CS Wind: Strong Share Price Rebound Alongside Thin Net Profit and a Very High P/E

Thesis

The data supports an operating recovery: trailing operating income of ₩296.2B on revenue of ₩2.78T gives a 10.7% margin, above the 8.3% in 2024 and 6.9% in 2023. Free cash flow is positive at ₩276.3B. The data does not show that this has reached the bottom line. Trailing net income is ₩4.3B, a net margin of 0.2% and ROE of 0.4%, so the gap between operating and net profit is large. The data does not explain the reason for the gap. The shares trade at 1.8 times book value and 0.8 times sales, while the P/E of 540.0 mainly reflects the very small net profit. Recent filings show a treasury share sale decision, an insider shareholding report, 5%+ holding reports, a major sales or supply contract and several IR events. Their details are not in the data, so their effect cannot be judged.

Business overview

CS Wind is listed on KOSPI in the metal products sector. It was founded on 2006-08-16 and listed on 2014-11-27, with 42,171,403 listed shares. The CEO is listed as 방성훈. Revenue grew from ₩1.20T in 2021 to ₩1.37T in 2022 and ₩1.52T in 2023, then roughly doubled to ₩3.07T in 2024 (up 102.1%). It slipped to ₩2.93T in 2025 (down 4.6%). The trailing twelve months to H1 2026 show ₩2.78T. The data gives no product or customer breakdown.

Financial analysis

These figures come from filed financial statements (DART). Operating income rose from ₩42.1B in 2022 to ₩104.7B in 2023, ₩255.5B in 2024 and ₩320.3B in 2025, an operating margin of 10.9% in 2025. Net income was more volatile: ₩142.3B in 2024 (ROE 13.9%), then ₩34.7B in 2025 (ROE 3.0%). Net income was a loss of ₩1.0B in 2022 and ₩19.9B in 2023. The trailing figure to H1 2026 is ₩4.3B. On the balance sheet, liabilities to equity are 161.7%, cash is ₩432.9B and borrowings are ₩776.6B, so borrowings exceed cash by about ₩343.7B. Trailing free cash flow is ₩276.3B. A filing on 2026-08-10 concerned debt guarantees for others, but its amounts are not in the data.

Valuation

The trailing P/E is 540.0, P/B 1.8 and P/S 0.8. The dividend yield is 1.8%. Enterprise value is ₩2.68T, and EV/EBITDA is not available. At the end of 2025 the P/E was 50.6 and the P/B 1.5, so P/E is far higher now because net income has fallen further, while P/B has risen modestly. Earlier year-end multiples are not available. Peers listed are Hankuk Carbon (market cap ₩966.0B), NK (₩689.4B), Taewoong (₩659.2B), YG-1 (₩393.8B) and Bosung Power Technology (₩312.5B). They have no P/E or P/B in the data, so a multiple comparison is not possible. CS Wind's market cap is larger than each of them.

Catalysts

• The 2026-10-07 treasury share sale decision could affect share supply, but its size and purpose are not in the data.
• The 2026-09-07 major sales or supply contract filing may signal future revenue, though the value is not given.
• Several IR events in August and September 2026 show active investor communication, though their content is not available.
• The 5%+ holding reports on 2026-08-21 and 2026-10-02 and the insider shareholding report on 2026-10-06 point to changes in ownership.
• The next financial results will show whether the 10.7% operating margin carries through to net income.

Risks

• Net income of ₩4.3B against operating income of ₩296.2B shows that large costs below the operating line are weighing on earnings.
• Revenue fell 4.6% in 2025 and the trailing figure of ₩2.78T is below the 2024 level of ₩3.07T.
• Liabilities to equity of 161.7% and borrowings of ₩776.6B leave the company exposed to financing costs.
• The 33.8% three-month gain leaves the price 30.2% below the 52-week high of ₩79,400 but 60.6% above the low of ₩34,500, which shows wide price swings.
• Investor flows, foreign ownership, short balance, peer multiples and news are not available, which limits the view of market sentiment.

Closing view

The data shows a company with improving operating profitability and positive free cash flow, but with very weak net earnings and meaningful debt. The P/E of 540.0 reflects thin profit rather than a stable earnings base, while P/B of 1.8 is only slightly above the 1.5 recorded at the end of 2025. Several recent filings could matter, yet their details are missing. How much operating profit reaches net income will be the key point to watch in coming reports.

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, 2026InitiationCS Wind: Strong Share Price Rebound Alongside Thin Net Profit and a Very High P/E