Cuckoo Homesys (284740) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Cuckoo Homesys is centered on rental rather than one-time appliance sales—leasing products and collecting a monthly usage fee. Water purifiers are its mainstay, and it has broadened its lineup to bidets, water softeners, air purifiers, mattresses, and massage chairs. Once an account is secured, usage fees and home-management revenue accumulate steadily over the contract term, and a growing overseas account base, notably in Malaysia, is one axis of top-line growth. It has confirmed a ₩1,200-per-share dividend (payout ratio 22.5%, yield in the 5% range), with an ROE of 11.0% and, on a last-year basis, a P/E of 3.9x and a P/B of 0.43x—a low price band. What stands out lately is that its forward P/E of around 3.15x is distinctly lower than Coway (about 10x) and Cuckoo Holdings (about 6x), a strength that makes it the most cheaply valued among companies doing the same thing; but revenue growth has slowed to single digits, operating profit has been flat, core-business margin was briefly pressured in Q1, and trading volume is thin.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Other Services” (Other), a type typically read first through P/E.
These are mostly service businesses that earn steady profits from fairly stable operations, so price-to-earnings (P/E) — the share price against the profits it generates — is the most intuitive starting point. Value here comes from earning power rather than assets.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 6.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.7% higher than a year earlier.
- ROE is 11.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 14.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Cuckoo Holdings 40.55% (corporate)
Controlling bloc incl. related parties 70.1%
With the controlling bloc holding 70%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Cuckoo Homesys is centered on renting—leasing products and collecting a monthly usage fee—rather than selling appliances outright. Its mainstay is water purifiers, and it has broadened its lineup to bidets, water softeners, air purifiers, mattresses, and massage chairs. Once an account (rental contract) is secured, usage fees flow in steadily over the contract term, and home-management services such as filter replacement are attached, so revenue accumulates gradually rather than arriving lumpily. It is growing the same style of rental accounts not only at home but also overseas, including in Malaysia, so growth in overseas subscribers is one axis of top-line growth. It is easiest to understand as a division of labor within the same group: Cuckoo Holdings (192400) handles appliance manufacturing and sales such as rice cookers, while Cuckoo Homesys handles rental and service.
The latest close is ₩21,550 and the market capitalization is ₩483.5 billion. The price sits above its 20-day moving average (₩21,272) and below its 60-day moving average (₩21,971). 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 50.8, a neutral level. The one-month change is -1.6%, the three-month change is -10.2%, and the position relative to the 52-week high is -27.4%. Relative strength versus the KOSPI is 24 (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 23% of all stocks. Over the past three months it outpaced the index by 6.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed full-year basis for last year, the P/E ratio (how many times one year's profit the share price represents) is 4.05x and the P/B (how many times net asset value the share price represents) is 0.44x—meaning the price is set quite low relative to earnings and net assets. ROE (how much is earned on equity in a year) is 11.0%, so capital is being deployed relatively efficiently, and profitability is solid with an operating margin of 15.1% and a net margin of 10.7%. The debt ratio (debt relative to equity) is 145.7%, which looks high on the number alone, but a rental company records part of the leased product value as accounting debt while collecting it in installments, so it is hard to compare directly with ordinary manufacturing. In practice, a current ratio of 236% and an interest coverage ratio of 36x mean short-term payment ability and interest-servicing capacity are ample. A low P/E and P/B do not automatically signal trouble or distress. If anything, the forward P/E reflecting this year's earnings flow (based on the profit expected to be earned this year) is around 3.7x, even lower than last year's basis. Compared against peers, it becomes clear just how low this level is.
Over the long run, the top line trends upward. Revenue rose from ₩954.6 billion in 2023 to ₩1.057 trillion in 2024 and ₩1.121 trillion in 2025, a two-year CAGR (the average annual growth rate) of 8.4%. The pace slowed somewhat from +10.8% in 2024 to +6.1% in 2025, but thanks to the rental structure in which monthly fees accumulate, this is not the kind of business whose revenue collapses suddenly. Earnings took a breather in 2025, with operating profit of ₩169.4 billion (essentially flat versus the prior year) and net profit of ₩119.5 billion (-5.9%). But the picture diverged in Q1 2026: revenue was flat at ₩273.0 billion (+0.7%) and operating profit fell to ₩41.3 billion (-7.9%), yet net profit rose 13.7% to ₩38.0 billion. Core-business margin was briefly pressured, but the bottom line improved again. Reflecting this recurring revenue base and the earnings that recovered this year, the forward P/E on a this-year basis works out to around 3.15x. This is a figure showing the share price sits low relative to what the company earns—not a number inflated by simply annualizing a single quarter. There is no clear basis to expect next year's earnings to fall below this year's, so there is no reason to conclude that now is a "peak."
Recent disclosures center on regular reporting and shareholder returns. On 2026-02-26, preliminary results (a fair disclosure) gave an early outline of the year, and on March 11 the cash-dividend decision confirmed ₩1,200 per share (payout ratio 22.5%; yield around the 5% range at the current price). The business report (Dec. 2025) on March 18 and the quarterly report (Mar. 2026) on May 15 disclosed confirmed results, and on May 29 a corporate-governance report was filed. Rather than event-driven disclosures like a large order or acquisition, this is a "stable" flow of steady results, dividend, and governance reports. With no new-business or large-investment disclosures, the drivers of growth are best confirmed in internal business metrics such as net additions of rental accounts.
