Korea Circuit (007810) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Korea Circuit is a specialist printed circuit board (PCB) maker producing rigid boards (HDI) for smartphones and servers, multilayer boards (MLB) and semiconductor package substrates (FC-BGA); with Interflex (flexible boards), Tera-nix (server MLB) and Signetics (packaging) as subsidiaries it is effectively a PCB and substrate group, and Samsung Electronics and Broadcom are key customers. The Q1 2026 report in May confirmed revenue of ₩419.9 billion and net profit of ₩30.1 billion, the March business report confirmed a return to full-year profit for 2025, and a share cancellation was also disclosed. What stands out lately is that the company is riding structural demand from expanding AI server investment across multiple products and has turned profitable, with a valuation lower than Daeduck Electronics or Samsung Electro-Mechanics and a higher ROE, an undervaluation signal, though a debt ratio of 217% carries a funding burden and cash flow is still negative due to capital spending, so earnings swing sharply if demand rolls over.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “PCBs & Substrates” (Semiconductors & IT Components · Electronic Components), a type typically read first through P/E.
PCBs and substrates provide the circuit wiring inside electronics, and volume converts fairly directly into results as set demand and utilization move. Because revenue flows cleanly into current-year profit, price-to-earnings (P/E) is the natural first read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 7.3% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 18.4% higher than a year earlier.
- ROE is 10.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.6%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Young Poong 43.12% (corporate)
Controlling bloc incl. related parties 96.45%
With the controlling bloc holding 96%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Korea Circuit is a specialist printed circuit board (PCB) maker. A PCB is the 'board of an electronic device' that carries semiconductors and components and connects electrical signals. Its mainstays are rigid boards (HDI) that go into smartphones and servers, multilayer boards (MLB) built from many stacked layers, and package substrates (FC-BGA) that wrap around semiconductor chips. On a consolidated basis it holds as subsidiaries Interflex, which makes flexible boards (bendable FPCBs), Tera-nix, which makes server MLBs, and Signetics, which does semiconductor packaging and testing, so it is effectively a single PCB and substrate group. Key customers are large semiconductor and set makers such as Samsung Electronics and Broadcom, and the recent axis of growth is demand for memory-module substrates that go into AI servers.
The latest close is ₩55,600 and the market capitalization is ₩1.3 trillion. The price sits below its 20-day moving average (₩59,148) and below its 60-day moving average (₩89,484). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 42.0, a neutral level. The one-month change is -19.3%, the three-month change is -41.4%, and the position relative to the 52-week high is -60.8%. Relative strength versus the KOSPI is 86 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 87% of all stocks. Over the past three months it lagged the index by 35.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Starting with the valuation metrics, the P/E ratio (how many times one year's earnings the price represents) on last year's results is 35.58x and the P/B (how many times net assets the price represents) is 2.70x. That P/E, though, carries an illusion: 2025 was the 'first year of recovery' with earnings just turning from a loss to a profit, so the multiple looks high because earnings are still small. For a company whose earnings are rising fast, a forward multiple on this year's earnings is closer to the true picture than a multiple on last year's. Profitability is sound: ROE (how much is earned in a year on equity) is 10.7%, actually higher than peers. The balance sheet carries a fair amount of debt: the debt ratio (debt against equity) is 316.6% and net debt (gross borrowings less cash) is about ₩237.1 billion. Still, interest coverage of 3.7x means operating profit covers interest. Cash flow is still weighed down by heavy investment, so FCF yield (the ratio of cash actually earned against market cap) is -2.0%, negative. That reflects a growth phase of expanding capacity.
Revenue rose 7.3% year on year to ₩1,509.7 billion in 2025. The real change in growth shows in earnings. Operating profit swung from losses of -₩32.1 billion in 2023 and -₩33.2 billion in 2024 to +₩53.8 billion in 2025, and net profit turned from a -₩125.9 billion loss in 2024 to a +₩47.3 billion profit in 2025. The trend became clearer in Q1 2026. Q1 revenue rose 18.4% year on year to ₩419.9 billion. The company already booked Q1 operating profit of ₩26.4 billion and net profit of ₩30.1 billion. That single quarter's net profit reaches two-thirds of the full-year net profit last year (₩47.3 billion). The growth driver is that both volume and unit price of memory-module substrates for AI servers are rising together, with new package-substrate volume set to add in the second half. Reflecting this trajectory, this year's net profit should rise sharply versus last year, lowering the P/E on this year's earnings to around 14x. In other words, the multiple looks high on last year's basis but is far cheaper on this year's.
Recent disclosures support the turn to profit. The Q1 report in May 2026 confirmed revenue of ₩419.9 billion and net profit of ₩30.1 billion. The March business report confirmed the return to full-year profit for 2025. In March a share cancellation was also disclosed, a move that reduces the number of outstanding shares to lift shareholder value. In June the corporate governance report and a large-business-group status filing were disclosed, updating governance information as an affiliate of the Young Poong group. Overall, an earnings recovery and shareholder returns (cancellation) appeared together.
