M-Plus is a machinery and equipment company that designs and builds the assembly-process equipment used to stack, wind and package secondary-battery cells and delivers it to battery makers at home and abroad, so a single large order weighs heavily on revenue and profit. In March 2026 it filed a voluntary corporate value-up plan (2025 progress status), and in April and May there were disclosures of supply-contract terminations (and amendments). What stands out recently is that a strong ROE of 20.2% and a +119.6% jump in quarterly revenue appear together, so the forecast P/E reads as an Undervalued signal against peers, but given the nature of the equipment sector the win or termination of a single large supply contract can swing results considerably, and with a debt ratio of 236.7% that is somewhat high, order flow and working capital need to be watched together.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 236.7%).
- Revenue rose 43.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 119.6% higher than a year earlier.
- ROE is 20.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 13.3%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jong-seong 21.2% (individual)
Controlling bloc incl. related parties 23.61%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- M-Plus belongs to the machinery and equipment sector and makes and sells the assembly-process equipment used in secondary-battery (battery) manufacturing.
- It earns money by designing and building the process lines that stack, wind and package battery cells and delivering them to battery makers at home and abroad.
- Given the nature of an equipment company, a single large order or supply contract weighs heavily on revenue and profit, so when reading the business flow it is best to look at order and supply-contract disclosures together.
- The latest close is ₩9,420 and market capitalization is ₩115.1 billion.
- The price sits below its 20-day line (₩10,766) and its 60-day line (₩13,886).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the strength of gains versus declines over the past 14 days on a 0-100 scale) is 30.4, a neutral level.
- The one-month change is -18.4%, the three-month change is -26.4%, and the price is -50.0% from its 52-week high.
- Relative strength versus the KOSDAQ is 68 (on a 1-99 scale, converted from returns against the index over the past year with heavier weight on the recent period; higher means stronger than the market).
- That places it in roughly the top 32% of all stocks by strength.
- Over the past three months it lagged the index by 1.6%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- Recent annual revenue was ₩184.2 billion, operating profit ₩24.6 billion and net profit ₩20.6 billion, with an operating margin of 13.3%.
- ROE (how much a company earns in a year on its own equity) was 20.2%, above the peer average, so profitability is excellent.
- The debt ratio (debt relative to equity) is somewhat high at 236.7%, but this must be viewed alongside a sector trait in which working capital grows during equipment ordering and delivery, and with profit coming in amply it is not something to define as a burden right away.
- The current P/E (how many times a year's profit the share price represents) is 5.58x and the P/B (how many times book value the share price represents) is 1.13x.
- These figures are based on last year's annual results, however, and with this year's profit rising sharply, the forecast P/E on future earnings comes down.
- In an inflection phase where profit grows quickly, forward-earnings metrics show actual value better than trailing-results metrics, and the forecast P/E is a clear Undervalued signal against peers.
- Revenue fell sharply once, from ₩340.1 billion in 2023 to ₩128.7 billion in 2024, then rose 43.1% to ₩184.2 billion in 2025, turning back to recovery.
- Over the same period operating profit rose 143.4% and net profit rose 87.9%, so profit grew faster than revenue.
- The recovery is even clearer in the latest quarter.
- First-quarter 2026 revenue rose 119.6% year over year to ₩51.0 billion, operating profit rose 328.1% to ₩10.2 billion, and net profit rose 228.3% to ₩11.8 billion.
- A more-than-doubling of quarterly revenue shows that as battery makers' capital-investment demand revives, equipment orders are rising and the added volume has begun to be recognized as revenue.
- In the equipment sector, once an order comes in, profit is recognized all at once as manufacturing and delivery proceed, so this year's large profit growth is fully explained by such a demand and order recovery.
- The declining forecast P/E on this year's expected profit is also a result of reflecting this increased profit.
- On 2026-03-31 it filed a corporate value-up plan (voluntary disclosure) with the 2025 progress status.
- Since this is planning material the company itself put forward, treat it as a primary basis for gauging direction if it contains figures and as material showing intent if not.
- On 2026-04-01 and 2026-05-04 there were disclosures of a single supply-contract termination (and amendment).
- At an equipment company, a supply contract's amount and term connect directly to future revenue recognition, so whether the terminated contract is one-off or a transaction that can be refilled changes the medium-term reading of results.
- It is best to confirm the amount and reason in the original text.
- M-Plus is in an inflection phase where profit is rising quickly, while the share price has come down nearly half from its high, so on future earnings the stock is priced cheaply.
