Interflex (051370) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Interflex makes FPCBs, the thin, easily bendable circuit boards, with two mainstays: digitizer FPCBs that recognize the position of the Galaxy S Pen, and display FPCBs that connect a smartphone's OLED screen; its customers include Samsung Electronics, Samsung Display and Apple, and about 90% of revenue comes from exports. A March 2026 business report confirmed revenue of ₩468.0 billion, operating profit of ₩28.6 billion and net profit of ₩32.9 billion, and the May first-quarter report showed a mixed picture of flat revenue, lower operating profit and higher net profit. What stands out recently is that if a key customer's second-half new-product volumes and core-business margins hold up, an ROE of 10.6%, leading profitability within the sector, and a low valuation of about a 4.6x forward P/E become grounds for a re-valuation; but with revenue moving sideways for a third year, top-line momentum is weak, and results swing heavily with exchange rates and the key customer's smartphone sales.
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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 “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 fell 5.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 2.1% lower than a year earlier.
- ROE is 10.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.5%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Korea Circuit 30.56% (corporate)
Controlling bloc incl. related parties 47.71%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis Reading
Interflex makes and sells FPCBs (flexible printed circuit boards), the bendable circuit boards. Unlike rigid, ordinary boards, they are thin and bend easily, so they go into products that must pack parts into tight spaces, like smartphones, or that have folding screens. There are two mainstays. One is the digitizer FPCB that recognizes the position of the Galaxy S Pen; the other is the display FPCB that connects a smartphone's OLED screen to the body. Customers are large set and panel makers such as Samsung Electronics, Samsung Display and Apple, and it is a typical export-oriented parts maker with most of its revenue (around 90% last year) coming from exports. In other words, results are driven by 'how many smartphones sell, and how many of our boards go into new products.'
The latest close is ₩6,960 and the market capitalization is ₩162.4 billion. The price sits above its 20-day moving average (₩6,588) and below its 60-day moving average (₩8,512). 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 49.3, a neutral level. The one-month change is +0.9%, the three-month change is -47.7%, and the position relative to the 52-week high is -51.9%. Relative strength versus the KOSDAQ is 40 (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 40% of all stocks. Over the past three months it lagged the index by 20.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation is clearly on the low side. The P/E (how many times a year's earnings the price is) is 4.94x and the P/B (how many times net assets the price is) is 0.49x; a P/B below 1x means the market cap is smaller than book-value equity. Profitability is sound. ROE (how much is earned in a year on shareholders' equity) is a double-digit 10.6%, and the net margin of 7.0% and operating margin of 6.1% are above the sector average. On the balance sheet, the debt ratio (debt relative to equity) of 129% looks somewhat high on the numbers alone, but a current ratio (assets convertible to cash within a year against debt due within a year) of 257% gives ample short-term payment capacity, so the balance is reasonable. One point to note is that the current 5.2x is based on 'already confirmed last-year earnings' (trailing). Last year was a year in which earnings fell from the year before, so for a company like this whose earnings fluctuate, it is closer to the real picture to look at this year's expected-earnings basis (forward) rather than judging cheap or expensive on last year's numbers alone. On that basis, the forward P/E is the lowest in the sector.
The top line moves sideways within a range with little change. Revenue over the past five years was ₩447.0 billion, ₩442.7 billion, ₩438.2 billion, ₩497.5 billion and ₩468.0 billion, hovering between ₩440 billion and ₩500 billion, and last year's revenue was -5.9% year over year. Earnings, by contrast, swing more than revenue. Net profit rose steeply from a small loss in 2021 to ₩15.3 billion in 2022, ₩27.3 billion in 2023 and ₩55.1 billion in 2024, then stepped down to ₩32.9 billion in 2025. In other words, this company's results are structured so that earnings swing sharply with the 'smartphone new-product cycle and margins' more than with revenue. So in gauging this year, it is right to look at this year's expected earnings rather than last year's confirmed earnings. The P/E on this year's expected earnings is about 4.6x, below last year's 5.2x, a number reflecting this year's earnings recovering again from last year. The grounds lie in the core business. FPCB volumes concentrate in the second half when new smartphones ship in earnest, and the more boards a product uses per screen, as with OLED and foldables, the higher the unit price and adoption; Interflex sits in a position to take a key customer's digitizer and display volumes together. Indeed, in the first quarter of 2026 revenue was nearly flat at -2.1% but net profit rose 22% to ₩10.2 billion (though operating profit was -38%, so core-business margins were squeezed in the first quarter). In sum, top-line growth is weak, but the picture of this year's earnings recovering from last year is supported by the core-business cycle and the quarterly flow.
Recent filings center on confirmed earnings and routine governance. In February, a provisional annual results (revenue or profit-structure change) filing first outlined last year's results, and the March business report confirmed revenue of ₩468.0 billion, operating profit of ₩28.6 billion and net profit of ₩32.9 billion. The May first-quarter report showed flat revenue, lower operating profit and higher net profit together, confirming a mixed picture in which core-business margins were squeezed but net profit rose. That same March, alongside routine governance steps such as the regular shareholders' meeting and appointment of outside directors, there was a filing on a decision to guarantee debt for affiliates and local subsidiaries, an item best viewed together in terms of size and target from a contingent-liability standpoint. During this period, no large single order or separate active disclosure stood out, so for now the phase is one of following results and routine filings while confirming second-half core-business volumes.
