Cowin Tech is a machinery-and-equipment company that designs, builds, and delivers automated logistics and material-handling systems — equipment that moves, stacks, and stores materials and parts within secondary-battery, semiconductor, and display production lines — so its orders and revenue swing with the timing of customers' capital spending. In March 2026 it made a voluntary corporate-value-enhancement disclosure and signed supply contracts of ₩20.4 billion in March (8.3% of recent revenue) and ₩8.1 billion in April (5.2%), while first-quarter revenue rose 50.8% and net profit turned positive. The notable point right now is that at a P/B of 0.68x, with a forward P/E lower than its peer set and an RSI of 27.4 in oversold territory, it presents a combination of results turning up while the price sits near a bottom; but the debt ratio of 249.1% is somewhat high and equipment orders swing quarter to quarter, so it needs to be confirmed whether the first-quarter improvement carries through on an annual basis.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 249.1%).
- Revenue fell 36.7% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 50.8% higher than a year earlier.
- ROE is 1.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -16.4%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jae-hwan 18.17% (individual)
Controlling bloc incl. related parties 21.69%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Cowin Tech is a machinery-and-equipment company that makes automated logistics and material-handling systems used in secondary-battery, semiconductor, and display production lines.
- Put simply, it designs, builds, and delivers systems that automatically move, stack, and store materials and parts inside a factory, and earns revenue in return.
- Because orders and revenue swing with the timing of customers' capital spending, watching quarterly contract disclosures alongside the flow of actual revenue recognition is the key to understanding the business.
- Market capitalization is not large, so a single big contract has a relatively large effect on results and the share price.
- The latest close is ₩9,690 and market capitalization is ₩113.3 billion.
- The price sits below its 20-day line (₩10,998) and below its 60-day line (₩13,647).
- With the price under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that measures the strength of gains versus losses over the past 14 days on a 0–100 scale) is 30.7, a neutral level.
- The price is down 20.5% over one month and 29.3% over three months, and sits 52.0% below its 52-week high.
- Its relative strength versus the KOSDAQ is 53 (on a 1–99 scale that converts one-year return versus the index while weighting recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 46% of all stocks by strength.
- Over the past three months it lagged the index by 7.2%.
- Chart reading is best done alongside trading volume and the dates on which disclosures appeared.
- The 2025 annual results were revenue of ₩154.7 billion, an operating loss of ₩25.4 billion, and net profit of ₩1.7 billion.
- ROE (how much is earned in a year on equity) was 1.0%, the operating margin was -16.4%, and the debt ratio (debt relative to equity) was 249.1% — profitability metrics are low because it was a loss-making year.
- One thing to note when reading the share metrics: the current P/E of 68.5x is a figure derived by dividing by 'last year's net profit of ₩1.7 billion,' a trough number, so it looks more expensive than it really is.
- When earnings normalize, the forward P/E on this year's earnings is closer to the true picture than a P/E on last year's earnings, and this stock's forward P/E is below the sector median.
- The P/B (how many times book value the share price is) is also 0.68x, below 1.0x — meaning the share price is set below the company's net assets.
- The somewhat high debt ratio should be watched, but on valuation alone it belongs in the 'cheap relative to earnings and assets' camp.
- Revenue fell over two years from ₩336.0 billion in 2023 to ₩244.4 billion in 2024 and ₩154.7 billion in 2025, and operating results dropped from profit into loss — the flow of a period passing straight through a downturn in customers' capital spending.
- That said, the change in the first quarter of 2026 is clear.
- Quarterly revenue was ₩39.8 billion, up 50.8% year over year, and net profit turned positive at ₩4.2 billion, already surpassing last year's full-year net profit (₩1.7 billion) in a single quarter.
- The operating loss also narrowed sharply to ₩1.0 billion, showing the deficit closing quickly.
- The picture implied by this year's forward P/E assumes this recovery continues on an annual basis, and demand recovery and new supply contracts (₩20.4 billion in March, ₩8.1 billion in April) provide the basis.
- In other words, last year's weakness was close to a cycle trough, and it is natural to read the first-quarter results as a signal that it is beginning to move off that trough.
- Disclosures that help gauge direction have followed through 2026.
- On March 26, through a voluntary corporate-value-enhancement disclosure, the company presented its own plans going forward; such planning materials serve as a first basis for the outlook if they contain figures, and as directional material if not.
- On March 3 and April 30 it signed single-sale/supply contracts of ₩20.4 billion (8.3% of recent revenue) and ₩8.1 billion (5.2%), respectively.
- The contract value and delivery period govern future revenue recognition, and whether these deals are one-off or repeatable divides the medium-term reading.
- Given that the timing overlaps with the first-quarter rebound, whether these contracts feed through into actual revenue becomes the yardstick for confirming the durability of the recovery.
