Seoyon E-Hwa makes the interior and exterior parts that wrap the inside and outside of a car and supplies them to automakers; its mainstays are crash pads that house airbags along with door trim, consoles and bumpers, and with Hyundai Motor and Kia dominating its customer base, revenue is almost directly tied to Hyundai Motor Group's output. In 2025 operating profit was largely maintained while net profit fell on non-operating factors, yet it kept up a dividend of ₩250 per share, and in the first quarter of 2026 core profitability and net profit recovered quickly. What stands out most is that the forward P/E reflecting normalized earnings is markedly below the industry average and, at a P/B of 0.25x, the price is a quarter of net assets, so it is cheap on both an earnings and an asset basis, while a debt ratio of 273.6% and a current ratio of 88.1% leave the coffers tight and revenue is almost entirely tied to Hyundai Motor and Kia output.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 273.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.1%).
- Revenue rose 11.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 12.7% higher than a year earlier.
- ROE is 5.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Seoyon 48.7% (corporate)
Controlling bloc incl. related parties 57.05%
With the controlling bloc holding 57%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Seoyon E-Hwa makes the 'interior and exterior parts' that wrap the inside and outside of a car and supplies them to automakers.
- Its mainstays are the crash pad in front of the driver (the dashboard that houses airbags), door trim (inner door panels), consoles, and exterior plastic parts such as bumpers and radiator grilles.
- Hyundai Motor and Kia take an overwhelming share of its customer base, and it produces not only at home but also at local plants in the United States, China, India and the Czech Republic to feed Hyundai Motor Group's overseas assembly plants.
- In other words, the company's revenue is a structure tied almost directly to 'how many cars Hyundai Motor and Kia make,' and the unit price and volume of interior materials that go into each car drive results.
- The latest close is ₩10,600 and market capitalization is ₩286.5 billion.
- The price sits below both the 20-day line (₩11,478) and the 60-day line (₩12,903).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges upward versus downward momentum over the last 14 days on a 0-100 scale) is 38.9, a neutral level.
- The one-month change is -8.0%, the three-month change is -17.1%, and the price is -36.5% from its 52-week high.
- Relative strength against the KOSPI is 18 (on a 1-99 scale, computed from returns over the past year against the index with more weight on recent performance; higher means stronger than the market).
- Among all listed names it sits in roughly the top 82% by strength.
- Over the last three months it lagged the index by 36.8%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On confirmed full-year figures (2025), the P/E (how many times one year's net profit the price is worth) is 4.78x and the P/B (price relative to net assets) is 0.24x.
- Both are far below the auto-parts sector medians (P/E of 8.2x, P/B of 0.68x).
- There is one trap in this P/E, though.
- In 2025 operating profit barely fell (-4.8%) yet net profit alone plunged 59%, which appears to be the result of non-operating items (valuation losses, exchange rates and the like) temporarily dragging net profit down rather than the core business.
- In other words, a P/E of 4.83x uses a 'depressed-earnings year' as its denominator, so it is pitched higher than reality, and it falls much lower once earnings return to normal.
- Indeed, the forward P/E reflecting normalized earnings is a strong undervaluation signal, markedly below not only the industry average but also peers (Hyundai Mobis 12.7x, Hankook Tire 6.8x).
- The ROE (how much is earned in a year on equity) is 5.1%, still below the industry average (7%), and the operating margin is 3.6%.
- The debt ratio is somewhat high at 273.6%, and the current ratio (assets that can be turned into cash right away versus debt due within a year) is 88.1%, below 100%, so financial headroom is on the tight side.
- Given a parts maker's structure of investing in facilities on borrowed money, the capacity to cover interest matters, and interest coverage is 2.0x.
- The top line has grown steadily.
- Revenue rose from ₩3.57 trillion in 2023 to ₩4.51 trillion in 2025, up 12.3% a year on average over the last two years, and in 2025 it grew 11.5% versus the prior year.
- Profit tells a different story.