The strengths are distinct. With an ROE of 10.6%, profitability leads among comparable FPCB and PCB makers, yet the P/E and P/B are at the lowest position. Against the most similar peer, BH (a 22.7x P/E and 4.2% ROE), Interflex earns more while priced much cheaper, and with a P/B below 1x the price burden relative to net assets is small. A P/E of about 4.6x on this year's expected earnings shows this undervaluation is not merely an illusion of last year's numbers. Points to watch are also clear. First, revenue has moved sideways without distinct growth for a third year, so top-line momentum is weak; second, with most revenue from exports, results swing heavily with exchange rates and the key customer's smartphone sales and new-product adoption. In sum, when a key customer's second-half new-product volumes and core-business margins hold up, the low valuation and high ROE become grounds for a re-valuation, and when smartphone demand weakens, the top-line stagnation remains a burden. The current position leans toward being cheap relative to profitability.
🔎 Valuation vs peers Undervalued
The peer group is built from comparable parts makers producing smartphone and display FPCBs and printed circuit boards (PCBs).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| BH | 15.70x | 0.63x | 4.15% |
| Korea Circuit | 28.22x | 2.70x | 10.74% |
| Daeduck Electronics | 103.29x | 5.35x | 5.31% |
Compared with the most business-similar peer, BH (OLED and mobile FPCBs), Interflex has a much lower P/E and P/B while its ROE is actually higher, so on simple metrics it is a clear discount zone. That said, there is a reason for this discount. Last year's 6.6x P/E is on a 'confirmed last-year earnings' basis, and last year's earnings were an inflection-point number down 40% from the year before, so it is hard to conclude 'cheap' on the trailing multiple alone. Also, revenue has moved sideways for a third year and operating profit is slowing, so whether core-business margins and key-customer volumes recover is the key to resolving the undervaluation. If that recovery is confirmed, the low P/B and high ROE become grounds for a re-valuation, and if not, the top-line stagnation justifies the discount, a two-sided structure, so overall we view it as 'undervalued but conditional.'
Price history Close · MA20 · MA60
The latest close is ₩6,960 and the market capitalization is ₩162.4 billion. The price sits above its 20-day moving average (₩6,588) and below its 60-day moving average (₩8,512). 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 49.3, a neutral level. The one-month change is +0.9%, the three-month change is -47.7%, and the position relative to the 52-week high is -51.9%. Relative strength versus the KOSDAQ is 40 (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 40% of all stocks. Over the past three months it lagged the index by 20.1%. 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 -20.10% / 6M -18.91% / 12M -24.16%
Key metrics Computed vs sector median
Valuation
The P/E of 4.94x is below the sector median (15.45x). The P/B of 0.49x is below the sector median (0.86x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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.
Profitability & financials
Return on equity (ROE) is 10.6%, above the sector average (4.0%). The operating margin is 5.5%. The debt ratio is 16.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $307.8M | $349.5M | $328.7M | -5.93% ↓ slower |
| Operating profit | $15.2M | $24.1M | $20.1M | -16.66% ↓ slower |
| Net profit | $19.2M | $38.7M | $23.1M | -40.34% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $314.0M | $311.0M | $307.8M | $349.5M | $328.7M |
| Operating profit | $2.2M | $18.3M | $15.2M | $24.1M | $20.1M |
| Net profit | -$167,889 | $10.8M | $19.2M | $38.7M | $23.1M |
| Revenue CAGR | 4-yr avg 1.15% | ||||
Revenue fell 5.9% year over year (2023 ₩438.2 billion → 2024 ₩497.5 billion → 2025 ₩468.0 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 16.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.1%. The two-year revenue CAGR is 3.4%. In the most recent quarter (Q1 2026), revenue was 2.1% lower 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 10.6% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 5.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue about ₩129.0 billion (-2.1% YoY), operating profit about ₩5.3 billion (-38.4%), net profit about ₩10.2 billion (+22.0%)Core-business margins were squeezed, but net profit rose on non-operating gains. Whether the core-business recovery continues is the near-term point to watch. Source
- 2026-03-19Filing2025 business report filed — full-year revenue about ₩468.0 billion (-5.9%), operating profit about ₩28.6 billion (-16.7%), net profit about ₩32.9 billion (-40.3%) confirmedConfirms a year in which earnings stepped down a notch from the 2024 peak. Reference material showing top-line stagnation and an earnings inflection. Source
- 2026-02-20EarningsFiling of a 30%-or-more change in revenue or profit structure — provisional 2025 annual results (revenue about ₩468.0 billion, operating profit about ₩28.6 billion, net profit about ₩32.9 billion)Provisional results that flagged last year's earnings decline ahead of the business report. The direction later matched the business-report confirmed figures. Source
- 2026-03-09UpdateFiling of a decision to guarantee debt on behalf of others — related to guarantees for affiliates and local subsidiariesWarrants review from a contingent-liability and fund-management standpoint. The impact varies with the size of the guarantee and the financial condition of the target. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | approx. ₩468.0 billion | approx. ₩468.0 billion | Confirmed | link |
| Q1 2026 cumulative net profit | approx. ₩10.2 billion(+22.0% YoY) | approx. ₩10.2 billion | Confirmed | link |
| 2026 estimated annual net profit (in-house approximation) | approx. ₩37.0 billion(self-estimate) | — | Unverified | — |
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-10Amended filing
- 2026-03-09Disclosure
- 2026-02-27Large-business-group status disclosure
📖 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.