# LS Electric (010120.KO)

Canonical: https://gigainvestors.com/s/010120.KO

Analysis as of: 2026-10-16T07:34:57.688Z. Financial observations: FY2001–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 155,700.00 per share; close as of 2026-10-15.

Estimated value: low KRW 28,520.86 per share, central KRW 38,937.47 per share, high KRW 45,003.09 per share. Buy at or below the central value KRW 38,937.47 per share. Valuation as of 2026-10-16T07:34:57.688Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.08×

- FY2024: 0.09×

- FY2025: 0.09×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 7.1%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 18.6%

- Recent gross margin (lower of latest and 3-year median): 19.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 8.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.1%

- FY2017: 8.8%

- FY2018: 11.2%

- FY2019: 8.4%

- FY2020: 6.6%

- FY2021: 8.2%

- FY2022: 7.3%

- FY2023: 12.4%

- FY2024: 12.8%

- FY2025: 11.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 910B

- Net income, five-year total: KRW 906B

- Return on incremental invested capital: 63.8%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.1 pp

- Working capital / revenue, final three-year average: 23.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.47×

- FY2022: 0.94×

- FY2023: 0.95×

- FY2024: 0.96×

- FY2025: 0.97×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.8% vs 12.4%

- Per-share earnings: 716.77 to 1615.60 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: KRW 62.51T

- Cumulative retained earnings: KRW 999B

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.3%

- Per-share value change: KRW 898.83

- Per-share value, starting three-year median: KRW 716.77

- Per-share value, ending three-year median: KRW 2K

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 218B

- Cumulative net income, 10 years: KRW 1.41T

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 12.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 550.47

- FY2017: KRW 716.77

- FY2018: KRW 897.22

- FY2019: KRW 708.40

- FY2020: KRW 580.92

- FY2021: KRW 577.91

- FY2022: KRW 615.40

- FY2023: KRW 1K

- FY2024: KRW 2K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -0.3%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.05×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: -1.8%

- FY2018: -3.0%

- FY2019: -4.4%

- FY2020: -8.0%

- FY2021: -0.6%

- FY2022: 7.1%

- FY2023: -0.2%

- FY2024: 0.2%

- FY2025: -0.3%

## Holders

## Price story

Down 80% since Feb 2026 · sales +14.7%

Story as of 2026-10-16T10:00:03.206Z; price observation 2026-10-15.

Price needs cash profits to grow 25.7% a year for ten years

### Sales · FY2025–2026

sales +14.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.34T 

- FY2018: KRW 2.48T 

- FY2019: KRW 2.35T 

- FY2020: KRW 2.40T 

- FY2021: KRW 2.67T 

- FY2022: KRW 3.38T 

- FY2023: KRW 4.23T 

- FY2024: KRW 4.55T 

- FY2025: KRW 4.97T 

- FY2026: KRW 5.69T 

### Gross margin · FY2025

gross margin 21.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.7% 

- FY2017: 18.6% 

- FY2018: 19.3% 

- FY2019: 19.4% 

- FY2020: 18.1% 

- FY2021: 18.3% 

- FY2022: 17.7% 

- FY2023: 18.3% 

- FY2024: 19.9% 

- FY2025: 21.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are KRW 5 trillion.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2025-12-31 (filed 2026-10-16T07:34:57.688Z); FY2025: revenue 4965798552980; grossProfit 1051373281410; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010120.KO: LS ELECTRIC Co., Ltd. provides smart energy solutions in South Korea and internationally. The company offers smart power solutions, including energy management systems, supervisory control and data acquisition systems, distribution management systems, distribution control systems, micro grid systems, and diagnosis solutions; DC, AC, and EC-charger solutions; and LSPS, which performs automatic selection of breakers and determination of protection coordination through fault calculation. It also provides low and medium voltage, dc component, and protection/measurement/meter devices; and power transmission, power distribution, modular substation, and photovoltaic systems, as well as modular scalable platform and energy storage systems. In addition, the company offers smart automation solutions, such as precision plenary gearbox, PLC, servo/motion, HMI, and AC drive (VFD) solution; and smart railway solutions comprising power supply and signaling systems. The company was formerly known as LSIS Co., Ltd. and changed its name to LS ELECTRIC Co., Ltd. in 2020. LS ELECTRIC Co., Ltd. was founded in 1974 and is headquartered in Anyang-Si, South Korea.

### Why customers stay

Margins ranged from 18.3% to 21.2% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2023-12-31 (filed 2026-10-16T07:34:57.688Z); FY2023: grossProfit / revenue = 18.3%.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2024-12-31 (filed 2026-10-16T07:34:57.688Z); FY2024: grossProfit / revenue = 19.9%.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2025-12-31 (filed 2026-10-16T07:34:57.688Z); FY2025: grossProfit / revenue = 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.688Z); 10-year return on capital observations [[2016,0.07142552998536228],[2017,0.08831892997546344],[2018,0.11196623525632422],[2019,0.08417664455602512],[2020,0.0663065353610888],[2021,0.08219246449018229],[2022,0.0734278873560564],[2023,0.12433129284264834],[2024,0.12757437059117607],[2025,0.11613872713597204]]; median 0.08624778726574428. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 18% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.688Z); Gross margin observations: [[2021,0.1825480734504723],[2022,0.1767377783062493],[2023,0.18282395414189548]]; range within 2 percentage points.

