Sebang Global Battery (004490)
Fact Summary
Sebang Global Battery is a lead-acid battery manufacturer founded in 1952 that holds the No. 1 position in the domestic market with an estimated share of approximately 39-40% under its Rocket Battery brand (compiled from wisereport and namu.wiki; the exact as-of date for this figure was not obtained). Q1 2026 consolidated revenue was KRW 525.4 billion, down 0.3% year-over-year, while operating profit was KRW 33.2 billion, down 34.2% (or 34.4%, figures conflict across sources) (FnGuide summary, company IR compilation). Subsidiary Sebang Lithium Battery (92.07% stake, DART Business Report, 2025.12) was reported on 2026-06-15 to have signed a North American ESS battery module supply contract worth approximately KRW 1.8 trillion with LG Energy Solution (The Elec, Newsquest). Regarding the company's disposal of treasury shares totaling KRW 12.2 billion for employee bonus purposes in July-August 2026, a minority shareholder coalition raised objections, and the company responded that this followed proper internal procedures (Today Economy, as of 2026-08-03).
Price-Change Context Note
The closing price on the trading day immediately preceding the as-of date (2026-08-02) was KRW 50,900, a change of -0.39% from the prior close (Toss Securities Open API, 2026-08-03). The share price has trended downward from KRW 58,000 at the close on 2026-06-15, when news broke of Sebang Lithium Battery's North American ESS supply contract, to KRW 53,200 on 2026-07-24, and KRW 50,700 on 2026-08-03 (Investing.com, system-confirmed figures).
Key Financial Multiples (Recalculated Based on Canonical Closing Price)
There is effectively no listed domestic peer specializing in lead-acid batteries (the former No. 2 player, Atlas BX, was absorbed into Hankook & Company in 2021), so peer multiple comparison was not covered in this research. EV/EBITDA could not be calculated as net debt data was not obtained.
Business Structure
Revenue composition as of H1 2025 (compiled from web research; not cross-checked against primary disclosure filings). The Lead-Acid Battery Segment covers automotive and industrial batteries, while the EV Battery Segment covers the ESS and battery-module business via subsidiary Sebang Lithium Battery.
Recent Quarterly/Half-Year Performance Trend (YoY, Consolidated)
| Period | Revenue YoY | Operating Profit YoY | Net Profit YoY |
|---|---|---|---|
| H1 2025 | +9.4% | -17.4% | -27.0% |
| 2025 Cumulative Q3 | +7.7% | -19.0% | -26.6% |
| Q1 2026 | -0.3% | -34.2% (or -34.4%) | -22.8% |
FY2022 annual revenue was KRW 1,473.1 billion with operating profit of KRW 81.1 billion; FY2023 annual revenue was KRW 1,684.8 billion with operating profit of KRW 129.9 billion (compiled from web research, medium confidence). Confirmed absolute FY2024-2025 annual revenue and operating profit figures were not obtained due to conflicting figures across sources.
Competitive Landscape
Atlas BX (formerly KOSDAQ 023890), the former No. 2 player, was absorbed into Hankook & Company (formerly Hankook Tire) in 2021 and is no longer a separately listed company, leaving Sebang Global Battery as effectively the only remaining listed pure-play lead-acid battery specialist in the domestic market. Hyundai Enercell, part of the Hyundai Motor Group, holds strength in the OEM (new-vehicle installation) channel, while Sebang Global Battery holds a superior sales network in the aftermarket (replacement demand) channel, forming a complementary, channel-segmented structure. Whether Sungwoo Automotive and Delco Battery are listed, and their financial metrics, were not obtained.
