PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Chasys has posted three consecutive years of operating profit since 2023 after a 2022 operating loss, with 2025 revenue of KRW 93.84 billion and operating profit of KRW 7.53 billion marking continued profitability improvement.
FY2025 consolidated revenue reached KRW 93.84 billion (+4.0% YoY) with operating profit of KRW 7.53 billion (+61.0% YoY), a marked margin improvement.
The company swung from a KRW 7.47 billion operating loss in 2022 to profitability in 2023, sustaining an earnings recovery for three consecutive years since.
Quarterly results show notable volatility, with operating profit dipping to KRW 502 million in Q3 2025 before rebounding to KRW 2.15 billion in Q4 2025.
In April 2026, a share consolidation adjusted major shareholders' holdings, resetting total shares outstanding to a 6.4-million-share structure.
The debt ratio declined from 172.5% in 2023 to 89.6% in 2025, indicating an improving financial structure.
Chasys Co., Ltd. was established in 1989 and listed on the KOSPI in 1999 as an automotive chassis parts specialist. Its core products include rear axles, cross members, cradles, arms, and oil pans, which form key components of a vehicle's underbody and suspension structure.
The company states that its production technology and production lines were developed independently through in-house engineering. Its chassis design capability allows collaboration with automakers from the concept car stage, which the company cites as a basis for price competitiveness in supplier bids.
The business model centers on order-based (OEM) manufacturing tied to automakers' new-model launch and sales cycles, and, as illustrated by a past contract to supply parts for a new GM Korea model, large model-specific contracts can materially affect results.
As with other auto parts makers, raw material costs (such as steel) and labor costs directly affect production costs. The company pursues both domestic and export sales to manage exposure to cyclical automotive demand.
Chairman Lee Myung-gon is the controlling shareholder, and the combined stake of the controlling shareholder group stood at 40.51% as of September 2026, indicating a stable ownership structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩26.4B | ₩2.4B | 9.2% |
| 2025Q3 | ₩18.6B | ₩500M | 2.7% |
| 2025Q4 | ₩24.4B | ₩2.1B | 8.8% |
| 2026Q1 | ₩24.6B | ₩1.4B | 5.9% |
| 2026Q2 | ₩26.7B | ₩1.5B | 5.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩32.8B | -₩7.5B | -₩4.7B | −22.8% | −16.4% | 165.1% |
| 2023 | ₩49B | ₩4.6B | ₩3.3B | 9.3% | 9.9% | 172.5% |
| 2024 | ₩90.3B | ₩4.7B | ₩6.1B | 5.2% | 15.7% | 115.1% |
| 2025 | ₩93.8B | ₩7.5B | ₩6.3B | 8.0% | 13.9% | 89.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Chasys's consolidated revenue rose sharply from KRW 32.82 billion in 2022 to KRW 49.00 billion in 2023 and KRW 90.26 billion in 2024, before growing further to KRW 93.84 billion in 2025 (+4.0% YoY).
Operating profit swung from a KRW 7.47 billion loss in 2022 to a KRW 4.57 billion profit in 2023, then KRW 4.68 billion in 2024 and KRW 7.53 billion in 2025 (+61.0% YoY), a notable improvement. The operating margin rebounded from -22.8% in 2022 to 9.3% in 2023, dipped to 5.2% in 2024, and recovered to 8.0% in 2025.
The company attributed the 2025 improvement to increased sales volume from new models.
Net income attributable to owners rose for three straight years, from a loss of KRW 4.69 billion in 2022 to KRW 3.30 billion in 2023, KRW 6.07 billion in 2024, and KRW 6.30 billion in 2025, though the 2025 growth rate (+3.7%) lagged far behind operating profit growth (+61.0%).
This gap reflects a foreign currency translation loss tied to won appreciation that offset part of the operating gains at the net income level.
On a quarterly basis, operating profit fell from KRW 2.43 billion in Q2 2025 to KRW 502 million in Q3 2025, rebounded to KRW 2.15 billion in Q4 2025, and then moderated to KRW 1.44 billion in Q1 2026 and KRW 1.48 billion in Q2 2026.
