New Power Plasma뉴파워프라즈마

New Power Plasma has grown sharply over the past year, with trailing profit now well above its 2025 level, though its shares are volatile and the balance sheet carries significant debt.

New Power Plasma makes plasma power components for semiconductor and display equipment, with subsidiaries in defense parts, foldable-phone glass and equipment. On a trailing basis to the first half of 2026, revenue is about ₩664B and net income about ₩42B, compared with ₩578B and ₩8.5B for full-year 2025. The share price closed at ₩13,220 on 2026-10-26, up 99.4% over one year but well below its 52-week high of ₩14,860.

What stands out

• Trailing revenue of ₩664B and operating margin of 8.1% are above the 2025 full-year operating margin of 5.0%, and net income of ₩42B is about five times 2025's ₩8.5B.
• Liabilities are 115.4% of equity and borrowings total ₩286B against cash of ₩101B, so leverage is a notable feature of the balance sheet.
• The company-provided DCF base value is ₩8,982, below the current price, while the bull value is ₩27,453; the data gives no analyst ratings or targets.
• Valuation is 13.9x trailing earnings and 1.8x book, and the dividend yield is 0.4%.
• Foreign ownership rose from 6.4% to 8.1% over about 60 days, while retail and foreign investors were net sellers over the last 20 days and institutions were net buyers.

What to watch

• The full-year 2026 results and the next quarterly report, to see whether margins and profit hold at the trailing level.
• Movements in the conversion-rights exercises and the frequent 5%+ holding reports, which may affect share count and ownership.
• Debt levels and free cash flow, which were ₩15B on a trailing basis, given the borrowings and the company's exposure to semiconductor and display capital spending cycles.