Governance and Key Disclosures
| Category | Details | As-of Date/Source |
|---|---|---|
| Largest Shareholder | Sebang Co., Ltd. 37.95% (39.79% including related parties) | 2025-12-31, DART Business Report |
| Second-Largest Shareholder | GS Yuasa International Ltd 16.16% | Compiled from web research |
| National Pension Service Holding Ratio Trend | 8.41% (2025-07-02) → 7.40% (2025-10-01) → 5.35% (2026-07-01) | DART Report on Large Shareholding Status |
| Minority Shareholders | 18,657 shareholders (99.96% of all shareholders), 34.04% stake | 2025-12-31, DART Business Report |
| CEO Change | Kim Dae-woong → Lee Sang-woong (term expiration) | Occurred 2025-03-20, DART Notice Disclosure |
| Treasury Stock Disposal | 132,924 common shares, approx. KRW 9.145 billion, for employee bonus purposes | Decided 2025-07-08, result reported 2025-08-22 |
| Treasury Stock Retirement Decision | 140,000 common shares, approx. KRW 8.666 billion, scheduled retirement date 2026-01-09 | 2026-01-06 board resolution, DART |
| Total Shares Issued | 14,000,000 shares (treasury shares 649,543, 4.64%) | 2025-12-31, DART |
Sebang Global Battery holds subsidiaries Sebang Lithium Battery (92.07% stake), Sebang Industries (60.90%), Sangshin Metal (100%), and overseas entities in Vietnam, the US, Germany, and Singapore for management-participation purposes (DART status of equity investment in other companies, as of 2025-12-31). On 2026-06-15, a newly established entity related to Sebang Lithium Battery (SEBANG LITHIUM BATTERY AMERICA LLC / OHIO LLC) was incorporated and capitalized in Ohio, USA, but whether the direct investing entity is Sebang Lithium Battery or Sebang Global Battery is not specified in the relevant disclosure form and was not obtained. The reinvestment stake at the grandchild-subsidiary level could not be confirmed, as the domestic subsidiaries are unlisted and not subject to business report filing. Regarding the disposal of treasury shares totaling KRW 12.2 billion (approx. 1.3% of issued shares) in July-August 2026, a minority shareholder coalition raised objections, and the company responded that the process followed proper internal procedures (Today Economy, secondary source; publication date labeling unclear).
Macro and Risk Factors
- Raw Materials (Lead): LME lead price stood at USD 1,882.08/tonne as of 2026-07-31 (+0.38% over the past month, -4.69% YoY). Northeast Asian lead prices rose 6.6% month-over-month in June 2026, signaling near-term cost pressure (TradingEconomics, compiled from industry research).
- US Tariffs: The tariff regime for steel, aluminum, copper, and derivative products was restructured in April 2026, and the company commented in its Q3 2025 earnings release that profitability was constrained by US tariff burdens and foreign-exchange effects (Digital Today). Specific applicable tariff rates and the share of exports to the US were not obtained.
- EV Transition: Domestic EV sales surged to 198,500 units (+113.6% YoY) in H1 2026, cited as a structural factor reducing demand for new-vehicle starter lead-acid batteries. However, given the large share of the aftermarket (replacement demand) channel, the near-term impact may be limited under one interpretation; the exact revenue share by channel was not obtained.
- EV Battery Segment (Sebang Lithium Battery): Operating losses widened in both cumulative Q3 2025 and Q1 2026 (due to declining residential ESS demand), with a debt ratio in the 250% range as of end-2024 (assets KRW 314.5 billion, liabilities KRW 225.8 billion); the parent company provides debt guarantees totaling KRW 191.0 billion, including a new KRW 60.0 billion portion.
- Exchange Rate: Sebang Global Battery has a relatively high export exposure (estimated at 59.7-67.1% based on past quarters; the exact figure for the most recent quarter was not obtained), so won depreciation is positive for export profitability but is partially offset by a simultaneous rise in the cost of imported raw materials (lead) — a structure in which the net effect is partly canceled out.
- Interest Rates: The Bank of Korea base rate stood at 2.75% as of 2026-07-16 (on a tightening trajectory, with the next Monetary Policy Board meeting on 2026-08-27), a path that increases the funding-cost burden for new capex and existing borrowings; however, quantitative assessment is limited as detailed figures for the company's net debt and debt ratio were not obtained.
- Past Non-Core Investment: The company filed a lawsuit against Mirae Asset Securities over an investment loss of approximately KRW 15.8 billion related to a Las Vegas, US resort development project, and lost at both the first and second trial (a past investment unrelated to the core business; whether a Supreme Court appeal was filed was not obtained).
Supply-demand indicators (trading trends by foreign/institutional/individual investors, securities-lending-related metrics, foreign ownership ratio) were not obtained for any item in this as-of-date (2026-08-02) research due to KRX account authentication failure.
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Fact Highlights
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Source: Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR