PJ Electronics피제이전자

PJ Electronics shows a profit recovery in the trailing twelve months, but margins are thin and the shares have roughly doubled from their 52-week low.

PJ Electronics, a KOSDAQ-listed medical and precision devices company, reported trailing twelve-month revenue of about ₩195.7B and net income of about ₩11.3B to H1 2026. Its operating margin is 4.5%, below the 6.1% it reported for 2025, and the company holds about ₩21.6B in cash against ₩20B in borrowings. The share price of ₩5,040 sits well above its 52-week low of ₩3,980 but below its high of ₩12,250.

What stands out

• Trailing net income of about ₩11.3B is higher than the ₩9.4B reported for 2025, while trailing operating income of about ₩8.8B is lower than the ₩11.0B reported for 2025.
• Revenue has grown in each year shown, from about ₩119.9B in 2021 to about ₩178.6B in 2025, with 2025 growth of 5.5%.
• The data gives a DCF-based fair value range of ₩9,169 to ₩27,447 with a base case of ₩16,026, but this is a model output rather than a forecast or recommendation.
• Valuation metrics are low on the data shown: P/E of 6.6, P/B of 0.5, and a dividend yield of 4%, though the peer set is mixed in size and profile.
• Foreign ownership fell from 3.3% to 3.0% over about 60 days, and 20-day flows show foreign net selling while retail buying was positive.

What to watch

• The next quarterly results and whether operating margin recovers toward the 2024 level of 6.4%.
• Follow-up on the corporate value-up plan and share cancellation decision noted in the filings.
• The data does not include analyst coverage, a news flow beyond the filing list, or a management outlook, so these are not known from the data provided.