- Operating profit rose 4.8% to ₩161.8 billion in 2025, so the core business was firm, but net profit bent from ₩147.3 billion in 2024 to ₩60.0 billion in 2025 on non-operating losses.
- Yet in the first quarter of 2026 the flow shifted clearly, with revenue of ₩1.19 trillion (+12.7%), operating profit of ₩48.6 billion (+25.8%) and net profit of ₩46.8 billion, about 2.8 times the same period a year earlier.
- First-quarter net profit alone filled about 78% of last year's full-year net profit, showing that as the non-operating losses that weighed on last year clear, earnings are returning to their inherent strength.
- This is precisely why this year's estimated earnings are pitched much higher than last year's.
- Revenue is growing at a double-digit pace on top of Hyundai Motor and Kia's firm production and sales, and as core profitability (the operating margin) rose in the first quarter, the temporarily reduced net profit is returning to its normal track.
- This is a phase where top-line growth and an earnings recovery appear together, corresponding to an inflection point where earnings bottom and climb.
- Recent disclosures concentrate on periodic reporting and shareholder returns.
- The March 10, 2026 disclosure of a 'change of 30% or more in revenue or profit-and-loss structure' confirmed the 2025 net-profit decline, and it also showed that operating profit was largely maintained while net profit alone fell, pointing to a large influence from non-operating factors.
- On the same day a cash dividend of ₩250 per share was decided, keeping up shareholder returns even in a year of lower net profit (a dividend yield of about 2.0% at the current price).
- The March 18 business report disclosed the confirmed full-year results, and the May 15 quarterly report revealed the first-quarter 2026 recovery in the numbers.
- On June 1 the corporate governance report was disclosed.
- The direction of results is most accurately confirmed straight from the body of the quarterly and business reports.
- This is a name with clear strengths.
- Revenue has grown at a double-digit pace for five straight years, core profitability and net profit recovered quickly in the first quarter of 2026, and the non-operating losses that weighed on last year appear to be clearing.
- As a result, the forward P/E reflecting normalized earnings is markedly below both the industry average and peers.
- On an asset basis too, at a P/B of 0.25x the price is a quarter of net assets, so it trades cheaply on both an earnings and an asset basis.
- The point to watch alongside this is financial headroom.
- With a debt ratio of 273.6%, a current ratio of 88.1% and interest coverage of 2.0x the coffers are tight, and because revenue is almost entirely tied to Hyundai Motor and Kia output, it wobbles along with any slowdown in finished-vehicle sales.
- Whether the non-operating losses that dragged 2025 net profit down were a one-off is also something to confirm through quarterly results.
- In sum, as long as finished-vehicle volume holds and the profitability that revived in the first quarter continues, the undervaluation appeal stands out; if Hyundai Motor production falls or non-operating losses flare up again, it weakens.
