Sungwoo (458650) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Sungwoo is a small-cap in the electrical-equipment group with a market cap of about ₩126.4 billion, where it is best to watch how a single disclosure affects revenue, profit and the share count; its May 2026 disclosure of a new investment in Monterrey, Mexico (₩28.0 billion, for North American electric vehicles) is a clue to where the company intends to make money. A February 2026 revenue and earnings-structure change disclosure confirmed full-year revenue of ₩85.6 billion, operating profit of ₩1.0 billion and net profit of ₩4.8 billion; in April it voluntarily disclosed a corporate value-up plan, and in May it disclosed the Monterrey, Mexico investment (12.44% of shareholders' equity). The notable point recently is that although it is passing through a stretch of falling revenue and profit, a P/B of 0.57x makes the price light against assets, a strength; it strengthens when first-quarter revenue and net profit bottoming out and the North American EV investment link through to results, but it can weaken if the state where an operating margin stuck in the 1% range makes it tight to cover interest from operations drags on, or if additional financing overlaps.
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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 “Battery Cells & Packs” (Secondary Batteries), a type typically read first through EV/EBITDA.
Battery cell and pack makers carry heavy capacity build-outs and depreciation, so net income alone understates how much cash the core business really generates. That is why EV/EBITDA — which looks at operating cash before depreciation and folds in debt — is the first lens.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 34.6% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 0.6% lower than a year earlier.
- ROE is 2.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 0.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Park Chae-won 26.79% (individual)
Controlling bloc incl. related parties 74.48%
With the controlling bloc holding 74%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Sungwoo is a company in the electrical-equipment group. As a small-cap with a market cap of about ₩126.4 billion, it is best to watch not only the business itself but also how a single disclosure affects revenue, profit and the share count. The new investment in Monterrey, Mexico disclosed in May 2026 (₩28.0 billion, for North American electric vehicles) is a clue to where the company intends to make money.
The latest close is ₩8,120 and the market capitalization is ₩122.2 billion. The price sits above its 20-day moving average (₩7,920) and below its 60-day moving average (₩9,930). 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 47.8, a neutral level. The one-month change is -2.5%, the three-month change is -43.1%, and the position relative to the 52-week high is -45.6%. Relative strength versus the KOSDAQ is 32 (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 31% of all stocks. Over the past three months it lagged the index by 12.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the most recent full year (2025), revenue was ₩85.6 billion, operating profit ₩1.0 billion and net profit ₩4.8 billion. The operating margin of 1.2% and the ROE (how much is earned on equity in a year) of 2.1% are above the peer average. The P/B (how many times book value the share price is) of 0.55x is well below 1x, a state in which the share price is set lower than the company's net assets. The P/E (how many times a year's earnings the share price is) of 25.67x looks high on the number alone, but this must be read together with the fact that the denominator is small because this year's earnings shrank below normal. The debt ratio is 11.1% and the current ratio is 1,275%, so short-term payment ability is ample, while the interest-coverage ratio is below 1x, a stretch where it is tight to cover interest from operations.
Revenue fell for two straight years, from ₩146.7 billion in 2023 to ₩130.9 billion in 2024 and ₩85.6 billion in 2025, and operating profit came down with it, from ₩28.9 billion to ₩14.6 billion to ₩1.0 billion. That this is a phase of shrinking profit is clear. However, first-quarter 2026 revenue of ₩23.9 billion held roughly level with the same period a year earlier (-0.6%), and net profit of ₩1.6 billion fell only -3.8%, so revenue and net profit look to be bottoming out. Operating profit of ₩0.2 billion (-73.1%) is still ahead of a recovery. This year's revenue estimate of about ₩85.0 billion is a picture of starting at a level similar to last year, and the momentum to step up a rung hinges on whether the North American EV investment in Mexico leads to actual operation and orders. With current data alone there is no basis to see next year and beyond as lower than this year, so it is not concluded to be a peak or a cycle top.
Recent disclosures are clues to the company's direction. A 2026-02-09 revenue and earnings-structure change disclosure confirmed full-year revenue of ₩85.6 billion, operating profit of ₩1.0 billion and net profit of ₩4.8 billion. On 2026-04-20 it issued a corporate value-up plan (voluntary disclosure), directly presenting a plan on the shareholder-value side, and on 2026-05-20 it disclosed the new Monterrey, Mexico investment (₩28.0 billion, 12.44% of shareholders' equity, for North American electric vehicles). Plan-type materials are treated as a primary basis for the outlook when they contain figures, and as directional materials when they do not; whether they lead to actual revenue and profit can be checked in subsequent results.
