Kortek (052330) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Kortek makes and sells the dedicated display monitors that go into casino gaming machines such as slot machines. These gaming monitors account for around 90% of total revenue, and with North American casino-equipment makers as its main customers, demand rises as casinos invest in new and replacement equipment; the remainder is supplemented by industrial monitors for medical and air-traffic-control uses. In Q1 2026 preliminary results on May 8, revenue, operating profit, and net profit all rose sharply year over year, and in late April the company bought back and retired past overseas convertible bonds before maturity, reducing dilution risk. What stands out lately is the contrast: its position as the world's number-one maker of casino gaming monitors, a forward P/E of about 4.9x on this year's earnings (below Tovis's 5.6x), and a 0.53x P/B are strengths, while the business is concentrated in casino gaming machines and North American exports, so its results can swing widely if that demand or the exchange rate cools (the 2021 loss is an example of this).
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 “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.
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 28.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 38.5% higher than a year earlier.
- ROE is 9.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 9.9%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder IDIS Holdings 38.47% (corporate)
Controlling bloc incl. related parties 40.82%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis Reading
Kortek makes and sells the dedicated display monitors that go into casino gaming machines such as slot machines. According to the company's business report, this gaming-monitor segment accounts for around 90% of total revenue, and with North American casino-equipment makers - the market's big buyers - as its main customers, a large share of revenue comes from North American exports. The structure is such that when casinos invest in bringing in new slot machines or replacing existing ones, monitor demand rises accordingly. The rest is a special-purpose industrial monitor (PID) business for medical, air-traffic-control, and commercial uses, which supplements non-gaming revenue. In short, it can be seen as a specialist parts-and-set maker that effectively supplies more casino-machine screens than anyone else in the world.
The latest close is ₩12,240 and the market capitalization is ₩217.4 billion. The price sits above its 20-day moving average (₩11,908) and above its 60-day moving average (₩11,611). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.0, a neutral level. The one-month change is +6.5%, the three-month change is +5.5%, and the position relative to the 52-week high is -10.8%. Relative strength versus the KOSDAQ is 85 (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 86% of all stocks. Over the past three months it outpaced the index by 56.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Valuation is a P/E (how many times one year's earnings the price represents) of 7.67x and a P/B (how many times net assets the price represents) of 0.56x, so the price is low relative to assets and earnings. In particular, the 6.92x P/E is computed on last year's (2025) confirmed earnings, and if this year's earnings grow along the Q1 trend, the P/E on this year's earnings (about 4.9x) comes out lower still at the same share price. As a stock with fast-rising earnings, the multiple on this year's earnings shows the actual value better than the multiple on last year's. Profitability is firm, with ROE (how much is earned in a year on equity) of 7.7%, above the sector average, and an operating margin of 9.5% and a net margin of 7.1%. On the balance sheet, the debt-to-equity ratio is 25%, but the current ratio of 483% means far more cash-like and short-term assets than debt due within a year, so short-term liquidity is ample and financial stability is broadly sound. A dividend yield of about 2.6% and a payout ratio (share of earnings paid out as dividends) of 13.9% leave dividend capacity to spare.
The top line moved from a 2021 loss (when casinos were shut during COVID), through a 2022-2023 recovery, to a strong rise in 2024-2025. In 2025, revenue rose 28.8% year over year to ₩396.8 billion, with operating profit of ₩37.8 billion and net profit of ₩28.3 billion. In the most recent quarter, Q1 2026, revenue rose 38.5%, operating profit 44.5%, and net profit 75.6% year over year, with growth actually accelerating. The reason this year's earnings are rising sharply is clear: North American casinos are now executing in earnest the equipment replacement and new installation they deferred after COVID, so gaming-monitor demand has recovered, and thanks to its position as the world's number-one by share, the company is capturing that demand directly. Net profit rising faster than revenue owes to the added effect of profit building disproportionately as shipments rise atop a fixed-cost base. That is why the P/E on this year's earnings (about 4.9x) comes out lower than on last year's (6.9x). If Q1 results carry through the full year, this company sits in a stretch that pairs fast growth with a low valuation.
Recent disclosures center on improving results and cleaning up capital. In the Q1 preliminary-results fair disclosure the company issued directly on May 8, 2026, revenue, operating profit, and net profit can all be seen to have risen sharply year over year, and the May 15 quarterly report formally confirmed these results. In late April, a procedure was disclosed in which the company bought back and retired overseas convertible bonds it had previously issued before maturity, pre-emptively reducing the risk that shares would increase (dilution) later. March brought the regular shareholders' meeting and the filing of the business report, and beyond that a stream of periodic governance- and equity-related disclosures such as changes in executive and major-shareholder stakes and large-holding reports.
