New Power Plasma뉴파워프라즈마

New Power Plasma shows strong share price gains and a higher trailing profit margin, but its current price sits well above the model's base value.

New Power Plasma makes plasma and RF power components for semiconductor and display equipment, with subsidiaries in defense products, ultra-thin glass and equipment. Trailing twelve-month revenue to H1 2026 is about ₩663.8B with an 8.1% operating margin, up from 5.0% in 2025. The share price closed at ₩14,160 on 2026-10-30, up 123.3% over the past year, and the company carries ₩286.0B of borrowings against ₩100.8B of cash.

What stands out

• Trailing operating margin of 8.1% and net margin of 6.3% are well above the 2025 full-year levels of 5.0% and 1.5%.
• 2025 net income of ₩8.5B fell sharply from ₩22.3B in 2024, even though revenue grew 11.2%.
• The model's base fair value is ₩9,058, below the current price, while the bull case is ₩27,654; the bear case is shown as zero, which the data does not explain.
• Foreign investors sold about ₩19.1B and retail investors about ₩8.8B over the last 20 days, while institutions bought about ₩28.3B; foreign ownership is unchanged at 7.8%.
• Recent filings are mostly 5%+ holding reports and insider shareholding reports, plus an exercise of exchange rights on 2026-10-29; the only news item listed is a MK Signal piece from 2026-10-16.

What to watch

• The full-year 2026 results, which will show whether the higher trailing margin holds.
• Further 5%+ holding and insider shareholding filings, given the recent cluster of them.
• Debt levels: liabilities are 115.4% of equity and borrowings are roughly 2.8 times cash, and the data does not give details on repayment terms.