Sungwoo is a small-cap passing through a stretch of falling revenue and profit, but the share price stays at 0.57x book value, so the price burden against assets is light. Even compared with adjacent peers in the same sector, its P/B is on the low side, so the valuation diagnosis is undervalued. The strong phase is when the bottoming of revenue and net profit seen in the first quarter continues and the North American EV investment in Mexico and the corporate value-up plan link through to actual results and shareholder returns. The weak phase is when the state where an operating margin stuck in the 1% range makes it tight to cover interest from operations drags on, or when additional financing or one-off factors overlap, as is typical of small-caps. In other words, the cheap price against asset value is the strength, and the pace of recovery in earnings strength is the crux.
🔎 Valuation vs peers Undervalued
Peers with adjacent market caps within electrical equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Power Logics | — | 0.53x | -6.25% |
| Powernet | 6.10x | 0.60x | 8.64% |
| GT Power | 26.14x | 3.44x | 13.18% |
The primary reference was a public-data peer set with nearby market caps within electrical equipment. The current P/E (how many times a year's earnings the share price is) is 25.67x and the P/B (how many times book value the share price is) is 0.55x. That said, because smaller-cap names are heavily affected by earnings swings and financing disclosures, no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩85.0 billion | — | — |
| Next quarter | Q2 2026 | ₩20.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩8,120 and the market capitalization is ₩122.2 billion. The price sits above its 20-day moving average (₩7,920) and below its 60-day moving average (₩9,930). 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 47.8, a neutral level. The one-month change is -2.5%, the three-month change is -43.1%, and the position relative to the 52-week high is -45.6%. Relative strength versus the KOSDAQ is 32 (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 31% of all stocks. Over the past three months it lagged the index by 12.4%. 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 -12.36% / 6M -15.72% / 12M -45.48%
Key metrics Computed vs sector median
Valuation
The P/E of 25.67x is above the sector median (12.50x). The P/B of 0.55x is below the sector median (1.21x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 2.1%, above the sector average (1.0%). The operating margin is 0.5%. The debt ratio is 12.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $103.0M | $92.0M | $60.1M | -34.65% ↓ slower |
| Operating profit | $20.3M | $10.3M | $731,139 | -92.89% ↓ slower |
| Net profit | $17.1M | $12.3M | $3.3M | -72.91% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $103.0M | $92.0M | $60.1M |
| Operating profit | — | — | $20.3M | $10.3M | $731,139 |
| Net profit | — | — | $17.1M | $12.3M | $3.3M |
| Revenue CAGR | 2-yr avg -23.62% | ||||
Revenue fell 34.6% year over year (2023 ₩146.7 billion → 2024 ₩130.9 billion → 2025 ₩85.6 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 92.9% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -23.6%. The two-year revenue CAGR is -23.6%. In the most recent quarter (Q1 2026), revenue was 0.6% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue fell 34.6% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-20UpdateCorporate value-up plan (voluntary disclosure): company plan source text confirmedPlan-type material presented directly by the company. When it contains figures it is treated as a primary basis for the outlook box; when it does not, only as directional material. Source
- 2026-05-20UpdateNew facility investment, etc.: New facility investment, etc./(2026.05.20) New facility investment, etc. New facility investment 1. Investment category new investment in Monterrey, Mexico and establishment of a local subsidiary 2. Investment details investment amount (won) 28,000,000,000 shareholders' equity (won) 225,011,124,494 ratio to shareholders' equity (%) 12.44 large-corporation status not applicable 3. Investment purpose - North American electric vehiclesPlan-type material presented directly by the company. When it contains figures it is treated as a primary basis for the outlook box; when it does not, only as directional material. Source
- 2026-02-09EarningsChange of 30% or more (15% for large corporations) in revenue or earnings structure: full-year revenue ₩85.6 billion · operating profit ₩1.0 billion · net profit ₩4.8 billionRecent confirmed or preliminary results material. It is read together for 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 | ₩8,120 | ₩8,120 | Confirmed | link |
| Latest quarterly results | revenue ₩23.9 billion, operating profit ₩0.2 billion | revenue ₩23.9 billion, operating profit ₩0.2 billion | Confirmed | link |
| Annual results | revenue ₩85.6 billion, operating profit ₩1.0 billion | revenue ₩85.6 billion, operating profit ₩1.0 billion | Confirmed | link |
| Outlook and plan disclosure source text | — | — | Confirmed | link |
| Outlook and plan disclosure source text | /(2026.05.20) 1. 2. 28,000,000,000 225,011,124,494 (%) 12.44 3. - | /(2026.05.20) 1. 2. 28,000,000,000 225,011,124,494 (%) 12.44 3. - | Confirmed | link |
| Results disclosure source text | revenue30%: revenue ₩85.6 billion · operating profit ₩1.0 billion · net profit ₩4.8 billion | revenue30%: revenue ₩85.6 billion · operating profit ₩1.0 billion · net profit ₩4.8 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-04Shareholders' meeting notice
- 2026-06-04Disclosure
- 2026-05-20Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-20Disclosure
- 2026-04-16OwnershipOwnership-change filing
- 2026-04-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' 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.