KOSPI · 195870 · Electronic components · ₩195870

Haesung DS해성디에스

195870 · KOSPI · ₩195870 · 해성디에스

₩44,650▲ ₩3,100 (7.46%)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

₩24,797

vs the current price (₩44,650)

Enterprise value: ₩551B
Equity value: ₩422B
WACC: 9.0%

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 44% 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 ₩44,650, the model needs an operating margin of 17.2% every year (it uses 11.9%).
Or revenue growth +13.8 points a year higher than assumed in each of the 5 years.
Analysts' forecasts for 2026: revenue ₩907B, operating profit ₩106B (11.7% margin) (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩1T, operating profit ₩151B (14.5% margin) (1 broker). The model starts from the last 12 months reported.
Margins ranged from 7.1% to 24.4% 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.
Today's P/E is 14.2× against a typical 8.9× 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: ₩12,330; −72.4%
Base: ₩24,797; −44.5%
Bull: ₩44,750; +0.2%

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 (11.9%).

Revenue growth

Revenue growth, year 1-8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-5.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8% 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 (-8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin11.9%
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 & amortisation15.8%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending19.8%
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 capital22.8%
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.
Beta1.05
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 1.08, 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): ₩758B
Net debt (borrowings and leases − cash and deposits): ₩130B
Shares: 17,000,000
Share price: ₩44,650
Market cap: ₩759B

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	₩672B	₩603B	₩653B	₩698B	₩661B	₩644B	₩645B	₩665B
Growth	−19.9%	−10.3%	8.4%	−8.0%	−5.3%	−2.5%	0.2%	3.0%
EBIT	₩103B	₩57B	₩46B	₩83B	₩79B	₩77B	₩77B	₩79B
EBIT margin	15.2%	9.4%	7.1%	11.9%	11.9%	11.9%	11.9%	11.9%
After-tax EBIT	₩74B	₩41B	₩34B	₩60B	₩57B	₩56B	₩56B	₩57B
+ Depreciation	—	—	—	₩110B	₩104B	₩102B	₩102B	₩105B
− Capital spending	₩98B	₩159B	₩120B	₩138B	₩131B	₩128B	₩128B	₩132B
− Working capital	−₩47B	₩17B	₩59B	−₩14B	−₩8.4B	−₩3.8B	₩294M	₩4.4B
Free cash flow	—	—	—	₩46B	₩39B	₩34B	₩30B	₩26B
Discount factor	—	—	—	0.917	0.841	0.771	0.708	0.649
Present value	—	—	—	₩42B	₩33B	₩26B	₩21B	₩17B

Terminal value ₩635B, worth ₩412B today: 75% 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 ₩33,993 a share)Now 1.31×	₩26,3850.78×	₩57,7911.70×	₩102,5983.02×
Price / earnings (last 12 months: ₩3,152 a share)Now 14.2×	₩15,6824.98×	₩28,1688.94×	₩110,89235.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,489 a share)Now 9.95×	₩22,3354.98×	₩40,1198.94×	₩157,94035.2×

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%
8.0%	₩26,757	₩28,416	₩30,346	₩32,618	₩35,337
8.5%	₩24,376	₩25,763	₩27,357	₩29,210	₩31,393
9.0%	₩22,296	₩23,465	₩24,797	₩26,327	₩28,107
9.5%	₩20,464	₩21,458	₩22,580	₩23,857	₩25,326
10.0%	₩18,837	₩19,688	₩20,642	₩21,718	₩22,944

Now (TTM)

Market cap: ₩759B
Enterprise value: ₩889B
P/E: 14.2×
P/B: 1.3×
P/S: 1.0×
EV/EBITDA: —
Dividend yield: 2.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩55,700	₩23,400	₩55,400	₩35,850	₩48,850
Market cap	₩947B	₩398B	₩942B	₩609B	₩830B
P/E	39.8×	6.8×	11.2×	3.8×	11.7×
P/B	1.7×	0.7×	1.8×	1.4×	2.8×
P/S	1.4×	0.7×	1.4×	0.7×	1.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.6%	3.4%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Haesung DS	14.2×	1.3×	1.0×	—	2.0%
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: Haesung DS / 해성디에스 / 195870 / KRX:195870

Source: KRX statistical information