Over the latest four quarters through Q2 2026, cumulative net income attributable to owners totaled approximately KRW 6.68 billion, tracking a similar trajectory to the annual profit level.
Operating cash flow declined from KRW 10.08 billion in 2024 to KRW 7.34 billion in 2025, suggesting working capital changes affected cash generation despite the profit increase.
The domestic auto parts industry is structurally an order-driven business, with results tied to automakers' production and sales plans.
According to industry data sources such as FnGuide, weakness in the domestic auto market and intensifying competition within the parts supply chain have at times weighed on revenue for suppliers in this space.
At the same time, the ongoing shift toward electrification has created a transitional demand structure in which automakers place orders for both internal combustion and electric vehicle components, and chassis and suspension parts are considered relatively less exposed to structural demand shifts since they are required regardless of powertrain type.
Still, competing suppliers in the same industry are also restructuring their portfolios by winning contracts for electric-vehicle-specific platform components, meaning competition for new model awards continues.
Steel raw material prices and currency fluctuations are common cost variables across the industry, and margin resilience varies by company depending on how well these are managed.
According to data providers such as Valueline, Chasys has at times been positioned in a relatively lower valuation-multiple range within the auto parts industry.
Since sector-wide valuations tend to move with order cycles and automaker sales trends, continued monitoring of individual competitive positioning is warranted.
In its own disclosures, the company cited increased sales volume from new models as the primary driver of the 2025 earnings improvement, suggesting that the production and sales trajectory of specific models will remain a key variable going forward.
Revenue in Q1 and Q2 2026 stood at KRW 24.58 billion and KRW 26.66 billion respectively, showing a moderate trend versus the prior year that looks more like stabilization than rapid expansion.
In April 2026, a consolidation of shares held by the controlling shareholder group reset total shares outstanding to a 6.4-million-share structure, a capital structure change worth noting when interpreting future per-share metrics.
The company's next regular filing, the Q3 2026 quarterly report, carries a statutory deadline of November 16, 2026 under the Financial Investment Services and Capital Markets Act, and it will be worth checking for any commentary on annual guidance alongside the quarterly results.
Past precedent shows that new parts-supply contracts with automakers have been disclosed as they occur, so future contract announcements could remain an important variable for earnings estimates.
As of September 2026, a filing disclosed that controlling shareholder Lee Myung-gon released a pledge on a portion of his shares, a filing that was reported as a collateral release rather than a share sale or new acquisition.
With the debt ratio declining from 172.5% in 2023 to 89.6% in 2025, continued improvement in the financial structure and any resulting easing of interest expense burden is also worth monitoring.
Chasys's price-to-book ratio, calculated on a self-derived basis, stands below 1x, indicating the stock trades at a discount to its book net assets.
The price-to-earnings ratio reflecting the latest four quarters of earnings (Q3 2025 through Q2 2026) appears to sit toward the lower end of the trading band the stock has occupied in recent years.
On the dividend front, no per-share cash dividend has been confirmed for recent fiscal years, suggesting that despite earnings growth, the company has weighted retained earnings over shareholder distributions.
Since the swing from a 2022 loss to a profitable trend across 2023-2025, the direction of earnings has improved, but quarterly volatility remains notable, meaning valuation metrics can also fluctuate around each quarterly earnings release.
Relative multiple positioning versus peers in the same industry can shift with market conditions, so it is worth considering alongside the earnings trend rather than relying on a single point-in-time multiple.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
After turning to a loss of KRW 7.4704 billion in operating profit in 2022, the company achieved a turnaround to profit in 2023 and has recorded operating profit for three consecutive years through 2024 and 2025.
Operating profit in 2025 was KRW 7.52825 billion, up 61.0% year-on-year, showing an accelerating pace of improvement. The company attributes this to increased sales volume of new vehicle models.
The debt ratio, which was high at 165.1% in 2022 and 172.5% in 2023, has steadily declined to 115.1% in 2024 and 89.6% in 2025. Total equity also increased from KRW 28.63602 billion in 2022 to KRW 45.37331 billion in 2025, strengthening the financial base. If this trend continues, it could help ease the burden of interest expenses.
