JONBUR Research · Initiation
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LS Electric · 010120 · Electrical equipment
LS Electric: Earnings Growth Continues While Share Price Falls Sharply Over One Year
LS Electric's filed financials show five years of rising revenue and margins, with trailing revenue of ₩5.7T and an operating margin of 9.4%. The share price closed at ₩183,600, down 39.2% over one year, and the stock trades at 14.2x earnings versus 48.1x at the end of 2025.
Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a picture of steady operational improvement. Revenue grew from ₩2.7T in 2021 to ₩5.0T in 2025, and the trailing twelve months to H1 2026 reached ₩5.7T. Operating margin rose from 5.8% in 2021 to 9.4% on a trailing basis, and ROE moved from 5.7% to 19.6%.
The share price tells a different story. It is down 10.2% over one month and 39.2% over one year. The data lists a 52-week high of ₩907,000, but the 52-week low is shown as ₩0, which looks like a data gap, so the price range should be read with caution. The price history also coincides with a bonus share issue decision on 2022-09-22 in the filing list (dated 2026-09-22), which may affect how price comparisons should be read, though the data does not give the terms. Investor flow, foreign ownership and short balance data are not available, so we cannot say who has been trading the stock.
Free cash flow is negative at -₩186.8B on a trailing basis, which shows growth is consuming cash.
Business overview
LS Electric is a KOSPI-listed electrical equipment company, founded on 1974-07-24 and listed on 1994-07-11. It has 30,000,000 listed shares and a market capitalization of ₩5.5T. The co-CEOs listed are 구자균 and 채대석.
Revenue has grown every year in the data: ₩2.7T in 2021, ₩3.4T in 2022, ₩4.2T in 2023, ₩4.6T in 2024 and ₩5.0T in 2025. Peers in the data include HD Hyundai Electric, Hyosung Heavy Industries, Sanil Electric, Taihan Cable & Solution and Gaon Cable. The data does not describe product lines or segment mix.
Every earlier JONBUR Research report and update note on LS Electric, with Pro.
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Report history
- Oct 21, 2026Update noteModel fair value changeLS Electric: Model Fair Value Estimate Rises to ₩28,422 per Share from ₩9,113
- Oct 21, 2026Update noteEarningsLS Electric Q3 2026 Preliminary Earnings: Operating Profit More Than Doubles Year on Year
- Oct 13, 2026InitiationLS Electric: Earnings Growth Continues While Share Price Falls Sharply Over One Year
Source: KRX statistical information