Dongbang Medical is a medical-device maker founded in 1985 that produces disposable acupuncture needles and cupping cups, along with aesthetic medical devices such as dermal fillers, cosmetic threads, and injection needles, under its own brands and exports them at home and abroad. In February 2026 it confirmed annual revenue of ₩113.5 billion, operating profit of ₩17.0 billion, and net profit of ₩11.7 billion, and the Q1 results disclosed in May were revenue of ₩31.4 billion, operating profit of ₩6.1 billion, and net profit of ₩5.3 billion, showing profit rising quickly. What stands out recently is that consumables provide a steady revenue base while higher-margin aesthetic products lift profit, and a P/B of 0.74x is low versus peers and reads as undervalued; but if aesthetic demand or the exchange rate turns and margins are squeezed, or revenue growth slows, the stock could weaken.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 8.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.9% higher than a year earlier.
- ROE is 9.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 15.0%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Geun-sik 48.01% (individual)
Controlling bloc incl. related parties 48.57%
With the controlling bloc holding 49%, the ownership structure is stable.
🔎 In-depth analysis
- Dongbang Medical, founded in 1985, is a medical-device maker that earns money along two main tracks.
- One is oriental medical devices, where it makes and sells consumables such as disposable acupuncture needles and disposable cupping cups under its own brands (Dongbang needles, Dongbang cupping cups, and the like).
- The other is aesthetic medical devices, where it offers dermal fillers injected into the skin, cosmetic threads, and injection needles (cannulas and needles) under brands such as Elasty.
- Consumables like needles and cupping are single-use products, so they sell repeatedly on a steady basis, while fillers and threads ride the trend of growing aesthetic demand.
- It exports not only within Korea but also to Asia, North America, South America, and Europe, and a defining feature is that it makes its own products in its own production facilities.
- The recent close is ₩5,610 and the market cap is ₩117.4 billion.
- The price sits above the 20-day line (₩5,608) and below the 60-day line (₩6,563).
- With the short- and mid-term trends diverging, the direction should be read separately.
- The RSI (an indicator comparing upward and downward strength over the past 14 days on a 0-100 scale) is 44.1, a neutral level.
- The one-month change is -4.6%, the three-month change is -12.1%, and the position versus the 52-week high is -56.9%.
- Relative strength versus the KOSDAQ is 52 (1-99, computed from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- Among all stocks this places it in roughly the top 48% by strength.
- Over the past three months it led the index by 17.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- For the most recent full year (2025), revenue was ₩113.5 billion, operating profit ₩17.0 billion, and net profit ₩11.7 billion.
- The operating margin is 15.0%, meaning about one-seventh of revenue is left as operating profit, and ROE (how much is earned in a year on shareholders' equity) is 9.5%, above the peer average.
- The debt ratio (debt versus equity) is 151.8%, but with a current ratio (assets to be turned to cash within a year versus debt due within a year) of 211.7% and an interest coverage ratio (how many times operating profit can cover interest) of 7.86x, its capacity to service debt is on the ample side.
- The P/E of 8.68x and P/B of 0.83x shown now are based on last year's confirmed results, but because this company's profit is rising sharply this year, those figures alone make it hard to judge whether it is cheap or expensive.
- The forward P/B based on this year's expected profit is 0.96x, clearly lower than comparable names in the same industry, which reads as a signal that the price is undervalued relative to earnings and assets.
- Revenue rose for three straight years, from ₩90.9 billion in 2023 to ₩105.1 billion in 2024 to ₩113.5 billion in 2025, a two-year average growth rate of about 11.8%.
- Net profit temporarily fell to ₩2.9 billion in 2024 but recovered sharply to ₩11.7 billion in 2025, and that recovery is accelerating this year.
- In the most recent quarter (Q1 2026), revenue of ₩31.4 billion was up 13.9% from the same period a year earlier, operating profit of ₩6.1 billion up 41.5%, and net profit of ₩5.3 billion up 66.4%.
- Profit growth far outpacing revenue growth reflects that higher-margin aesthetic products such as fillers and threads, together with exports, leave more profit on the same revenue.
- This year's estimate, reflecting both these Q1 results and last year's quarterly weightings, is revenue of ₩129.3 billion, operating profit of ₩24.1 billion, and net profit of ₩19.2 billion, a picture of profit stepping up a level from last year.
- This figure is not simply one quarter multiplied by four but a value reflecting the actual quarterly flow, and since there is no basis to see next year's profit falling below this year's, it is hard to treat this year as a peak.
- Recent disclosures are results-centered.
- On February 26, 2026, an annual results-change disclosure confirmed revenue of ₩113.5 billion, operating profit of ₩17.0 billion, and net profit of ₩11.7 billion, and on June 18 the 2025 business report was amended and disclosed.
- The May 15 quarterly report revealed Q1 2026 revenue of ₩31.4 billion, operating profit of ₩6.1 billion, and net profit of ₩5.3 billion, showing that profit is rising quickly.
- When a new disclosure appears, it is best to check whether the figures point the same way as the annual trend and whether any one-off factors are mixed in.
- This stock's strengths are clear.
