Intops (049070) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Intops is a components maker that uses precision injection-molding technology to produce exterior cases and structural parts for smartphones and home appliances, supplying Samsung Electronics affiliates, and has added in-vitro diagnostic cartridge ODM manufacturing and new businesses in robotics, automotive electronics, and EV parts. It swung from a full-year operating loss in 2025 to operating profit of ₩6.4 billion and net profit of ₩11.8 billion in Q1 2026, and with a debt ratio of 17.4% and a P/B of 0.45x it trades at half its net asset value, while its forward P/E on future earnings is also lower than peers. What stands out lately is that as the Q1 profitability recovery carries through to the full year and the diagnostics, robotics, and automotive-electronics businesses show up in revenue, the undervaluation appeal on both assets and earnings grows clearer, while the memory of a shrinking top line (from over ₩1 trillion to the ₩500 billion range) and the order-driven volatility tied to end-set customers' volumes and new-product schedules should be viewed alongside it.
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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 “IT Hardware & Equipment” (Semiconductors & IT Components), a type typically read first through forward P/E.
IT hardware and equipment makers see orders and earnings swing with their customers' investment cycles and new-product launches, so what matters is the profit still to come, not the profit already booked. That is why forward P/E, based on expected earnings, is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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 fell 3.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.9% higher than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is above the sector average.
- Operating margin is -0.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Geun-ha 17.24% (individual)
Controlling bloc incl. related parties 38.74%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
Intops is a components maker that earns its living from precision injection-molding technology. Its largest revenue source is exterior cases, internal structures, and modules for smartphones and home appliances, and supplying parts for Samsung Electronics affiliates' set products has long been its base. On top of this it has broadened its customers and products by adding ODM manufacturing of healthcare and diagnostic products that require precision molding, such as cartridges for in-vitro diagnostic kits, plus new businesses in parts for robotics, automotive electronics, and EVs. In other words, its core is the ability to 'reliably mass-produce and deliver the precision parts that set companies require,' and to that extent it is an order-driven business whose results are tied to end customers' sales volumes and new-product launch schedules.
The latest close is ₩18,200 and the market capitalization is ₩299.7 billion. The price sits above its 20-day moving average (₩17,720) and below its 60-day moving average (₩18,496). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.7, a neutral level. The one-month change is +7.4%, the three-month change is -2.7%, and the position relative to the 52-week high is -23.4%. Relative strength versus the KOSDAQ is 75 (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 75% of all stocks. Over the past three months it outpaced the index by 41.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On the most recent full year (2025 confirmed), the P/E ratio (how many times one year's net profit the share trades at) is 19.31x, the P/B (how many times net assets per share) is 0.44x, and ROE (how much is earned in a year on shareholders' equity) is 2.4%. Here the P/E should not simply be read as 'expensive.' Because 2025 was a trough year with an operating loss (operating margin of -1.9%), computing the P/E off a depressed-earnings year makes it look higher than the underlying strength. When a company is at an earnings inflection, the forward view is closer to the true picture than the most recent results, and this stock's forward P/E is actually lower than peer component makers (KH Vatec, Mobase Electronics). The asset side is also solid. A P/B of 0.45x means it trades at less than half its net assets, backed by low debt (a debt ratio of 17.4%, the ratio of debt to equity) and ample short-term liquidity (a current ratio of 4.8x). The swing to operating profit of ₩6.4 billion in Q1 2026 is the change that supports this picture.
Over the long run this is a company whose top line has stepped down a level. Revenue moved from ₩577.4 billion in 2023 to ₩614.7 billion in 2024 and ₩590.8 billion in 2025, a mixed trend fluctuating in the ₩500 billion range over the past three years, and operating profit swung to a loss of -₩11.3 billion in 2025. But the most recent quarter, Q1 2026, has a different tone. With revenue of ₩163.1 billion (+0.9% year on year), operating profit of ₩6.4 billion (a swing to profit from a loss in the same period a year earlier), and net profit of ₩11.8 billion (+342%), profitability recovered clearly. The trailing view based on last year's loss and the forward view starting from this Q1 show markedly different underlying earning power. That is why the forward P/E comes down. Normalizing profitability as the operating margin climbs back into positive territory during Q1 from -1.9%, product diversification as new businesses (diagnostics, robotics, automotive electronics) are added, and end-set customers' new-product shipments together mark a phase in which earnings clearly thicken versus the loss-making year. That said, this is the very start of a recovery that has just turned positive, so whether Q1 profitability carries through Q2-Q4 is a stage to confirm via the quarterly trend.
Recent disclosures center on periodic reports, executive and major-shareholder holding changes, and the shareholders' meeting. The March 2026 business report confirmed the 2025 full-year operating loss, and the May Q1 quarterly report confirmed the swing to profit with operating profit of ₩6.4 billion and net profit of ₩11.8 billion as official figures. In between, the March regular shareholders' meeting handled routine agenda items such as approval of the financial statements, and the payout ratio is around 19.5%. Reports of executives' and major shareholders' ownership status appeared repeatedly from March to May; such holding-change disclosures are safer treated as items to check for the fact that 'insider trading occurred' rather than as a basis for concluding a trading direction. No new order disclosures such as single sale/supply contracts were confirmed in this period, so for now the swing to profit and the ownership flows are the center of the narrative.