- Splitting strengths from cautions: the strength is valuation.
- The share price is below book value (P/B 0.68x), and this year's forward P/E on earnings is on the low side versus its peer set (HB Solution 4.49x, C&G Hi-Tech 6.22x, Hyundai Everdigm 23.41x).
- Add first-quarter 2026 revenue up 50.8% and net profit turning positive, and it has the combination of results turning up while the price sits near a bottom.
- An RSI of 27.4 in short-term oversold territory also underlines that price pressure is not heavy.
- The point to watch is the durability of the recovery.
- The debt ratio at 249.1% is somewhat high, and equipment orders swing quarter to quarter with the timing of customers' spending, so whether the first-quarter improvement carries through on an annual basis needs to be confirmed via quarterly results and delivery on the supply contracts.
- In short, in a scenario where demand recovery and the supply contracts feed through into revenue, the undervaluation appeal is clear; conversely, if order flow cools again, the debt burden could come to the fore.
🔎 Valuation vs peers Undervalued
A peer set of similarly sized companies by market capitalization within machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HB Solution | 4.43x | 0.48x | 10.76% |
| CNG Hitech | 5.97x | 0.81x | 13.64% |
| Hyundai Everdigm | 24.40x | 0.59x | 2.42% |
We looked first at a public-data peer set of similar market capitalization within machinery and equipment. The current P/E (how many times a year's earnings the share price is) is 66.64x and the P/B (how many times book value the share price is) is 0.66x. That said, for smaller-cap stocks, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from last year's 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 | ₩200.4 billion | — | ₩15.0 billion |
| Next quarter | Q2 2026 | ₩58.8 billion | — | ₩5.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩9,690 and the market capitalization is ₩113.3 billion. The price sits below its 20-day moving average (₩10,998) and below its 60-day moving average (₩13,647). 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 30.7, a neutral level. The one-month change is -20.5%, the three-month change is -29.3%, and the position relative to the 52-week high is -52.0%. Relative strength versus the KOSDAQ is 54 (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 54% of all stocks. Over the past three months it lagged the index by 7.2%. 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 -7.25% / 6M -24.97% / 12M -21.92%
Key metrics vs sector median
Valuation
The P/E of 66.64x is above the sector median (14.44x). The P/B of 0.66x is below 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 1.0%, below the sector average (5.0%). The operating margin is -16.4%. The debt ratio is 249.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $222.7M | $162.0M | $102.5M | -36.70% ↓ slower |
| Operating profit | $15.1M | $2.4M | -$16.9M | -806.30% ↓ slower |
| Net profit | $7.8M | $10.7M | $1.1M | -89.50% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $70.5M | $133.3M | $222.7M | $162.0M | $102.5M |
| Operating profit | $4.4M | $9.8M | $15.1M | $2.4M | -$16.9M |
| Net profit | $3.7M | $1.7M | $7.8M | $10.7M | $1.1M |
| Revenue CAGR | 4-yr avg 9.82% | ||||
Revenue fell 36.7% year over year (2023 ₩336.0 billion → 2024 ₩244.4 billion → 2025 ₩154.7 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 806.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.8%. The two-year revenue CAGR is -32.1%. In the most recent quarter (Q1 2026), revenue was 50.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 36.7% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-26UpdateCorporate value-enhancement plan (voluntary disclosure): review company plan source textThis is planning material the company presented itself. If it contains figures, treat it as a first basis for the outlook box; if not, treat it as directional material only. Source
- 2026-04-30ContractSingle-sale/supply contract signed (voluntary disclosure): contract value ₩8.1 billion, 5.2% of recent revenueThe contract value and term are central to future revenue recognition. Whether the deal is one-off or repeatable divides the medium-term reading. Source
- 2026-03-03ContractSingle-sale/supply contract signed (voluntary disclosure): contract value ₩20.4 billion, 8.3% of recent revenueThe contract value and term are central to future revenue recognition. Whether the deal is one-off or repeatable divides the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩9,690 | ₩9,690 | Confirmed | link |
| Latest quarterly results | revenue ₩39.8 billion, operating profit -₩1.0 billion | revenue ₩39.8 billion, operating profit -₩1.0 billion | Confirmed | link |
| Annual results | revenue ₩154.7 billion, operating profit -₩25.4 billion | revenue ₩154.7 billion, operating profit -₩25.4 billion | Confirmed | link |
| Outlook/plan disclosure source text | : | : | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩8.1 billion · revenue 5.2% | ㆍapprox. : approx. ₩8.1 billion · revenue 5.2% | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩20.4 billion · revenue 8.3% | ㆍapprox. : approx. ₩20.4 billion · revenue 8.3% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Single supply/sales contract
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
📖 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.