The strengths are clear. It rides structural demand from expanding AI server investment across multiple PCB and substrate products. Earnings turned from a loss to a profit and the pace of improvement quickened in Q1. Above all, the valuation is lower than direct competitors. Against direct competitors Daeduck Electronics (last-year P/E 136x) and Samsung Electro-Mechanics (204x), Korea Circuit's last-year P/E of 40.7x is actually on the low side, falling to around 14x on this year's earnings. And its ROE is higher than theirs. With earnings rising while the multiple is cheaper, it reads as an undervaluation signal. There are cautions too. A debt ratio of 217% is high and carries a funding burden. Cash flow (FCF) is still negative because of capital spending. PCBs and substrates are a business whose results hinge on customer volumes and prices, so earnings swing sharply if demand rolls over. In short, the stock is strong when AI server demand continues and new-product volumes ramp as planned, and its earnings and valuation appeal weaken if server investment slows.
🔎 Valuation vs peers Undervalued
Compared mainly against domestic PCB and semiconductor package-substrate makers.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daeduck Electronics | 103.29x | 5.35x | 5.31% |
| Samsung Electro-Mechanics | 130.00x | 9.35x | 8.33% |
| Interflex | 4.94x | 0.49x | 10.57% |
Against direct competitors Daeduck Electronics (last-year P/E 136x) and Samsung Electro-Mechanics (204x), Korea Circuit's last-year P/E of 40.7x is markedly lower. Its ROE of 10.7% is actually higher than both companies. In other words, its profit efficiency is better while its multiple is lower. The 40.7x P/E on last year looks high only because 2025 was the first year of the turn to profit and earnings were still small. With Q1 net profit reaching two-thirds of last year's full-year figure, earnings are surging, and on this year's earnings the multiple falls to around 14x. The 316% debt ratio and negative FCF from capital spending are discount factors. Even accounting for those, viewing its position versus competitors alongside the pace of earnings growth, we judge it to be in an undervalued range.
Price history Close · MA20 · MA60
The latest close is ₩55,600 and the market capitalization is ₩1.3 trillion. The price sits below its 20-day moving average (₩59,148) and below its 60-day moving average (₩89,484). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 42.0, a neutral level. The one-month change is -19.3%, the three-month change is -41.4%, and the position relative to the 52-week high is -60.8%. Relative strength versus the KOSPI is 86 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 87% of all stocks. Over the past three months it lagged the index by 35.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -35.28% / 6M -31.92% / 12M +136.14%
Key metrics Computed vs sector median
Valuation
The P/E of 28.22x is above the sector median (15.45x). The P/B of 2.70x is above the sector median (0.86x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.7%, above the sector average (4.0%). The operating margin is 3.6%. The debt ratio is 124.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $935.9M | $988.4M | $1.1B | +7.30% ↑ faster |
| Operating profit | -$22.6M | -$23.3M | $37.8M | — |
| Net profit | -$25.7M | -$88.5M | $33.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.0B | $1.1B | $935.9M | $988.4M | $1.1B |
| Operating profit | $59.8M | $69.7M | -$22.6M | -$23.3M | $37.8M |
| Net profit | $39.5M | $48.2M | -$25.7M | -$88.5M | $33.2M |
| Revenue CAGR | 4-yr avg 1.47% | ||||
Revenue rose 7.3% year over year (2023 ₩1.3 trillion → 2024 ₩1.4 trillion → 2025 ₩1.5 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.5%. The two-year revenue CAGR is 6.5%. In the most recent quarter (Q1 2026), revenue was 18.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 10.7% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 revenue ₩419.9 billion (+18.4% YoY), operating profit ₩26.4 billion, net profit ₩30.1 billion, with the earnings improvement now in full swingQ1 net profit alone reaches about two-thirds of last year's full-year net profit, confirming a trajectory of surging earnings this year Source
- 2026-03-19Earnings2025 consolidated revenue ₩1,509.7 billion (+7.3%), operating profit ₩53.8 billion and net profit ₩47.3 billion, turning to profit after two straight years of lossesOperating profit and net profit swung from losses to profits, confirming an earnings inflection point Source
- 2026-03-20FilingShare cancellation decision reducing the number of outstanding sharesA shareholder-return move that lifts per-share value, favorable over the medium term Source
- 2026-06-01FilingDisclosure of the corporate governance report and large-business-group status (updating governance information as a Young Poong group affiliate)A routine disclosure on governance transparency with limited near-term earnings impact Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated net profit turnaround to profit | ₩47.3 billion | 2025 | Confirmed | link |
| Q1 2026 revenue growth rate | ₩419.9 billion, +18.4% | 1 revenue | Confirmed | link |
| Consolidated subsidiary structure (Interflex, Tera-nix, Signetics) | FPCB· MLB | — | Confirmed | link |
| 2026 in-house estimated net profit (forward basis) | approx. ₩135.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-20Disclosure
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.