- It has a steady revenue base from single-use consumables such as needles and cupping, while higher-margin fillers and aesthetic products lift profit.
- This year's Q1 profit growth far outpaced revenue growth, and the balance sheet is stable on liquidity and interest burden.
- Even so, the price has fallen sharply over the short term to a P/B of 0.74x, below the peer group, which reads as an undervalued phase where results and the share price point in opposite directions.
- It works strongly when aesthetic-device demand and exports keep their current flow and profit fills in as expected, and weakens when aesthetic demand or the exchange rate turns and margins are squeezed, or when revenue growth slows further.
- Because this is a name with a modest market cap, when disclosures such as fundraising or one-off gains or losses appear, it is reasonable to watch whether quarterly results proceed as planned.
🔎 Valuation vs peers Undervalued
A peer group in medical, precision, and optical instruments that sits close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CG MedTech | 16.89x | 1.17x | 6.92% |
| ELC | 11.98x | 0.57x | 4.77% |
| PS Tech | 9.10x | 0.61x | 6.69% |
Within medical, precision, and optical instruments, we first looked at public-data peers close in market cap. The current P/E (how many times a year's profit the price represents) is 10.04x and the P/B (how many times book value the price represents) is 0.96x. However, because lower-market-cap names are heavily affected by profit swings and fundraising disclosures, we did not draw firm conclusions from last year's confirmed-results figures alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩129.3 billion | ₩24.1 billion | ₩19.2 billion |
| Next quarter | Q2 2026 | ₩29.8 billion | ₩4.4 billion | ₩3.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,610 and the market capitalization is ₩117.4 billion. The price sits above its 20-day moving average (₩5,608) and below its 60-day moving average (₩6,563). 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 44.1, a neutral level. The one-month change is -4.6%, the three-month change is -12.1%, and the position relative to the 52-week high is -56.9%. Relative strength versus the KOSDAQ is 52 (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 52% of all stocks. Over the past three months it outpaced the index by 17.2%. 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 +17.20% / 6M -11.94% / 12M -55.27%
Key metrics vs sector median
Valuation
The P/E of 10.04x is below the sector median (22.72x). The P/B of 0.96x is below the sector median (1.61x). 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 9.5%, above the sector average (5.0%). The operating margin is 15.0%. The debt ratio is 151.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $60.2M | $69.7M | $75.2M | +8.01% ↓ slower |
| Operating profit | $10.9M | $10.0M | $11.3M | +13.02% ↑ faster |
| Net profit | $6.5M | $1.9M | $7.8M | +301.58% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $60.2M | $69.7M | $75.2M |
| Operating profit | — | — | $10.9M | $10.0M | $11.3M |
| Net profit | — | — | $6.5M | $1.9M | $7.8M |
| Revenue CAGR | 2-yr avg 11.78% | ||||
Revenue rose 8.0% year over year (2023 ₩90.9 billion → 2024 ₩105.1 billion → 2025 ₩113.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 13.0% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 11.8%. The two-year revenue CAGR is 11.8%. In the most recent quarter (Q1 2026), revenue was 13.9% 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.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 8.0% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-02-26EarningsRevenue or profit/loss structure change of 30% or more (15% for large corporations): annual revenue ₩113.5 billion · operating profit ₩17.0 billion · net profit ₩11.7 billionRecent confirmed or preliminary results data. We check whether it points the same way as the annual trend and whether any one-off factors are present. Source
- 2026-06-18Earnings[Amended] Business report (2025.12): revenue ₩110,000 · operating profit ₩20,000 · net profit ₩10,000Recent confirmed or preliminary results data. We check whether it points the same way as the annual trend and whether any one-off factors are present. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩31.4 billion · operating profit ₩6.1 billion · net profit ₩5.3 billionRecent confirmed or preliminary results data. We check whether it points the same way as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,610 | ₩5,610 | Confirmed | link |
| Latest quarterly results | revenue ₩31.4 billion, operating profit ₩6.1 billion | revenue ₩31.4 billion, operating profit ₩6.1 billion | Confirmed | link |
| Annual results | revenue ₩113.5 billion, operating profit ₩17.0 billion | revenue ₩113.5 billion, operating profit ₩17.0 billion | Confirmed | link |
| Results disclosure source text | revenue30%: revenue ₩113.5 billion · operating profit ₩17.0 billion · net profit ₩11.7 billion | revenue30%: revenue ₩113.5 billion · operating profit ₩17.0 billion · net profit ₩11.7 billion | Confirmed | link |
| Results disclosure source text | [] (2025.12): revenue 11 · operating profit 2 · net profit 1 | [] (2025.12): revenue 11 · operating profit 2 · net profit 1 | Confirmed | link |
| Results disclosure source text | (2026.03): 2026 1 revenue ₩31.4 billion · operating profit ₩6.1 billion · net profit ₩5.3 billion | (2026.03): 2026 1 revenue ₩31.4 billion · operating profit ₩6.1 billion · net profit ₩5.3 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-14Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report (amended)
- 2026-03-19PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-17Amended filing
- 2026-03-12Shareholders' meeting notice
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-03Disclosure
📖 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.