Leeno Industrial: High Margins and Rising Earnings, Shares Below 52-Week High but Up 45.4% Over a Year

Thesis

The data supports a picture of a highly profitable KOSDAQ electronic components company whose revenue and profit have grown for two straight years after a dip in 2023. Operating margin has risen from 41.8% in 2021 to 49.3% in the latest twelve months, and ROE is 26.8%.

What the data does not settle is whether this growth continues. Trailing P/E of 31.7 and P/B of 7.7 are above the year-end 2025 levels of 30.2 and 6.3. Investor flows, foreign ownership, short balance and news headlines are not available, so we cannot say who is driving the recent price moves.

Business overview

Leeno Industrial (code 058470) was founded on 1996-12-20 and listed on KOSDAQ on 2001-12-18. It is classified in the data as electronic components, with 76,211,850 listed shares and a market capitalization of about ₩5.95T. Revenue was ₩280.2B in 2021, ₩322.4B in 2022, ₩255.6B in 2023, ₩278.2B in 2024 and ₩372.5B in 2025. The data does not describe products or customers.

Financial analysis

All figures come from filed financial statements (DART). Revenue grew 33.9% in 2025 after 8.8% in 2024 and a 20.7% fall in 2023. Operating income was ₩177.0B in 2025 (47.5% margin) against ₩124.2B in 2024 (44.6%). Net income reached ₩152.0B in 2025, up from ₩113.3B.

Over the twelve months to H1 2026, revenue was ₩424.6B, operating income ₩209.4B and net income ₩187.8B, giving an operating margin of 49.3% and a net margin of 44.2%. ROE was 26.8%, versus 22.4% in 2025.

The balance sheet is conservative: liabilities to equity are 10.3%, cash is ₩86.8B and free cash flow is ₩98.5B. Borrowings data is not available.

Valuation

At ₩78,100 the stock trades at a P/E of 31.7, P/B of 7.7 and P/S of 14.0, with a dividend yield of 1.0%. Enterprise value is about ₩5.87T. EV/EBITDA is not available. The only historical reference is year-end 2025, when P/E was 30.2 and P/B 6.3, so current multiples are modestly higher on both.

Among the listed peers, P/E ranges from 17.1 (LG Innotek) to 110.2 (Samsung Electro-Mechanics), with Isupetasys at 44.2, Doosan at 54.9 and Hanwha Systems at 80.8. Leeno's 31.7 is below four of five peers. Its P/B of 7.7 matches Doosan's 7.7 and sits below Samsung Electro-Mechanics (10.9) and Isupetasys (10.3) but above LG Innotek (1.8) and Hanwha Systems (3.2). Peers differ widely in business, so the comparison is only a rough guide.

Catalysts

• The half-year report for June 2026, filed 2026-08-14, showed trailing operating margin at 49.3%, and the next periodic filing will update that trend.
• An investor relations event was held on 2026-08-21, shortly after the half-year report.
• Several 5%+ holding reports were filed between June and October 2026, most recently on 2026-10-01 and 2026-10-07, indicating changes in large shareholder positions, though the data does not show their direction.
• The share price rose 17.6% over one month and 8.0% over three months, which may reflect shifting market interest.

Risks

• The stock is still about 39.5% below its 52-week high of ₩129,000, showing large price swings within the year.
• Revenue fell 20.7% in 2023, a reminder that sales have not grown every year.
• Valuation multiples (P/E 31.7, P/B 7.7) are higher than at year-end 2025, which leaves less room if earnings growth slows.
• Investor flows, foreign ownership, short balance and news are not available in the data, limiting visibility on market positioning.
• Operating margins near 49% are well above the 41.8% of 2021, and the data does not show whether that level is sustainable.

Closing view

The filed numbers show a company with strong and improving profitability, a very light balance sheet and solid cash generation. The share price has recovered over the past year but remains well below its peak, and valuation multiples have edged up from year-end 2025 while sitting in the middle of the peer range. Missing data on flows, ownership and news means the picture is incomplete, and the 2023 revenue decline shows results can turn. This report is informational and offers no recommendation.

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, 2026InitiationLeeno Industrial: High Margins and Rising Earnings, Shares Below 52-Week High but Up 45.4% Over a Year