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KREDKRED
043260KOSDAQ

Sungho Electronics

32,650
+300 (+0.93%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Sungho Electronics was established in 1973 as Jinyoung Electronics and changed its name in 2000. The company is listed on the KOSDAQ market and is headquartered in Seoul.

The company operates power supply and capacitor business segments. It supplies power supply units for printers, home appliances, and electric vehicles. It also produces film capacitors and deposition films for digital TVs, data centers, and energy storage systems.

Business overview as filed

당사는 파워사업과 콘덴서사업 등 크게 2개 사업부 체제로 운영되고 있습니다. (1)파워사업파워(전원공급장치) 사업은 프린터, 복합기, 보일러, 생활가전, LED 조명은 물론 태양광과 수소차·전기차, 전기오토바이 및 충전장치용으로 적용처를 넓혀 나가고 있습니다.(2)콘덴서사업콘덴서 사업은 디지털 TV, PC, 노트북, 가전제품, 게임 콘솔뿐 아니라 데이터 센터, ESS(에너지저장장치), 전기차 및 충전소 등 부가가치가 높은 시장을 잇따라 개척하며 성장동력을 확충해 나가고 있습니다. 당사가 주력하는 필름콘덴서는 절연체로 필름을 쓴 고부가가치 제품입니다. 필름콘덴서의 핵심 원료인 증착필름을 직접 생산하는 게 핵심 경쟁력 중 하나입니다. (3)시장점유율객관적인 시장 규모를 발표하는 연구기관의 자료나 통계가 없기 때문에 당사의 객관적인 시장 점유율은 산출하기 어렵습니다. (4) 조직도 성호전자 조직도.jpg 성호전자 조직도

Company overview

가. 회사의 법적, 상업적 명칭당사의 명칭은 성호전자주식회사입니다. 영문으로는 Sungho electronic Co.,Ltd.로 표기합니다.

나. 설립일자 및 존속기간

당사는 1973년 5월 15일 진영전자로 설립됐습니다. 2000년 2월 28일 성호전자주식회사로 사명을 변경했습니다. 코스닥시장에는 2001년 11월 상장했습니다.

다. 본사의 주소, 전화번호 및 홈페이지 - 주 소 : 서울시 금천구 가산디지털1로 205-15, 1301호, 1302호, 1401호 - 전 화 번 호 : 02-2104-7530 - 홈페이지주소 : www.sungho.net

라. 중소기업 해당 여부당사는 본 보고서 제출일 현재 중소기업기본법 제 2조에 의한 중소기업에 해당합니다.

마.주요사업의 내용

당사는 전원공급장치, 필름콘덴서, 증착필름 제조업을 영위하고 있습니다. 전원공급장치는 전기에너지를 안정적으로 변환해 각종 전자제품에 전원을 공급해주는 장치입니다. 필름콘덴서는 필름을 절연체로 쓴 콘덴서로, 필요한 때 전기를 방출해 전자제품의 원활한 작동을 돕는 핵심 부품입니다. 증착필름은 필름콘덴서 등의 소재입니다.

당사의 정관에 명기된 사업 목적은 다음과 같습니다.

기타 주요사업과 관련한 자세한 사항은 동 보고서의 'Ⅱ. 사업의 내용'을 참조 하시기 바랍니다.

바. 연결대상 종속회사 개황

(연결 재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)

(1)연결대상 종속회사 현황(요약)

(2)연결대상회사의 변동내용

사. 중소기업 등 해당 여부

아. 신용 평가에 관한 사항 당사는 이크레더블과 한국기업데이터, 나이스평가정보로 부터 신용 평가를 받고 있습니다. 2025년 기말 현재 신용 평가 등급은 아래와 같습니다.

자. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

9.78%
[4.71%, 20.57%] · As of 2026-10-01
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 77.7% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.27
Beta [0.96, 1.57] · KOSDAQ150 · As of 2026-10-07
Intercept
+1.635%[+0.547%, +2.723%]
R squared
0.24
Observations
252
Trading-time corrected beta
1.17[0.63, 1.71]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M8048779239149931,0721,3321,5362,0812,0732,3162,670
Revenue growth%—9.095.21-0.988.687.9624.2815.2835.48-0.3511.70—
Operating incomeKRW 100M21991-312812202596376147
Operating income growth%—1,129.29-53.90-83.00-2,167.90—-56.6766.271,164.00-75.5919.64—
Net incomeKRW 100M-3375-16-5113632-42176819103,614
Net income growth%——-30.24-434.69——-76.76-232.27—-54.071,027.22—
Attributable to ownersKRW 100M-27-12-19———————910—
Attributable to minoritiesKRW 100M000—————5413
Operating margin%0.192.160.950.16-3.102.650.921.3312.433.043.265.52
Net margin%-4.110.800.53-1.80-5.1012.722.38-2.738.453.9039.31135.34
ROE%-6.36-2.81-4.85———————36.27—
ROA%-3.350.730.54-1.69-5.299.631.59-1.816.522.2015.6726.58
Debt ratio%131.74131.82130.36129.56132.4394.01114.08179.70164.44156.03128.77223.13
Current ratio%92.5892.5995.7697.6194.63120.25155.47155.27116.76113.0587.23110.45
Quick ratio%53.1052.5755.7351.8362.2990.1763.1390.7786.3384.8668.6498.02
Reserve ratio%51.2552.4755.4442.4513.0468.1481.7067.43132.41248.93485.331,321.45
Free cash flowKRW 100M——7-2362-68-242247-16-111155—
FCF margin%——0.75-2.576.29-6.31-18.1816.08-0.77-5.366.71—
OCF conversion%—1,053.50794.62——4.25-367.76—25.83311.7622.06—
Capex to revenue%——3.473.683.416.859.439.582.9517.501.96—
Receivable daysdays—95.197.999.586.284.886.392.393.6121.5131.9—
Inventory daysdays—99.495.9106.282.267.4144.2194.8120.896.791.4—
Payable daysdays—60.564.862.249.250.648.062.463.667.669.9—
Cash conversion cycledays—133.9129.1143.5119.1101.6182.4224.6150.7150.6153.5—
EPSKRW-1152417-56-148—60-853641471,343—
PERx—50.0056.24———26.58—3.847.636.88—
BPSKRW—1,4041,3391,3671,1561,3851,7391,5541,8942,3343,5365,828
PBRx—0.850.710.650.711.100.920.760.740.482.615.09
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
2,316
Cost of sales
1,873
Gross profit
443
Non-operating income
1,098
SG&A expenses
367
Operating income
76
Profit before tax
1,173
Net income
910
Income tax expense
263

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
9859609109709571,4161,9892,3212,6993,6735,811
5605465155485456861,0601,4911,6782,2393,271
4254143954234127309298301,0211,4352,540

Income statement

20152016201720182019202020212022202320242025
8048779239149931,0721,3321,5362,0812,0732,316
21991-312812202596376
-3530-17-5315334-562291311,173
-3375-16-5113632-4217681910
Basic earnings per shareKRW-1152417-56-148Not applicable60-853641471,343
Diluted earnings per shareKRW-1152416-56-148Not applicable60-85328145*-16
-27-12Not applicable18-47212189-47196161948

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-3375-16-5113632-4217681910
Total adjustments to operating cash flowcomputed8673427147-131-148436-130171-710
-2574391096*6-11739445252201
29-36-20-34-94-232-123-247-35-968-894
-23-57-252417*21727216995607617
Cash at beginning of periodKRW 100M5335151010291952368476369
35151010291952368376*369296
Net change in cash and cash equivalentsKRW 100M-18-19-5019-1032316108-107-73

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 53이촌회계법인2025-12-31
2024적정의견Term 52이촌회계법인2025-12-31
2023적정의견Term 51정동회계법인2025-12-31
2021적정Term 49정동회계법인2022-12-31
2020적정Term 48이촌회계법인2022-12-31
2019적정Term 47이촌회계법인2019-12-31
2018적정이촌회계법인2019-12-31
2017적정Term 45이촌회계법인2019-12-31
2016적정Term 44이촌회계법인2016-12-31
2015적정Term 43이촌회계법인2016-12-31
2014적정Term 42이촌회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.91
%
%
Cost of equity8.93%
Weighted average cost of capital8.93%
Initial growth36.3%
Effective tax rate22.4%
Base fiscal year2025
Current priceKRW32,650

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF9,201-71.8%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM42,798+31.1%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.91 × 5.00% = 8.93%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(36.27% × (1 − 0.00%), 0) = 36.27%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 3,536 KRW, ROE = 36.27%, payout ratio = 0.00%, r = 8.93%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
13,5361,2833169670.9180887
24,8181,7484301,3170.84271,110
36,5662,3825871,7950.77361,389
48,9483,2467992,4460.71011,737
512,1934,4231,0893,3330.65192,173
Terminal value49,0350.651931,966

P_0 = 3,536 + 7,296 + 31,966 = 42,798 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 200.9 − 45.4 + 69.6 × (1 − 22.41%) = 209.5 KRW hundred million

Weighted average cost of capital

E = 23,156.3, D = 36.4 KRW hundred million; equity weight = 99.84%, debt weight = 0.16%; cost of debt k_d = 8.93%

WACC = 99.84% × 8.93% + 0.16% × 8.93% × (1 − 22.41%) = 8.93%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
136.27%285.50.9180262.1
227.70%364.60.8427307.3
319.14%434.40.7737336.1
410.57%480.30.7102341.1
52.00%489.90.6520319.4
Terminal value2.00%7,209.70.65204,700.7
Total6,266.6

Firm value = 6,266.6; less borrowings 36.4; plus cash 295.7 → 6,525.9 KRW hundred million

P_0 = 6,525.9 KRW hundred million ÷ 70,922,823 (shares) = 9,201 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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