This stock's strengths lie on both the asset and earnings sides. First, with low debt (a debt ratio of 17.4%) and trading at half net assets (a P/B of 0.45x), it has firm financial strength that supports the downside on price. Second, the earnings inflection from a 2025 loss to a Q1 2026 profit has been confirmed, and its forward P/E on future earnings is lower than peer component makers, so it is also cheaply priced on earnings. With assets at a discount and earnings recovering, the undervaluation signal reads from both sides rather than one. What to watch is the business structure. There is the memory of a top-line contraction from over ₩1 trillion to the ₩500 billion range, and being an order-driven business whose results are tied to end-set customers' sales volumes and new-product schedules, there is quarterly volatility. In sum, this is a stock whose undervaluation appeal on both assets and earnings grows clearer as the Q1 profitability recovery carries through to the full year and the new businesses (diagnostics, robotics, automotive electronics) show up in revenue, and one where top-line volatility comes to the fore if the recovery proves temporary or end demand cools again.
🔎 Valuation vs peers Inconclusive
Instead of the telecom and broadcasting equipment industry code, KOSDAQ component makers close to Intops' actual business, precision injection-molded cases and parts for smartphones and appliances, were chosen as the peer group; the figures are on a closing-price basis as recorded on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KH Vatec | 12.40x | 0.92x | 5.60% |
| Mobase Electronics | 8.47x | 0.68x | 8.18% |
On peer-group positioning, Intops looks expensive on the most recent full-year P/E but cheap on P/B, a mixed picture pointing in opposite directions. (a) Versus the truly similar businesses KH Vatec and Mobase Electronics, its trailing P/E is higher but its P/B and ROE are both lower, so it is hard to line up in a single row. (b) On the asset side there is a half-net-assets (P/B of 0.5x) discount, while on the earnings side a 2025-loss penalty applies at the same time. (c) Because 2025 was an earnings inflection, the most recent full-year P/E has large limits. On a DART seasonality approximation the forward P/E comes down into a range similar to the peer group, but this is an estimate rather than an official company forecast and cannot be taken as conclusive. Until it is confirmed whether the Q1 recovery is sustained through the year, we place it as inconclusive rather than concluding undervalued or overvalued on one side.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩132.3 billion | — | approx. ₩6.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩18,200 and the market capitalization is ₩299.7 billion. The price sits above its 20-day moving average (₩17,720) and below its 60-day moving average (₩18,496). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.7, a neutral level. The one-month change is +7.4%, the three-month change is -2.7%, and the position relative to the 52-week high is -23.4%. Relative strength versus the KOSDAQ is 75 (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 75% of all stocks. Over the past three months it outpaced the index by 41.3%. 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 +41.35% / 6M +21.64% / 12M +12.28%
Key metrics Computed vs sector median
Valuation
The P/E of 19.31x is above the sector median (12.60x). The P/B of 0.44x is below the sector median (0.83x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.7%, above the sector average (3.0%). The operating margin is -0.9%. The debt ratio is 20.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $405.6M | $431.8M | $415.0M | -3.89% ↓ slower |
| Operating profit | $12.9M | $2.7M | -$7.9M | -398.68% ↓ slower |
| Net profit | $19.4M | $15.1M | $11.4M | -24.65% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $739.1M | $782.7M | $405.6M | $431.8M | $415.0M |
| Operating profit | $61.5M | $99.8M | $12.9M | $2.7M | -$7.9M |
| Net profit | $52.8M | $70.5M | $19.4M | $15.1M | $11.4M |
| Revenue CAGR | 4-yr avg -13.43% | ||||
Revenue fell 3.9% year over year (2023 ₩577.4 billion → 2024 ₩614.7 billion → 2025 ₩590.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 398.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -13.4%. The two-year revenue CAGR is 1.1%. In the most recent quarter (Q1 2026), revenue was 0.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 3.9% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsFiling of the Q1 2026 quarterly report - revenue of ₩163.1 billion, operating profit of ₩6.4 billion, and net profit of ₩11.8 billion, a sharp year-on-year earnings improvement confirming a positive trendShort term: confirms the swing out of the 2025 operating loss as official figures, providing an earnings-inflection signal. Medium term: whether the Q1 recovery carries through the full year is the key to a re-valuation. Source
- 2026-03-17EarningsFiling of the 2025 business report - annual revenue of ₩590.8 billion (-3.9% year on year), operating loss of -₩11.3 billion (a swing to loss), and net profit of ₩16.2 billion confirmedShort term: the confirmed annual operating loss makes clear that the most recent full-year metrics (P/E, etc.) are depressed by trough results. Medium term: it shows a trend of top-line contraction and weaker profitability, requiring a check on the durability of the recovery. Source
- 2026-03-25FilingResults of the regular shareholders' meeting and filing on the appointment of outside directors - routine agenda items such as approval of the financial statements handledShort term: the confirmation point for governance and dividend-policy agenda items. Medium term: a routine event for gauging whether a shareholder-return stance with a payout ratio around 19.5% is maintained. Source
- 2026-05-13UpdateReport on ownership status of specific securities by executives and major shareholders - the most recent among insider holding-change reports filed repeatedly from March to MayShort term: confirms the fact that insider trading occurred, as a check item. Medium term: since the direction of the ownership flow is hard to conclude, interpret it together with the regular results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩590.8 billion | ₩590.8 billion | Confirmed | link |
| Q1 2026 operating profit | ₩6.4 billion | ₩6.4 billion | Confirmed | link |
| Trailing P/E on the most recent full year | 20.5x | — | Unverified | link |
| 2026 annual results (seasonality approximation) | revenue ₩557.6 billion·net profit ₩26.5 billion(forward PER approx. 12.6x) | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-25Disclosure
- 2026-03-25Shareholders' meeting notice
- 2026-03-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-17PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-10Shareholders' 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.