### Where the cash goes

Reinvests 32.6% of cash earnings; earns 63.8% on new investment.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2016-12-31 (filed 2026-10-16T07:34:57.688Z); FY2016: growth capex 0; upkeep 56449756330; owner earnings 185777728020. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2017-12-31 (filed 2026-10-16T07:34:57.688Z); FY2017: growth capex 0; upkeep 45602284160; owner earnings 98996034750. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2018-12-31 (filed 2026-10-16T07:34:57.688Z); FY2018: growth capex 0; upkeep 55208449750; owner earnings 149446948830. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2019-12-31 (filed 2026-10-16T07:34:57.688Z); FY2019: growth capex 0; upkeep 82107117100; owner earnings 111773588284. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2020-12-31 (filed 2026-10-16T07:34:57.688Z); FY2020: growth capex 0; upkeep 74193500450; owner earnings 101147461204. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2021-12-31 (filed 2026-10-16T07:34:57.688Z); FY2021: growth capex 0; upkeep 55835899970; owner earnings 124659641088. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2022-12-31 (filed 2026-10-16T07:34:57.688Z); FY2022: growth capex 17932592430; upkeep 102179715240; cash acquisitions 8138845730; owner earnings 85140380220. Growth capex plus acquisitions / owner earnings = 0.30621707458472985.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2023-12-31 (filed 2026-10-16T07:34:57.688Z); FY2023: growth capex 22091907350; upkeep 102087127550; cash acquisitions 16498795000; owner earnings 194638561346. Growth capex plus acquisitions / owner earnings = 0.19826853467848587.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2024-12-31 (filed 2026-10-16T07:34:57.688Z); FY2024: growth capex 37834985690; upkeep 113769202450; cash acquisitions 66034924000; owner earnings 228193969142. Growth capex plus acquisitions / owner earnings = 0.45518253650850904.

- Source: https://eodhd.com/api/fundamentals/010120.KO.json#2025-12-31 (filed 2026-10-16T07:34:57.688Z); FY2025: growth capex 77250353210; upkeep 132316214060; cash acquisitions 13062767000; owner earnings 277187844622. Growth capex plus acquisitions / owner earnings = 0.3258191943198651.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.688Z); Incremental return on capital 0.6379354778731252, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.688Z); Dividend observations: [[2016,29323325130],[2017,23458662230],[2018,32320117900],[2019,35189729680],[2020,35188834980],[2021,32257334060],[2022,29524622370],[2023,32495350600],[2024,82801912020],[2025,87399833610]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 48.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 010120.KO SharesStats.PercentInsiders = 48.531 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 25.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.688Z); Ten-year compound average after fade. Initial solved rate 0.36216509903590877. Price 155700; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 39,150.00 per share

