LS Tirauetec earns revenue by building system software and solutions that control and manage manufacturing and logistics equipment for its clients; although classified under games and software, its real axis is factory and logistics automation software. On December 10, 2025 it disclosed a supply contract worth ₩5.7 billion (10.5% of recent revenue), and on September 5 a subsidiary's rights offering (₩5.0 billion in operating funds), while revenue has kept rising and its quarterly growth rate has climbed back into the double digits, with operating losses narrowing year after year in a recovery phase. The key point to watch now is that if orders translate into revenue and the shrinking operating loss reaches a swing to profit, the appeal against asset value (P/B of 1.24x) becomes clear at a stock price that has fallen to about -60% from its 52-week high; conversely, because the company still runs an annual loss, earnings-based metrics cannot be used, and given its small-cap nature, the one-off nature of contracts or share-count changes from rights offerings can weigh heavily on perceived value.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 2.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 15.3% higher than a year earlier.
- ROE is -12.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -7.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder LS Electric 30.65% (corporate)
Controlling bloc incl. related parties 39.74%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis
- LS Tirauetec is a company that earns money by making software that automates factories and logistics sites.
- Although classified under games and software, the center of its actual revenue is system software and related solution builds that control and manage manufacturing and logistics equipment.
- Its structure is to install systems for clients and earn revenue in return, so which contracts it wins and whether those contracts actually get booked as revenue are what separate the results.
- As a small-cap stock with a market cap of ₩88.1 billion, it is best to watch not only the flow of the business itself but also the effect of each contract or rights-offering disclosure on finances and share count.
- The latest close is ₩3,775 and the market cap is ₩81.1 billion.
- The price sits below the 20-day line (₩4,573) and below the 60-day line (₩6,740).
- Trading beneath both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 29.5, near oversold territory.
- The one-month change is -29.6%, the three-month change is -45.5%, and the position versus the 52-week high is -63.1%.
- Relative strength versus the KOSDAQ is 50 (1-99, converted from returns against the index over the past year with heavier weight on the recent period; higher means stronger than the market), placing it in roughly the top 50% for strength among all stocks.
- Over the past three months it lagged the index by 35.2%.
- Chart reading is best done together with volume and disclosure dates.
- Recent annual (2025) revenue was ₩58.9 billion, with an operating loss of -₩4.3 billion and a net loss of -₩8.3 billion, so it is still in the red.
- The operating margin is -7.3%, ROE (how much a company earns in a year on its equity) is -12.0%, and the debt ratio is 161.4%.
- Because earnings are negative, the P/E ratio is not calculated; instead we look at the asset-based P/B (how many times book value the stock trades at).
- The P/B is 1.14x, a level not far from book value.
- Being a loss-making company is a clear weakness, but the size of the operating loss itself is heading in a shrinking direction, so whether profitability is recovering is the point to watch going forward.
- Revenue rose each year — ₩54.4 billion in 2023, ₩57.5 billion in 2024 and ₩58.9 billion in 2025 — and in the latest quarter (Q1 2026) it grew 15.3% year-on-year to ₩14.0 billion, so the pace of growth actually quickened.
- On the profit-and-loss side, the operating loss narrowed nearly by half, from -₩7.9 billion in 2024 to -₩4.3 billion in 2025, so the trend of a shrinking deficit continues.
- With steady demand for smart factories and logistics automation, orders turning into revenue expand the top line, while the cost structure is being tidied up and losses shrink.
- This year's revenue is drawn at around ₩67.2 billion, reflecting Q1 results and the quarterly trend so far — one step larger than last year.
- However, it is not yet at the confirmed stage of having turned to profit, so whether revenue growth continues until it crosses the break-even point is the yardstick for gauging the quality of that growth.
- In the single supply-contract (amended) disclosure of December 10, 2025, the contract amount of ₩5.7 billion is confirmed, a deal equal to 10.5% of recent revenue.
- Since an amended disclosure of the same content also appeared on August 11, whether this contract is a one-off or a repeatable deal, and how it is recognized as revenue across the contract period, will separate the medium-term interpretation.
- Also, on September 5 there was a disclosure of a subsidiary's rights-offering decision (102,956 common shares, ₩5.0 billion in operating funds), where the use of the incoming funds and the change in share count must be viewed together.
- If it is a rights offering with a stated operating or facility purpose, whether the actual spending connects to revenue is a subsequent point to confirm.
- The strengths are clear.
- Revenue keeps rising and the quarterly growth rate has climbed back into the double digits, while operating losses shrink year after year in a recovery phase.
- The stock fell sharply in the short term to about -60% from its 52-week high and the RSI is in oversold territory, so this is not a zone of heavy price burden relative to asset value (P/B of 1.24x).
