KOSDAQ · 148150 · Electronic components · ₩148150

Se Gyung Hi Tech세경하이테크

148150 · KOSDAQ · ₩148150 · 세경하이테크

₩3,275▲ ₩25 (0.77%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩6,058

vs the current price (₩3,275)

Enterprise value: ₩137B
Equity value: ₩215B
WACC: 7.4%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 85% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩3,275, the model needs an operating margin of 2.8% every year (it uses 5.2%).
Or revenue growth −17.3 points a year higher than assumed in each of the 5 years.
Margins ranged from 0.6% to 11.9% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
95% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
Today's P/E is 1.9× against a typical 9.8× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩3,023; −7.7%
Base: ₩6,058; +85.0%
Bull: ₩11,381; +247.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (5.2%).

Revenue growth

Revenue growth, year 12.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.2%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation7.6%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending12.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital-10%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.22, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.61%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩296B
Net debt (borrowings and leases − cash and deposits): −₩63B
+ Stakes and investments: ₩15B; Associates, long-term financial assets and deposits (book value)
Shares: 35,542,818
Share price: ₩3,275
Market cap: ₩116B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩304B	₩320B	₩278B	₩303B	₩310B	₩318B	₩327B	₩337B
Growth	16.8%	5.2%	−13.2%	2.2%	2.4%	2.6%	2.8%	3.0%
EBIT	₩36B	₩31B	₩1.8B	₩16B	₩16B	₩17B	₩17B	₩18B
EBIT margin	11.9%	9.8%	0.6%	5.2%	5.2%	5.2%	5.2%	5.2%
After-tax EBIT	₩26B	₩23B	₩1.3B	₩11B	₩12B	₩12B	₩12B	₩13B
+ Depreciation	₩25B	₩23B	₩21B	₩23B	₩24B	₩24B	₩25B	₩26B
− Capital spending	₩15B	₩18B	₩72B	₩37B	₩38B	₩39B	₩40B	₩41B
− Working capital	−₩56B	−₩37B	₩43B	−₩652M	−₩727M	−₩807M	−₩891M	−₩982M
Free cash flow	₩91B	₩65B	−₩93B	−₩1.6B	−₩1.5B	−₩1.5B	−₩1.5B	−₩1.5B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	−₩1.5B	−₩1.3B	−₩1.2B	−₩1.1B	−₩1B

Terminal value ₩204B, worth ₩143B today: 105% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩7,396 a share)Now 0.44×	₩4,7160.64×	₩8,2711.12×	₩13,9911.89×
Price / earnings (last 12 months: ₩1,687 a share)Now 1.94×	₩5,1153.03×	₩16,5459.81×	₩53,38331.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,363 a share)Now 1.39×	₩7,1633.03×	₩23,1709.81×	₩74,76231.6×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.4%	₩6,075	₩6,580	₩7,201	₩7,981	₩8,991
6.9%	₩5,650	₩6,067	₩6,569	₩7,187	₩7,963
7.4%	₩5,293	₩5,643	₩6,058	₩6,558	₩7,173
7.9%	₩4,991	₩5,288	₩5,636	₩6,049	₩6,546
8.4%	₩4,732	₩4,987	₩5,282	₩5,628	₩6,039

Now (TTM)

Market cap: ₩116B
Enterprise value: ₩49B
P/E: 1.9×
P/B: 0.4×
P/S: 0.4×
EV/EBITDA: 1.8×
Dividend yield: 3.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,140	₩8,250	₩6,480	₩3,954	₩9,461
Market cap	₩183B	₩293B	₩230B	₩141B	₩336B
P/E	3.7×	14.3×	6.6×	8.5×	14.9×
P/B	0.8×	1.4×	1.2×	0.8×	2.1×
P/S	0.7×	0.9×	0.8×	0.5×	1.3×
EV/EBITDA	4.6×	2.5×	2.0×	—	—
Dividend yield	1.9%	1.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Se Gyung Hi Tech	1.9×	0.4×	0.4×	1.8×	3.1%
Samsung Electro-Mechanics	89.0×	8.8×	7.2×	—	0.2%
Doosan	36.8×	5.2×	0.7×	—	0.4%
Hanwha Systems	67.9×	2.7×	2.9×	—	0.8%
LG Innotek	13.4×	1.4×	0.4×	—	0.5%
Isupetasys	32.5×	7.6×	5.0×	—	0.0%
Daeduck Electronics	41.5×	6.5×	4.7×	—	0.4%
Similar companies (median)	39.2×	5.8×	3.8×	—	0.4%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Se Gyung Hi Tech / 세경하이테크 / 148150 / KRX:148150

Source: KRX statistical information