- 2016-11: KRW 38,900.00 per share

- 2016-12: KRW 39,750.00 per share

- 2017-01: KRW 42,150.00 per share

- 2017-02: KRW 43,300.00 per share

- 2017-03: KRW 47,250.00 per share

- 2017-04: KRW 50,800.00 per share

- 2017-05: KRW 54,800.00 per share

- 2017-06: KRW 55,800.00 per share

- 2017-07: KRW 57,800.00 per share

- 2017-08: KRW 58,200.00 per share

- 2017-09: KRW 54,100.00 per share

- 2017-10: KRW 59,900.00 per share

- 2017-11: KRW 61,200.00 per share

- 2017-12: KRW 65,100.00 per share

- 2018-01: KRW 68,900.00 per share

- 2018-02: KRW 55,800.00 per share

- 2018-03: KRW 61,400.00 per share

- 2018-04: KRW 68,600.00 per share

- 2018-05: KRW 77,200.00 per share

- 2018-06: KRW 70,500.00 per share

- 2018-07: KRW 72,500.00 per share

- 2018-08: KRW 71,600.00 per share

- 2018-09: KRW 74,600.00 per share

- 2018-10: KRW 49,150.00 per share

- 2018-11: KRW 51,700.00 per share

- 2018-12: KRW 49,000.00 per share

- 2019-01: KRW 52,400.00 per share

- 2019-02: KRW 53,000.00 per share

- 2019-03: KRW 47,500.00 per share

- 2019-04: KRW 48,100.00 per share

- 2019-05: KRW 48,450.00 per share

- 2019-06: KRW 50,500.00 per share

- 2019-07: KRW 46,200.00 per share

- 2019-08: KRW 45,950.00 per share

- 2019-09: KRW 48,150.00 per share

- 2019-10: KRW 49,750.00 per share

- 2019-11: KRW 50,400.00 per share

- 2019-12: KRW 54,600.00 per share

- 2020-01: KRW 52,700.00 per share

- 2020-02: KRW 43,600.00 per share

- 2020-03: KRW 34,500.00 per share

- 2020-04: KRW 39,100.00 per share

- 2020-05: KRW 45,550.00 per share

- 2020-06: KRW 47,900.00 per share

- 2020-07: KRW 53,600.00 per share

- 2020-08: KRW 54,100.00 per share

- 2020-09: KRW 56,500.00 per share

- 2020-10: KRW 49,600.00 per share

- 2020-11: KRW 55,100.00 per share

- 2020-12: KRW 63,100.00 per share

- 2021-01: KRW 61,500.00 per share

- 2021-02: KRW 57,500.00 per share

- 2021-03: KRW 60,900.00 per share

- 2021-04: KRW 56,900.00 per share

- 2021-05: KRW 56,800.00 per share

- 2021-06: KRW 55,900.00 per share

- 2021-07: KRW 64,900.00 per share

- 2021-08: KRW 68,600.00 per share

- 2021-09: KRW 66,700.00 per share

- 2021-10: KRW 58,900.00 per share

- 2021-11: KRW 52,500.00 per share

- 2021-12: KRW 55,800.00 per share

- 2022-01: KRW 48,800.00 per share

- 2022-02: KRW 42,950.00 per share

- 2022-03: KRW 45,150.00 per share

- 2022-04: KRW 47,850.00 per share

- 2022-05: KRW 51,200.00 per share

- 2022-06: KRW 57,600.00 per share

- 2022-07: KRW 58,000.00 per share

- 2022-08: KRW 55,800.00 per share

- 2022-09: KRW 46,700.00 per share

- 2022-10: KRW 55,000.00 per share

- 2022-11: KRW 57,700.00 per share

- 2022-12: KRW 56,400.00 per share

- 2023-01: KRW 53,300.00 per share

- 2023-02: KRW 50,200.00 per share

- 2023-03: KRW 56,500.00 per share

- 2023-04: KRW 63,200.00 per share

- 2023-05: KRW 63,700.00 per share

- 2023-06: KRW 79,300.00 per share

- 2023-07: KRW 105,700.00 per share

- 2023-08: KRW 99,800.00 per share

- 2023-09: KRW 93,400.00 per share

- 2023-10: KRW 64,000.00 per share

- 2023-11: KRW 75,700.00 per share

- 2023-12: KRW 73,200.00 per share

- 2024-01: KRW 70,400.00 per share

- 2024-02: KRW 64,100.00 per share

- 2024-03: KRW 97,800.00 per share

- 2024-04: KRW 176,600.00 per share

- 2024-05: KRW 213,500.00 per share

- 2024-06: KRW 220,500.00 per share

- 2024-07: KRW 184,000.00 per share

- 2024-08: KRW 166,900.00 per share

- 2024-09: KRW 163,300.00 per share

- 2024-10: KRW 146,300.00 per share

- 2024-11: KRW 144,000.00 per share

- 2024-12: KRW 160,800.00 per share

- 2025-01: KRW 231,000.00 per share

- 2025-02: KRW 240,000.00 per share

- 2025-03: KRW 175,300.00 per share

- 2025-04: KRW 203,500.00 per share

- 2025-05: KRW 252,500.00 per share

- 2025-06: KRW 299,000.00 per share

- 2025-07: KRW 310,500.00 per share

- 2025-08: KRW 284,500.00 per share

- 2025-09: KRW 284,500.00 per share

- 2025-10: KRW 435,000.01 per share

- 2025-11: KRW 460,000.01 per share

- 2025-12: KRW 460,000.01 per share

- 2026-01: KRW 566,000.01 per share

- 2026-02: KRW 787,000.01 per share

- 2026-03: KRW 718,000.01 per share

- 2026-04: KRW 278,000.00 per share

- 2026-05: KRW 241,500.00 per share

- 2026-06: KRW 238,000.00 per share

- 2026-07: KRW 184,800.00 per share

- 2026-08: KRW 207,500.00 per share

- 2026-09: KRW 205,000.00 per share

- 2026-10: KRW 179,200.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 9,059.49 per share, central KRW 10,000.66 per share, high KRW 11,253.57 per share

- FY2017: low KRW 9,764.61 per share, central KRW 10,782.11 per share, high KRW 12,136.61 per share

- FY2018: low KRW 12,738.37 per share, central KRW 14,100.61 per share, high KRW 15,914.05 per share

- FY2019: low KRW 11,764.77 per share, central KRW 12,913.60 per share, high KRW 14,442.94 per share

- FY2020: low KRW 12,911.23 per share, central KRW 14,087.38 per share, high KRW 15,653.10 per share

- FY2021: low KRW 13,869.64 per share, central KRW 15,150.92 per share, high KRW 16,856.57 per share

- FY2022: low KRW 15,191.70 per share, central KRW 16,812.08 per share, high KRW 18,969.14 per share

- FY2023: low KRW 21,617.41 per share, central KRW 29,338.34 per share, high KRW 33,834.25 per share

- FY2024: low KRW 23,559.17 per share, central KRW 31,816.40 per share, high KRW 36,624.59 per share

- FY2025: low KRW 26,135.85 per share, central KRW 35,233.99 per share, high KRW 40,531.86 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:32.096Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.