The strengths are clear: recurring revenue in the form of monthly rental fees flowing in, an ROE of 11.0%, a dividend in the 5% range, and a low price band with a last-year P/E of 3.9x and P/B of 0.43x. The forward P/E reflecting this year's earnings is around 3.15x, distinctly lower than the leading rental name Coway (about 10x) or its group affiliate Cuckoo Holdings (about 6x). That means it is the most cheaply valued even among companies doing the same thing, which can be read as an undervaluation signal. There are points to weigh alongside: revenue growth has fallen from double digits to single digits, operating profit was flat for a year, and Q1 core-business margin was briefly pressured. Thin trading volume, which can make the price move on light flows, is also worth noting. In short, top-line growth has moderated, but with recurring revenue, ample cash flow, and a 5% dividend providing support, the price sits at the lowest spot among its peers. If net additions of rental accounts and a recovery in core-business margin continue, the low valuation stands out strongly; if the top-line slowdown and margin pressure drag on, the price may unwind slowly.
🔎 Valuation vs peers Undervalued
Rather than a simple industry code, the peer set was chosen for a business substance close to "appliance rental / recurring revenue." Coway is the leading company in water-purifier and air-purifier rental, and Cuckoo Holdings is effectively a sibling company within the same Cuckoo group handling appliance manufacturing and sales.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Coway | 11.07x | 1.85x | 17.93% |
| Cuckoo Holdings | 6.44x | 0.71x | 11.49% |
(a) True-peer positioning: against the leading rental name Coway and group sibling Cuckoo Holdings, both P/E and P/B sit at the lowest spot. (b) Discount factors: slowing revenue growth (double digits to 6.1%), operating profit flat for two years, an ROE lower than Coway's (11.0% vs. 17.1%), and thin trading volume appear to be the discount reasons. (c) Limits of trailing and the forward view: the P/E of 4.2x is based on last year's confirmed profit, so it loses meaning if this year's earnings roll over. Still, applying this year's net profit approximated by DART seasonality (about ₩146.2 billion) puts the forward P/E at about 3.5x, even lower (not the company's official outlook; unverified). On balance, even accounting for the profitability and growth slowdown, the discount to peers is large enough to read as Undervalued, though the low price could persist until a margin recovery is confirmed.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩293.5 billion | approx. ₩42.7 billion | approx. ₩40.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩21,550 and the market capitalization is ₩483.5 billion. The price sits above its 20-day moving average (₩21,272) and below its 60-day moving average (₩21,971). 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 50.8, a neutral level. The one-month change is -1.6%, the three-month change is -10.2%, and the position relative to the 52-week high is -27.4%. Relative strength versus the KOSPI is 24 (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 23% of all stocks. Over the past three months it outpaced the index by 6.2%. 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 +6.15% / 6M -26.98% / 12M -59.79%
Key metrics Computed vs whole-market median
Valuation
The P/E of 4.05x is below the whole-market median (12.97x). The P/B of 0.44x is below the whole-market median (0.84x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 11.2%, above the whole-market average (3.0%). The operating margin is 14.8%. The debt ratio is 30.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $670.6M | $742.7M | $787.7M | +6.07% ↓ slower |
| Operating profit | $111.5M | $119.4M | $119.0M | -0.36% ↓ slower |
| Net profit | $87.0M | $89.3M | $84.0M | -5.93% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $593.1M | $659.0M | $670.6M | $742.7M | $787.7M |
| Operating profit | $115.3M | $84.3M | $111.5M | $119.4M | $119.0M |
| Net profit | $80.1M | $80.6M | $87.0M | $89.3M | $84.0M |
| Revenue CAGR | 4-yr avg 7.35% | ||||
Revenue rose 6.1% year over year (2023 ₩954.6 billion → 2024 ₩1.1 trillion → 2025 ₩1.1 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 0.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.3%. The two-year revenue CAGR is 8.4%. In the most recent quarter (Q1 2026), revenue was 0.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 5.6%, is on the high side.
- ROE of 11.2% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 6.1% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-02-26EarningsFair-disclosure of preliminary 2025 consolidated operating results — giving the market an early outline of the yearShort term: a first benchmark for gauging annual revenue and profit ahead of the confirmed business report. Mid term: a way to confirm in advance whether operating profit is stalling (essentially flat versus the prior year). Source
- 2026-03-11DividendCash/in-kind dividend decision — ₩1,200 per share, payout ratio about 22.5%Short term: a dividend yield of about 5.3% at the current price, a factor supporting the price floor. Mid term: an indicator of whether the recurring-revenue cash flow can sustain the dividend. Source
- 2026-03-18Update2025 business report — confirmed annual revenue of ₩1.12 trillion and operating profit of ₩169.4 billionShort term: confirmation of the preliminary results. Mid term: the key source clearly showing a five-year trend in which the top line grows while profit stalls. Source
- 2026-05-15UpdateQ1 2026 quarterly report — revenue ₩273.0 billion, net profit ₩38.0 billion (+13.7%)Short term: revenue was flat but net profit rose. Mid term: operating profit at -7.9% came with core-business margin pressure, so the quality of earnings must be watched going forward. Source
- 2026-05-29FilingCorporate-governance report — a summary of governance operations including the board and shareholder returnsShort term: little direct impact on results. Mid term: a supplementary reference for checking the durability of the shareholder-return policy and the decision-making structure. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | approx. ₩1.12 trillion (₩1,121,342,626,136) | ₩1,121,342,626,136 | Confirmed | link |
| Q1 2026 net profit (cumulative) | approx. ₩38.0 billion (₩37,986,185,574) | ₩37,986,185,574 | Confirmed | link |
| 2026 dividend (per share) | ₩1,200,x 22.5% | ₩1,200 | Confirmed | link |
| 2026 seasonality-approximated full-year operating profit | approx. ₩181.9 billion | — | Unverified | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11DividendCash/stock dividend decision
- 2026-02-26EarningsFair-disclosure 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.