JONBUR Research · Update note
You're reading an earlier report from Oct 21, 2026. See the latest report
LS Electric · 010120 · Electrical equipment
LS Electric Q3 2026 Preliminary Earnings: Operating Profit More Than Doubles Year on Year
LS Electric reported preliminary Q3 2026 consolidated operating profit of ₩233.5B, up 131.7% from a year earlier, on revenue of ₩1.88T. This strengthens the operating-improvement part of the previous report's thesis, but the share price and multiples have moved a long way since that report.
Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
What happened
In its preliminary consolidated results for July to September 2026, LS Electric reported revenue of ₩1.88T, up 54.4% from ₩1.22T a year earlier and up 19.1% from ₩1.58T in the second quarter.
Operating profit was ₩233.5B, versus ₩100.8B a year earlier (+131.7%) and ₩178.5B in the prior quarter (+30.8%). That implies an operating margin of about 12.4% for the quarter, from our calculation on the filed figures. Net income was ₩142.8B, up 116.8% year on year. Net income attributable to owners of the parent was ₩141.2B, up 112.7%.
For the first nine months, revenue was ₩4.83T (+40.4%) and operating profit was ₩538.6B (+81.5%). Net income was ₩377.6B (+88.4%). The company notes that these are preliminary figures and may differ from the final ones.
As background, filings in October also show several major supply contracts, including ones announced on October 1, 13 and 19, though this note does not rely on their terms.
Every earlier JONBUR Research report and update note on LS Electric, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩0
- -100%
- Base
- ₩9,113
- -94%
- Bull
- ₩25,969
- -83%
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.
Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 9.2%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions
Filings and data used
- Preliminary earnings (consolidated)Oct 21, 2026
- Investor relations (IR) eventOct 21, 2026
- Investor relations (IR) eventOct 21, 2026
- Major sales or supply contractOct 19, 2026
- Advance Notice of Earnings Results Disclosure (Informational Disclosure)Oct 16, 2026
- Major sales or supply contractOct 13, 2026
- Quarterly Disclosure of Short-Term Financial Product Transactions with Affiliated Financial Companies as CounterpartiesOct 2, 2026
- Major sales or supply contractOct 1, 2026
- Bonus share issue decisionSep 22, 2026
- Disclosure of Transaction Counterparty of Affiliated Financial Company under Standard Terms of TransactionAug 27, 2026
- Related-party transactionAug 27, 2026
- Disclosure on Large Business Group Status [Quarterly Disclosure (For Individual Company)]Aug 27, 2026
- LS Electric Wins U.S. Data Center Supply DealOct 19, 2026
- LS Electric Wins Order for Power Distribution Equipment for US AI Data CenterOct 19, 2026
- LS Electric wins 170 bln-won U.S. switchgear dealOct 19, 2026
- iM: "LS ELECTRIC Orders from North American Data Centers Surge… Projects ₩6T New Orders This Year"Oct 18, 2026
- LS Electric Wins $138 Million US Data Center DealOct 13, 2026
- LS Electric lands $138.5m US power equipment dealOct 13, 2026
- LS Electric secures 185.3 bln-won transformer deal in U.S.Oct 13, 2026
- Daily prices up to 2026-10-20
- Financial statements, trailing 12 months as of H1 2026
- Our fair value model, statements as of TTM to H1 2026
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