Isupetasys: Rapid Profit Growth Meets a High Valuation Multiple

Thesis

The data supports a picture of strong, accelerating earnings. Revenue grew 30.0% in 2025 and operating income roughly doubled from 2024 to 2025. Trailing figures to H1 2026 show revenue of ₩1.31T and operating income of ₩259.3B, so the pace has continued.

The data also shows stretched pricing and some cash strain. The stock trades at 44.2x earnings and 10.3x book, and trailing free cash flow is negative at ₩112.1B. The price is 26.5% below its 52-week high of ₩164,400 but 108.8% above its low of ₩57,900. Investor flow, foreign ownership, short balance and news data are not available, so we cannot say who is driving the moves.

Business overview

Isupetasys (이수페타시스, code 007660) is an electronic components company listed on KOSPI since 2003-10-07. It was founded on 1972-02-04, and the CEO is 최창복. It has 73,409,219 listed shares and a market cap of about ₩8.88T.

The history of its numbers is uneven. Revenue was ₩469.6B in 2021, ₩642.9B in 2022, ₩675.3M-scale growth of just 5.0% in 2023 (₩675.3B), ₩836.9B in 2024 and ₩1.09T in 2025. The company posted a net loss of ₩3.6B in 2021.

Financial analysis

These figures come from filed financial statements (DART). Annual revenue growth was 36.9% in 2022, 5.0% in 2023, 23.9% in 2024 and 30.0% in 2025.

Operating margin was 10.0% in 2021, 18.1% in 2022, 9.2% in 2023, 12.2% in 2024 and 18.8% in 2025. It reached 19.7% on a trailing basis to H1 2026. Net income rose from ₩47.7B in 2023 to ₩74.0B in 2024 and ₩160.5B in 2025, and was ₩201.0B trailing. Net margin is 15.3%.

Return on equity was 29.6% in 2025 and 33.9% trailing. Liabilities to equity stand at 70.6%. Cash is ₩144.3B. Borrowings are not available in the data. Free cash flow is negative at ₩112.1B, suggesting heavy spending relative to operating cash generation.

Valuation

Isupetasys trades at 44.2x earnings, 10.3x book value and 6.8x sales, with a dividend yield of 0.2%. Enterprise value is about ₩8.73T; EV/EBITDA is not available. At the end of 2025 the multiples were 54.5x earnings and 11.6x book, so both have eased since then as profits grew.

Among listed peers, Samsung Electro-Mechanics trades at 110.2x earnings and 10.9x book, Doosan at 54.9x and 7.7x, Hanwha Systems at 80.8x and 3.2x, LG Innotek at 17.1x and 1.8x, and Daeduck Electronics at 47.7x and 7.4x. Isupetasys sits in the middle of this group on earnings and near the upper end on book value, though the peers are not all in identical businesses.

Catalysts

• The half-year report for June 2026, filed 2026-08-14, showed trailing operating margin of 19.7% and is the latest full set of results.
• Investor relations events were held on 2026-08-10 and 2026-09-07, giving management a channel to discuss results.
• Several insider shareholding reports were filed between 2026-09-30 and 2026-10-12, which investors may watch for changes in insider holdings.
• 5%+ holding reports were filed on 2026-08-06, 2026-09-01 and 2026-09-04, pointing to changes in large shareholder positions.

Risks

• The 44.2x earnings and 10.3x book multiples leave little room if profit growth slows.
• Trailing free cash flow of negative ₩112.1B shows that profits are not yet turning into free cash.
• Margins have swung before, falling from 18.1% in 2022 to 9.2% in 2023, so earnings have been cyclical.
• The stock rose 59.1% over one year and sits 26.5% below its 52-week high, showing sizeable price volatility.
• Investor flow, foreign ownership, short interest and news data are unavailable, so sentiment and positioning cannot be assessed.

Closing view

The filed numbers show a company with fast-growing revenue, margins near 20% and high returns on equity. The market already values it at a premium: 44.2x earnings and 10.3x book, with a modest 0.2% dividend yield. The balance sheet looks moderate on liabilities, but negative free cash flow and a history of margin swings are worth weighing. Missing flow and news data limit the view, so the evidence points to strong operating momentum paired with high expectations.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationIsupetasys: Rapid Profit Growth Meets a High Valuation Multiple