Kortek's strengths are clear. A firm position as the world's number one in casino gaming monitors comes together with the results rebound running since 2024-2025, the steep growth in Q1 2026, a low valuation versus peers, and ample short-term liquidity. Even on last year's earnings it is cheap at a 6.9x P/E and 0.53x P/B, and on this year's earnings the P/E drops to about 4.9x - below the comparable name in the same industry (Tovis P/E 5.6x) - so, accounting for the pace of growth, it is close to an undervalued zone. The point to watch is the structural concentration in casino gaming machines and North American exports. While North American casino equipment investment is alive and the exchange rate is supportive, earnings build strongly as they do now, but if that demand or the exchange rate cools, the concentrated business structure can widen the swings in results (the 2021 loss shows that sensitivity). In sum, in the current phase where the casino-equipment investment cycle is turning and the exchange rate is favorable, fast growth and a cheap valuation shine together, and this is the kind of stock where single-business dependence turns into a burden when that cycle slows.
🔎 Valuation vs peers Undervalued
The peer set is direct competitors and adjacent operators within the same 'video and audio equipment' industry that make casino and industrial display monitors.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Tovis | 4.18x | 0.41x | 17.65% |
Compared with direct competitor Tovis (051360) at a P/E of 5.9x, P/B of 0.91x, and ROE of 15.4%, Kortek is slightly higher on P/E at 7.3x but lower on P/B at 0.55x, so on a net-asset basis it trades more cheaply. That said, Kortek's 7.3x P/E is on last year's confirmed earnings (trailing), so in an inflection stretch with earnings rising fast it looks more conservative than reality. On this year's expected earnings reflecting the Q1 trend (forward), the multiple falls further, and as long as the gaming cycle holds, there is room to view it as an undervalued zone relative to assets and earnings. Conversely, the structural risk of single-business and North American export concentration is a discount factor, and this assessment can change quickly if casino equipment investment slows, so rather than flatly calling it 'cheap,' it is more appropriate to understand it as relative undervaluation viewed on the premise of the cycle.
Price history Close · MA20 · MA60
The latest close is ₩12,240 and the market capitalization is ₩217.4 billion. The price sits above its 20-day moving average (₩11,908) and above its 60-day moving average (₩11,611). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.0, a neutral level. The one-month change is +6.5%, the three-month change is +5.5%, and the position relative to the 52-week high is -10.8%. Relative strength versus the KOSDAQ is 85 (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 86% of all stocks. Over the past three months it outpaced the index by 56.5%. 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 +56.49% / 6M +77.84% / 12M +26.37%
Key metrics Computed vs sector median
Valuation
The P/E of 7.67x is above the sector median (6.05x). The P/B of 0.56x is below the sector median (0.71x). 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.
Profitability & financials
Return on equity (ROE) is 9.0%, above the sector average (4.0%). The operating margin is 9.9%. The debt ratio is 24.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $229.8M | $216.4M | $278.8M | +28.85% ↑ faster |
| Operating profit | $3.4M | $16.5M | $26.5M | +60.46% ↓ slower |
| Net profit | $5.6M | $19.2M | $19.9M | +3.83% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $149.6M | $301.1M | $229.8M | $216.4M | $278.8M |
| Operating profit | -$10.3M | $19.2M | $3.4M | $16.5M | $26.5M |
| Net profit | -$9.4M | $19.8M | $5.6M | $19.2M | $19.9M |
| Revenue CAGR | 4-yr avg 16.84% | ||||
Revenue rose 28.8% year over year (2023 ₩327.1 billion → 2024 ₩308.0 billion → 2025 ₩396.8 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 60.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.8%. The two-year revenue CAGR is 10.1%. In the most recent quarter (Q1 2026), revenue was 38.5% 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.
- Revenue grew 28.8% year over year, a sign of growth.
- 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
- 2026-05-08EarningsQ1 2026 consolidated preliminary-results fair disclosure - revenue about ₩116.8 billion (+38.5% YoY), operating profit about ₩15.4 billion (+44.5%), net profit about ₩15.7 billion (+75.6%), with growth continuingShort term: a signal of improving earnings momentum as results momentum is confirmed. Medium term: a quarter that gauges whether the casino-equipment investment recovery carries through into revenue. Source
- 2026-04-28FilingThe company acquired previously issued overseas convertible bonds before maturity (in effect a retirement procedure) - a capital cleanup that reduces the burden of potential new shares from conversionShort term: the direct share-price impact is limited. Medium term: favorable for defending per-share value by shrinking the possibility of a share-count increase (dilution). Source
- 2026-05-15FilingQ1 2026 quarterly report filed - a periodic disclosure containing detailed financials such as Q1 cumulative revenue, operating profit, and net profitShort term: confirmation and detailed verification of the preliminary results. Medium term: material for checking revenue composition by segment and financial soundness. Source
- 2026-03-31Filing2025 business report filed (amended) - a periodic disclosure containing confirmed annual results and revenue composition by segment and regionMedium term: a basis for confirming the business structure, such as gaming-monitor revenue concentration and the North American export share. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-12OwnershipOwnership-change filing
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28Convertible-bond issuance
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Disclosure
- 2026-03-31PeriodicAnnual business report (amended)
- 2026-03-31Shareholders' 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.