
- Revenue fell from ₩17.4 billion in 2023 to ₩13.0 billion in 2024, then rebounded to ₩16.7 billion in 2025 (+28.2%), and Q1 2026 revenue grew 69% year-on-year to ₩5.12 billion.
- The driver of this recovery is clear.
- Riding the North American 5G replacement demand of AT&T's network modernization, small-cell antenna exports rose, and the overseas revenue share climbing from the 30% range to the 60% range fed through to higher revenue.
- The profitability trend improved alongside it: the operating loss shrank sharply from -₩6.49 billion in 2024 to -₩1.85 billion in 2025, and in Q3 2025 it even posted a quarterly operating profit (+₩0.59 billion), so the operating-stage deficit is narrowing fast.
- However, the 2025 full-year net loss of -₩78.2 billion was mostly created by a non-recurring loss of about -₩49.0 billion booked all at once in Q2 2025, which is a different matter from underlying operating strength.
- In other words, the core business's growth and operating improvement are underway, but heavy financial costs remain, so the timing of the annual net profit swinging to positive is a stage to confirm through quarterly results.
- Recent disclosures split into two strands.
- One is the growth engine: at the IR on May 7 the company presented its 5G small-cell antenna business and North American export strategy, laying out a direction of top-line expansion, and the Q1 report on May 15 confirmed revenue of ₩5.12 billion (+69%) and a narrowing operating loss.
- The other is financial and legal variables: convertible-bond (CB)-related conversion-claim exercises, conversion-price adjustments and a decision to dispose of treasury CBs followed one after another, and in May a filing of litigation and rulings/decisions on it (including partial withdrawals) appeared together.
- In other words, the business is improving while the aftermath of past funding (CBs) and disputes proceeds at the same time.
- Both the strengths and the cautions are distinct.
- The strength is the core business.
- Riding the structural demand of North American 5G network replacement, antenna exports are rising and the company's position within AT&T's supply chain is climbing, so revenue growth and improving operating results show up in actual numbers.
- If one looks at this core recovery rather than being pulled by the accounting-distorted extremes of P/B and ROE, the fact that the price has come down sharply from its 52-week high can be read as room to watch for recovery rather than a burden.
- The caution is finances.
- Equity is thin and the debt ratio of 2533% leaves little cushion, and non-business variables such as a rising share count (dilution) from CB conversion and litigation can affect the stock price.
- In short, the bullish condition is 'whether North American antenna export expansion normalizes operations and net profit swings positive without one-off losses,' and the bearish condition is 'whether the financial burden and CB dilution/disputes flare up again.' It is best to follow, through quarterly results, whether the core recovery signals and a repair of the finances are confirmed together.
🔎 Valuation vs peers Inconclusive
The peer group is built from listed peers making 5G antenna, RF and other telecom/broadcast equipment, focusing on companies whose actual business (base-station antennas/filters/RF) is close.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KMW | 0.00x | 4.85x | -20.57% |
| Ace Technologies | 0.00x | 1.78x | -41.30% |
| RFHIC | 45.40x | 3.84x | 8.45% |
Peer 5G antenna/RF companies (KMW, Ace Technologies) are also loss-making to the point where a P/E cannot be derived, so the sector itself is in a weak phase, making it hard to distinguish whether Oneul E&M specifically is over- or undervalued. The P/B of 39.5x looks far higher than peers (2.7-7.8x), but this is a distortion from equity being thinned by a large one-off loss so the denominator shrank, and it is hard to read literally as 'expensive' (last year's trailing metrics have low reliability at an earnings inflection point because of the one-off loss). Whether it is fairly valued can only be gauged by applying normalized earnings after a swing to profit (forward), but with heavy financial costs and the CB dilution variable, the timing of this year's net profit turning positive is uncertain, so at this point Inconclusive is appropriate.
Price history Close · MA20 · MA60
The latest close is ₩3,135 and the market capitalization is ₩79.0 billion. The price sits below its 20-day moving average (₩3,818) and below its 60-day moving average (₩5,528). 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 30.2, a neutral level. The one-month change is -32.3%, the three-month change is -51.2%, and the position relative to the 52-week high is -61.5%. Relative strength versus the KOSDAQ is 99 (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 99% of all stocks. Over the past three months it lagged the index by 38.1%. 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 -38.08% / 6M +313.87% / 12M +48.45%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 24.74x is above the sector median (1.32x).
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 -2452.3%. The operating margin is -11.1%. The debt ratio is 2533.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $11.6M | $8.6M | $11.1M | +28.21% ↑ faster |
| Operating profit | -$5.6M | -$4.3M | -$1.2M | — |
| Net profit | -$9.2M | -$11.4M | -$51.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.2M | $14.0M | $11.6M | $8.6M | $11.1M |
| Operating profit | $2.2M | -$10.6M | -$5.6M | -$4.3M | -$1.2M |
| Net profit | $2.0M | -$12.8M | -$9.2M | -$11.4M | -$51.9M |
| Revenue CAGR | 4-yr avg -10.47% | ||||
Revenue rose 28.2% year over year (2023 ₩17.4 billion → 2024 ₩13.0 billion → 2025 ₩16.7 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -10.5%. The two-year revenue CAGR is -2.2%. In the most recent quarter (Q1 2026), revenue was 69.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 28.2% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 2533.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 89.5%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue ₩5.12 billion (+69% year-on-year), operating loss -₩0.39 billion, net loss -₩1.24 billion, with the top line rising and the operating deficit narrowing.Short term: confirming antenna-export-led revenue recovery is positive. Medium term: the crux is whether the narrowing operating deficit leads to a swing to profit. Source
- 2026-05-07IRIR event disclosure. Explained the 5G small-cell antenna business and North American export strategy, presenting a direction of top-line growth.Short term: sharing the business direction draws investor attention. Medium term: execution of North American supply expansion must be validated through results. Source
- 2026-05-21UpdateDisclosure of litigation filed and rulings/decisions on it (related to convertible-bond stock conversion and share listing, including partial withdrawals).Short term: a legal dispute is an uncertainty factor. Medium term: how the dispute over the CBs and stock conversion is resolved affects dilution and finances. Source
- 2026-04-24FilingDisclosure of exercise of conversion claims on the 5th-series convertible bonds (CBs). New shares issued from bond-to-stock conversion are a share-count-increase (dilution) factor.Short term: a rising number of shares in circulation pressures supply-demand. Medium term: the extent of dilution is set by how far conversion of the remaining CBs proceeds. Source
- 2026-04-21FilingMaterial-fact report (decision to dispose of treasury convertible bonds, amended). Disclosure on the company's disposal of treasury CBs it holds (conversion price ₩3,642).Short term: part of adjusting the funding and financial structure. Medium term: connected to how future CB conversion and the financial burden are managed. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue | ₩5.1 billion | (2026.03) | Confirmed | link |
| 2025 annual revenue | ₩16.7 billion | — | Confirmed | link |
| North American share of the 2025 antenna business revenue | approx. ₩9.6 billion > approx. ₩5.6 billion | — | Confirmed | link |
| Concentration of the 2025 net loss in one-off items | -782 | — | Unverified | link |
| 2026 annual revenue approximation | approx. ₩21.4 billion | — | Unverified | link |
Recent filings
- 2026-05-21Convertible-bond issuance
- 2026-05-21Material-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-05-07Disclosure
- 2026-05-04Disclosure
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-24Disclosure
- 2026-04-21Material-fact report (amended)
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOwnership-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.