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.
At-a-glance assessment financial health · growth · profitability · valuation
- 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 6.1%.
- 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
- 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 most recent close was ₩6,570 and the market cap is ₩153.3 billion.
- The price sits below the 20-day line (₩7,896) and the 60-day line (₩10,611).
- Trading below both short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge comparing recent 14-day upward and downward strength on a 0-100 scale) is 28.4, close to oversold territory.
- The one-month change is -26.4%, the three-month change is -43.5%, and the position versus the 52-week high is -54.6%.
- Relative strength against KOSDAQ is 54 (1-99, converting return versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 46% of all stocks by strength.
- Over the past three months it lagged the index by 25.7%.
- Chart reading is best done alongside trading volume and filing dates.
- The valuation is clearly on the low side.
- The P/E (how many times a year's earnings the price is) is 4.66x 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 | 19.49x | 0.81x | 4.15% |
| Korea Circuit | 35.58x | 3.82x | 10.74% |
| Daeduck Electronics | 116.27x | 6.17x | 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 ₩6,570 and the market capitalization is ₩153.3 billion. The price sits below its 20-day moving average (₩7,896) and below its 60-day moving average (₩10,611). 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 28.4, near oversold territory. The one-month change is -26.4%, the three-month change is -43.5%, and the position relative to the 52-week high is -54.6%. Relative strength versus the KOSDAQ is 54 (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 54% of all stocks. Over the past three months it lagged the index by 25.7%. 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 -25.72% / 6M -21.53% / 12M -23.22%
Key metrics vs sector median
Valuation
The P/E of 4.66x is below the sector median (18.61x). The P/B of 0.49x is below the sector median (1.63x). 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 (7.0%). The operating margin is 6.1%. The debt ratio is 129.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $290.4M | $329.7M | $310.2M | -5.93% ↓ slower |
| Operating profit | $14.3M | $22.8M | $19.0M | -16.66% ↓ slower |
| Net profit | $18.1M | $36.5M | $21.8M | -40.34% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $296.3M | $293.4M | $290.4M | $329.7M | $310.2M |
| Operating profit | $2.1M | $17.3M | $14.3M | $22.8M | $19.0M |
| Net profit | -$158,394 | $10.1M | $18.1M | $36.5M | $21.8M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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.
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
- 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.