Chesys states that it possesses design capabilities for automotive chassis components, enabling co-development with automakers from the concept car development stage. This is cited as a structural strength that allows the company to secure order opportunities from the early stages of new vehicle projects.
The fact that chassis and suspension systems are required components regardless of drivetrain type is also a favorable factor amid the shift to electrification.
There is significant quarter-to-quarter volatility, with operating profit sharply declining from KRW 2.42526 billion in Q2 2025 to KRW 501.93 million in Q3, before rebounding to KRW 2.14946 billion in Q4.
This reflects a business structure in which performance is sensitive to the production and sales schedules of specific models. Additional earnings disclosures are needed to confirm a stable quarterly trend.
While operating profit in 2025 increased 61.0% year-on-year, the growth rate of net income attributable to controlling shareholders was only 3.7%. The company explained that this reflects foreign currency translation losses due to a decline in the exchange rate.
A structure in which operational improvements do not fully translate into net income is a risk that could recur depending on exchange rate fluctuations.
As of the most recent fiscal year, no cash dividend per share has been confirmed, indicating that direct shareholder returns remain limited despite the improvement in earnings. If the structure of retaining earnings continues, this may be viewed as less attractive to dividend-seeking investors.
Chesys's revenue is structured as make-to-order production linked to the sales volume of specific models from automakers, meaning that sales volatility could increase in the event of weak sales or discontinuation of a particular model.
There have been cases in the past, such as the contract to supply new models to GM Korea, where the weight of an individual contract was substantial. Changes in an automaker's production plans directly affect the performance of parts suppliers.
There was a case in 2025 where foreign currency translation losses due to a decline in the KRW/USD exchange rate limited the increase in net income. In a structure with export exposure, non-operating gains and losses can significantly affect performance depending on the direction of exchange rate movements. Similar fluctuations in gains and losses could recur depending on future exchange rate movements.
The combined stake of the largest shareholder, Chairman Lee Myung-gon, and related parties stood at 40.51% as of September 2026, with a history of disclosures related to share pledges and their release.
In April 2026, there was a change in capital structure due to a reverse stock split that adjusted the total number of issued shares. These changes in shareholding and capital structure are matters that investors should continue to monitor.
Statutory deadline for the Q3 2026 quarterly report; check the trend in Q3 revenue and operating profit, and whether any guidance commentary for Q4 and beyond is included.
Based on the precedent of the 2025 annual results being disclosed on February 27, 2026, this is the expected timing for the preliminary FY2026 annual earnings disclosure, useful for assessing the contribution of new model sales.
Ad hoc disclosures regarding new parts-supply contracts with automakers should be monitored continuously, as they can directly affect future revenue estimates.
Changes in the controlling shareholder group's stake, including collateral pledges or releases disclosed via amended large-holding reports, should be checked to assess the stability of the ownership structure.
Chasys has shown a clear earnings recovery trend, posting three consecutive years of operating profit from 2023 through 2025 following a large operating loss in 2022.
In 2025, revenue reached KRW 93.84 billion and operating profit KRW 7.53 billion, up 4.0% and 61.0% year-over-year respectively, though net income attributable to owners grew just 3.7%, reflecting the impact of non-operating factors such as foreign exchange.
Quarterly volatility remains notable, with operating profit falling to KRW 502 million in Q3 2025 before rebounding to KRW 2.15 billion in Q4 2025. The debt ratio has improved from 172.5% in 2023 to 89.6% in 2025, indicating a strengthening financial structure.
A share consolidation in April 2026 reorganized the capital structure, while the controlling shareholder group's combined stake has remained stable at 40.51% including affiliates.
The upcoming Q3 2026 quarterly report (statutory deadline November 16, 2026) and any future contract disclosures will be key points to watch for gauging the earnings trend going forward.
Investors should weigh quarterly volatility, currency sensitivity, and the absence of dividends in a balanced assessment before drawing conclusions.
Report written 2026-09-30 · Data as of 2026-09-29
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