🔎 Valuation vs peers Undervalued
Among domestic listed auto-parts makers that supply Hyundai Motor and Kia, those whose metrics are available on the site were taken as peers. Their business scale and product mix differ, but they are tied to the same finished-vehicle downstream industry.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Mobis | 11.54x | 0.86x | 7.44% |
| Hankook Tire & Technology | 8.04x | 0.72x | 9.00% |
| HL Mando | 22.70x | 0.84x | 3.69% |
| Hanon Systems | — | 0.97x | -5.27% |
Versus peers, Seoyon E-Hwa's P/E and P/B are among the very lowest. That said, this P/E is on a confirmed-2025-results basis in which net profit plunged, so using a year when earnings were at a bottom as the denominator paradoxically makes the P/E look high. In reality net profit is returning to its normal track in the first quarter of 2026, so there is scope for the forward basis to be lower than last year's trailing P/E (5.5x). A low P/B (0.28x) means a cheap price relative to assets, but it must also be viewed together with the fact that the financial burden of a 273.6% debt ratio and an 88.1% current ratio is priced in as a discount factor. So rather than declaring it 'cheap', whether earnings normalization is confirmed and whether the financial burden is managed are matters to check alongside.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩1.3 trillion | approx. ₩50.6 billion | approx. ₩33.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩10,600 and the market capitalization is ₩286.5 billion. The price sits below its 20-day moving average (₩11,478) and below its 60-day moving average (₩12,903). 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 38.9, a neutral level. The one-month change is -8.0%, the three-month change is -17.1%, and the position relative to the 52-week high is -36.5%. Relative strength versus the KOSPI is 18 (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 18% of all stocks. Over the past three months it lagged the index by 36.8%. 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 -36.77% / 6M -48.88% / 12M -64.02%
Key metrics vs sector median
Valuation
The P/E of 4.78x is below the sector median (7.76x). The P/B of 0.24x is below the sector median (0.56x). 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 5.1%, below the sector average (7.0%). The operating margin is 3.6%. The debt ratio is 273.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.4B | $2.7B | $3.0B | +11.47% ↓ slower |
| Operating profit | $128.0M | $102.3M | $107.2M | +4.79% ↑ faster |
| Net profit | $104.6M | $97.6M | $39.8M | -59.27% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.9B | $2.4B | $2.7B | $3.0B |
| Operating profit | $43.7M | $99.9M | $128.0M | $102.3M | $107.2M |
| Net profit | $17.4M | $36.9M | $104.6M | $97.6M | $39.8M |
| Revenue CAGR | 4-yr avg 19.90% | ||||
Revenue rose 11.5% year over year (2023 ₩3.6 trillion → 2024 ₩4.0 trillion → 2025 ₩4.5 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 4.8% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 19.9%. The two-year revenue CAGR is 12.3%. In the most recent quarter (Q1 2026), revenue was 12.7% 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.
- Revenue grew 11.5% year over year, a sign of growth.
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
- 2026-03-10EarningsDisclosure of a change of 30% or more in revenue or profit-and-loss structure — confirming that 2025 consolidated net profit fell sharply versus the prior yearIn the short term the sharp net-profit decline was confirmed as fact, but operating profit itself was largely maintained, suggesting the influence of non-operating factors outweighed the core business. In the medium term, whether this loss is a one-off is the crux. Source
- 2026-03-10DividendCash and in-kind dividend decision — ₩250 per share, payout ratio of about 11.3%It kept up dividends even in a year of lower net profit, maintaining its shareholder-return stance. At the current price the dividend yield is about 2.0%. Source
- 2026-03-18FilingFiling of the 2025 business report (consolidated) — full-year revenue ₩4.5 trillion, operating profit ₩161.8 billion, net profit ₩60.0 billion confirmedFull-year top-line growth (+11.5%) and a net-profit slowdown were confirmed together. A primary source for checking key figures such as financial structure and the debt ratio in the original text. Source
- 2026-05-15FilingFiling of the Q1 2026 quarterly report — revenue ₩1.19 trillion (+12.7%), operating profit ₩48.6 billion (+25.8%), net profit ₩46.8 billionAn official document confirming the early-year profitability recovery in the numbers. First-quarter net profit alone filled about 78% of last year's full-year net profit, supporting the possibility that the non-operating losses are normalizing. Source
- 2026-06-01FilingDisclosure of the corporate governance reportA document summarizing governance status such as board operations and shareholder rights; its direct impact on results is small, but it is a reference for reviewing shareholder returns and governance. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 full-year operating profit | ₩161.8 billion | ₩161.8 billion | Confirmed | link |
| Q1 2026 operating profit | ₩48.6 billion | ₩48.6 billion | Confirmed | link |
| Cash dividend per share | ₩250 | ₩250 | Confirmed | link |
| 2026 full-year operating profit (seasonality approximation) | approx. ₩181.3 billion | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-19PeriodicAnnual business report (amended)
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-10EarningsAmended filing
- 2026-03-10DividendCash/stock dividend decision
- 2026-03-10Shareholders' 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.