- A strong ROE of 20.2% and quarterly revenue growth reaching +119.6% appear at the same time, and the forecast P/E reads as an Undervalued signal against peers.
- This strength holds as long as battery makers' capital-investment demand continues.
- On the other side to examine, given the nature of the equipment sector the win or termination of a single large supply contract can swing revenue and profit considerably, and with a debt ratio that is somewhat high at 236.7%, it is best to watch order flow and working capital together.
- In short, when battery-equipment demand and orders hold up, profit growth and a low forward valuation come to the fore together strongly, whereas in a phase where demand or orders cool, results volatility can grow.
🔎 Valuation vs peers Undervalued
A peer set of machinery-and-equipment names with similar market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KN Sol | — | 0.90x | -43.80% |
| Soosan Sebotics | 6.72x | 0.53x | 7.93% |
| Cowin Tech | 66.64x | 0.66x | 0.99% |
Within machinery and equipment, we looked first at a public-data peer set of comparable market capitalization. The current P/E (how many times a year's profit the share price represents) is 5.58x and the P/B (how many times book value the share price represents) is 1.13x. That said, for smaller-cap names the impact of earnings swings and funding disclosures is large, so we did not rely on trailing-year confirmed-results metrics 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 | ₩462.1 billion | ₩163.2 billion | ₩59.6 billion |
| Next quarter | Q2 2026 | ₩140.1 billion | ₩85.4 billion | ₩17.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩9,420 and the market capitalization is ₩115.1 billion. The price sits below its 20-day moving average (₩10,766) and below its 60-day moving average (₩13,886). 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 30.4, a neutral level. The one-month change is -18.4%, the three-month change is -26.4%, and the position relative to the 52-week high is -50.0%. Relative strength versus the KOSDAQ is 68 (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 68% of all stocks. Over the past three months it lagged the index by 1.6%. 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 -1.60% / 6M -0.16% / 12M +9.44%
Key metrics vs sector median
Valuation
The P/E of 5.58x is below the sector median (14.44x). The P/B of 1.13x is below the sector median (1.44x). 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 20.2%, above the sector average (5.0%). The operating margin is 13.3%. The debt ratio is 236.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $225.4M | $85.3M | $122.1M | +43.08% ↑ faster |
| Operating profit | $15.8M | $6.7M | $16.3M | +143.43% ↑ faster |
| Net profit | $13.3M | $7.3M | $13.7M | +87.89% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $50.7M | $77.3M | $225.4M | $85.3M | $122.1M |
| Operating profit | -$9.3M | -$6.5M | $15.8M | $6.7M | $16.3M |
| Net profit | -$5.4M | -$10.1M | $13.3M | $7.3M | $13.7M |
| Revenue CAGR | 4-yr avg 24.58% | ||||
Revenue rose 43.1% year over year (2023 ₩340.1 billion → 2024 ₩128.7 billion → 2025 ₩184.2 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 143.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 24.6%. The two-year revenue CAGR is -26.4%. In the most recent quarter (Q1 2026), revenue was 119.6% 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.
- ROE of 20.2% points to solid profitability.
- Revenue grew 43.1% 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
- 2026-03-31UpdateCorporate value-up plan (voluntary disclosure) (2025 progress status): check the company's original plan documentThis is planning material the company put forward directly. If it contains figures, treat it as a primary basis for the outlook box; if not, treat it only as directional material. Source
- 2026-05-04ContractSingle supply-contract termination: check detailed terms in the original textThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction determines the medium-term reading. Source
- 2026-04-01Contract[Amended] Single supply-contract termination: check detailed terms in the original textThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction determines the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩9,420 | ₩9,420 | Confirmed | link |
| Latest quarterly results | revenue ₩51.0 billion, operating profit ₩10.2 billion | revenue ₩51.0 billion, operating profit ₩10.2 billion | Confirmed | link |
| Annual results | revenue ₩184.2 billion, operating profit ₩24.6 billion | revenue ₩184.2 billion, operating profit ₩24.6 billion | Confirmed | link |
| Outlook/plan disclosure original text | : | : | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : | ㆍapprox. : | Confirmed | link |
| Contract disclosure original text | []ㆍapprox. : | []ㆍapprox. : | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-04Single supply/sales contract
- 2026-04-15Disclosure
- 2026-04-01Single supply/sales contract (amended)
- 2026-03-31Single supply/sales contract
- 2026-03-31Disclosure
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-25Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-24OwnershipOwnership-change filing
- 2026-03-18Material-fact report (amended)
- 2026-03-16Amended 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.