- On the other hand, the caution is that it still runs an annual loss, so earnings-based metrics cannot be used, and the profitability recovery has not been confirmed as a swing to profit.
- Because it is a small-cap stock, the one-off nature of contracts and share-count changes from rights offerings also have a large impact on perceived value.
- In short, this is a recovery-type stock whose appeal against asset value becomes clear if orders translate into revenue and the shrinking operating loss reaches a swing to profit, and whose appeal blurs if losses drag on or funding events grow frequent.
🔎 Valuation vs peers Fairly valued
A peer group of games and software companies with market caps close to LS Tirauetec.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hancom With | 10.36x | 0.56x | 5.38% |
| NuriFlex | — | 1.01x | -9.23% |
| MDS Tech | 9.65x | 0.56x | 5.82% |
Within the games and software sector, we looked first at a public-data peer group with nearby market caps. The current P/E is not available and the P/B is 1.14x. That said, because smaller-cap names are heavily affected by earnings swings and funding disclosures, we did not draw firm conclusions from metrics based on last year's confirmed results alone. The forecast box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩67.2 billion | — | — |
| Next quarter | Q2 2026 | ₩17.0 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩3,775 and the market capitalization is ₩81.1 billion. The price sits below its 20-day moving average (₩4,573) and below its 60-day moving average (₩6,740). 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 29.5, near oversold territory. The one-month change is -29.6%, the three-month change is -45.5%, and the position relative to the 52-week high is -63.1%. Relative strength versus the KOSDAQ is 50 (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 50% of all stocks. Over the past three months it lagged the index by 35.2%. 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 -35.23% / 6M -51.70% / 12M -29.89%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.14x is below the sector median (1.58x).
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 -12.0%, below the sector average (5.0%). The operating margin is -7.3%. The debt ratio is 161.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $36.0M | $38.1M | $39.1M | +2.56% ↓ slower |
| Operating profit | -$2.6M | -$5.2M | -$2.8M | — |
| Net profit | -$4.1M | -$1.4M | -$5.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.1M | $23.8M | $36.0M | $38.1M | $39.1M |
| Operating profit | -$5.2M | -$2.8M | -$2.6M | -$5.2M | -$2.8M |
| Net profit | -$5.8M | -$3.0M | -$4.1M | -$1.4M | -$5.5M |
| Revenue CAGR | 4-yr avg 10.64% | ||||
Revenue rose 2.6% year over year (2023 ₩54.4 billion → 2024 ₩57.5 billion → 2025 ₩58.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.6%. The two-year revenue CAGR is 4.1%. In the most recent quarter (Q1 2026), revenue was 15.3% 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.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 2.6% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2025-12-10Contract[Amended] Single sale/supply contract signed: contract amount ₩5.7 billion · 10.5% of recent revenueThe contract amount and term are central to future revenue recognition. Whether it is a one-off or a repeatable deal separates the medium-term interpretation. Source
- 2025-08-11Contract[Amended] Single sale/supply contract signed: contract amount ₩5.7 billion · 10.5% of recent revenueThe contract amount and term are central to future revenue recognition. Whether it is a one-off or a repeatable deal separates the medium-term interpretation. Source
- 2025-09-05UpdateRights-offering decision (material management matter of a subsidiary): 102,956 common shares · ₩5.0 billion in operating fundsThis is a disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When a facility or operating purpose is stated, whether the actual spending connects to revenue is the crux. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,775 | ₩3,775 | Confirmed | link |
| Latest quarterly results | revenue ₩14.0 billion, operating profit -₩2.6 billion | revenue ₩14.0 billion, operating profit -₩2.6 billion | Confirmed | link |
| Annual results | revenue ₩58.9 billion, operating profit -₩4.3 billion | revenue ₩58.9 billion, operating profit -₩4.3 billion | Confirmed | link |
| Contract disclosure source text | []ㆍapprox. : approx. ₩5.7 billion · revenue 10.5% | []ㆍapprox. : approx. ₩5.7 billion · revenue 10.5% | Confirmed | link |
| Contract disclosure source text | []ㆍapprox. : approx. ₩5.7 billion · revenue 10.5% | []ㆍapprox. : approx. ₩5.7 billion · revenue 10.5% | Confirmed | link |
| Funding disclosure source text | : 102,956 · ₩5.0 billion | : 102,956 · ₩5.0 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-28Disclosure
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-04-28Material-fact report
- 2026-04-21OwnershipOwnership-change filing
- 2026-04-17Disclosure
- 2026-03-19Shareholders' meeting notice
- 2026-03-11PeriodicAnnual business report
- 2026-03-10Audit report
- 2026-03-04Shareholders' 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.