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BH Co., Ltd. (090460) AI Stock Analysis

KR:090460

BH Co., Ltd.

(Korea Exchange:090460)

Select Model
Rating:60Neutral
Price Target:KRW 18,344.00â–²(13.37% Upside)
Action:initiatedcoverage
Date:10/28/26

The score is driven mainly by improving financial performance (revenue and earnings rebound with a solid balance sheet) and supportive valuation (low P/E). These positives are meaningfully offset by weak technicals, with price below key moving averages and negative MACD, and by ongoing concerns about profitability stability and cash conversion.

Positive Factors
Revenue ReboundThe sharp TTM revenue expansion indicates that BH has regained demand and business activity after a weaker period. Continued top-line growth can improve operating leverage, support investment in electronic components, and strengthen the company’s position with device manufacturers over the next several quarters.
Negative Factors
Margin VolatilityProfitability has recovered from 2025 but has not returned to earlier-cycle levels, showing that earnings power remains inconsistent. Persistently lower margins can limit operating leverage, reduce the benefit of revenue growth, and make future earnings more sensitive to changes in business conditions.

BH Co., Ltd. (090460) vs. SPDR S&P 500 ETF (SPY)

-50%-25%0%25%50%75%100%125%150%KR:090460-7.56%SPY+11.79%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
KRW 535.71B
Dividend Yield
1.55%
Average Volume (3M)
1.01M
Price to Earnings (P/E)
6.3
Beta (1Y)
0.75
Revenue Growth
8.60%
EPS Growth
3268.90%
Country
KR
Employees
1,077
Sector
General
Sector Strength
55
Industry
Hardware, Equipment & Parts

BH Co., Ltd. Business Overview & Revenue Model

Company Description

BH Co., Ltd. engages in the fabrication and distribution of flexible printed circuit boards (FPCBs) along with their complementary components. These versatile circuits are essential for a wide array of modern technologies, including mobile phones, la...

BH Co., Ltd. Financial Statement Overview

Summary

Financials show a rebound with sharply higher TTM revenue and improved net margin (~4.4% vs ~1.7% in 2025). The balance sheet is a relative strength with moderate leverage (debt-to-equity ~0.37) and rising equity, but profitability and cash quality remain inconsistent: margins are still below prior peaks and free cash flow conversion is weak (FCF ~43% of net income) with historically uneven cash generation.

Income Statement

67Positive

Balance Sheet

74Positive

Cash Flow

62Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue1.86T1.79T1.75T1.59T1.68T1.04T
Gross Profit181.46B156.49B166.31B155.70B192.85B100.46B
EBITDA161.56B117.83B177.53B159.30B213.86B142.98B
Net Income82.11B31.03B67.03B90.69B143.92B81.74B
Balance Sheet
Total Assets1.46T1.37T1.32T1.09T1.01T793.40B
Cash, Cash Equivalents and Short-Term Investments299.41B289.91B228.93B140.01B126.35B99.62B
Total Debt296.34B276.02B248.84B199.42B176.43B148.89B
Total Liabilities606.88B579.68B578.97B438.80B431.68B385.42B
Stockholders Equity799.30B748.41B715.07B639.69B560.73B407.98B
Cash Flow
Free Cash Flow100.86B51.17B99.13B40.27B8.79B-8.10B
Operating Cash Flow234.30B159.16B186.54B111.67B197.38B33.14B
Investing Cash Flow-123.28B-131.03B-88.53B-53.26B-239.98B-35.34B
Financing Cash Flow58.22B31.36B-10.21B-9.97B35.09B36.34B

BH Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative
Last Price16180.00

Price Trends

50DMA18874.40Negative
100DMA19304.60Negative
200DMA21529.20Negative

Market Momentum

MACD-742.07Positive
RSI39.28Neutral
STOCH48.95Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KR:090460, the sentiment is Negative. The current price of 16180.00 is below the 20-day moving average (MA) of 18546.50, below the 50-day MA of 18874.40, and below the 200-day MA of 21529.20, indicating a bearish trend. The MACD of -742.07 indicates Positive momentum. The RSI at 39.28 is Neutral, neither overbought nor oversold. The STOCH value of 48.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KR:090460.

BH Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

KR:090460 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
KR:353200KR:35320067NeutralKRW 5.95T40.44―0.42%55.50%594.59%
KR:007810KR:00781064NeutralKRW 1.68T21.82―0.15%21.16%―
KR:007660KR:00766060NeutralKRW 6.18T30.76―0.27%41.87%75.09%
KR:009150KR:00915060NeutralKRW 88.13T72.64―0.51%22.26%79.84%
KR:090460KR:09046060NeutralKRW 503.60B6.28―1.55%8.60%3268.90%
KR:011070KR:01107056NeutralKRW 7.71T12.25―0.58%19.73%101.75%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%

* General Sector Average

Performance Comparison

0%200%400%600%800%KR:090460KR:007660KR:007810KR:009150KR:011070KR:353200Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
KR:090460 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
KR:090460BH Co., Ltd.16180.00-1381.96-7.87%
KR:007660ISU Petasys Co., Ltd.84200.00-31159.38-27.01%
KR:007810Korea Circuit Co., Ltd.67300.0047150.37234.00%
KR:009150Samsung Electro-Mechanics Co., Ltd1196000.00955204.83396.69%
KR:011070LG Innotek Co., Ltd326000.0090390.2038.36%
KR:353200Daeduck Electronics Co., Ltd.119400.0079783.31201.39%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 28, 2026