Kukbo Design is a firm specializing in interior architecture (interior design) that plans, designs and builds out the interior spaces of buildings, generating revenue by furnishing and finishing interiors in the course of new construction, renovation and extension of office and commercial spaces, with demand for the conversion and refurbishment of aging buildings underpinning the business. Recent disclosures have centered on shareholder returns, with a treasury-share disposal at the end of 2025 and a cash-and-in-kind dividend decided in February 2026 continuing the move to return earned cash to shareholders. What stands out lately is that with a forward P/E of 3.41x and a P/B of 0.56x, the share price is lower than peers on both an earnings and book-value basis, yet ROE of 12.2% shows profitability is if anything good, and with profit rising this year it sits closer to 'earning well while still cheap'; on the other hand, because of the nature of interior work, quarterly profit can swing with the progress rate of each project site, and with a not-large market cap the impact of disclosures related to funding and share count is relatively large.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 4.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.2% higher than a year earlier.
- ROE is 12.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.4%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Hwang Chang-yeon 46.53% (individual)
Controlling bloc incl. related parties 53.13%
With the controlling bloc holding 53%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Kukbo Design is a firm specializing in interior architecture (interior design) that plans, designs and builds out the interior spaces of buildings.
- It generates revenue by furnishing and finishing interiors in the course of new construction, renovation and extension of offices and business and commercial spaces.
- Demand — that spatial design ties directly to a building's value and a company's competitiveness — together with demand for the conversion and refurbishment of aging buildings underpins the business.
- As a stock with a market capitalization of around ₩181.5 billion, it is worth watching, alongside the usual flow of results, the impact each major disclosure has on its finances and share count.
- The latest closing price is ₩24,350 and market capitalization is ₩182.6 billion.
- The price is above the 20-day line (₩24,040) and above the 60-day line (₩23,934).
- Sitting above both the short- and medium-term moving averages, the trend is on the favorable side.
- The RSI (a supplementary gauge that scores the strength of gains versus declines over the past 14 days on a 0-100 scale) is 53.1, a neutral level.
- The one-month change is +5.9%, the three-month change is +10.9%, and the position versus the 52-week high is -6.7%.
- Relative strength versus the KOSDAQ is 85 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- It sits in roughly the top 14% of all stocks by strength.
- Over the past three months it led the index by 46.6%.
- It is best to read the chart together with trading volume and the dates of disclosures.
- Recent annual revenue was ₩438.9 billion, operating profit ₩45.8 billion and net profit ₩39.7 billion.
- With an operating margin of 10.4% and ROE (how much is earned in a year per unit of equity) of 12.2%, profitability exceeds the peer average, and with a debt ratio (debt against equity) of 46.1% and a current ratio (assets usable within a year against debt due within a year) of 219%, the balance sheet is stable.
- The P/E ratio (how many times one year's profit the share price represents) is 4.60x and the P/B (how many times book value the price represents) is 0.56x; rather than being a burden because they are high, these figures are better read as a signal that the share price is low relative to earnings and assets.
- Moreover, with profit rising this year, the forward P/E falls further to 3.41x and the forward P/B to 0.56x.
- Compared with peers Dong Ah Geological Engineering (11.6x) and HDC Labs (15.7x), the price appeal relative to earnings is clear.
- Revenue rose steadily from ₩401.3 billion in 2023 to ₩421.6 billion in 2024 and ₩438.9 billion in 2025, and operating profit grew alongside it, from ₩32.4 billion to ₩41.7 billion to ₩45.8 billion.
- This year the profit level is expected to step up one more notch.
- First-quarter 2026 net profit of ₩13.6 billion was up 78.1% from a year earlier, already showing the inflection in profit, and on that basis this year's estimated net profit is about ₩53.6 billion, a further step above last year's ₩39.7 billion.
- This is not because revenue jumped sharply but because a structure has formed in which more profit is left over from the same revenue through the mix of work and margin improvement.
- That is why the forward P/E falls to as low as 3.39x — not a simple extrapolation but a figure supported by the confirmed first-quarter results.
- That said, since quarterly operating profit was -9.6% year on year, it is worth keeping in mind that profit can swing quarter to quarter with the progress rate of each project site.
- Disclosures center on shareholder returns and the flow of treasury shares.
- It disposed of treasury shares via a treasury-share disposal decision on 2025-12-15 and a disposal-results report on 2025-12-26, and on 2026-02-25 decided a cash-and-in-kind dividend.
- All of these concern returning earned cash to shareholders or affecting the share count, so they are best viewed from the perspective of confirming whether these returns are comfortably supported by earnings strength and cash flow.
- The strengths are clear.
- Price relative to earnings (forward P/E of 3.41x) and price relative to book value (P/B of 0.56x) are lower than peers, yet ROE of 12.2% shows profitability is if anything good, and debt and liquidity are stable too.
- With profit rising this year in an inflection phase, the low valuation stands out even more.
- In other words, it is not merely a 'cheap stock' but closer to 'earning well while still cheap.' Conversely, the conditions that could turn weak are that, given the nature of interior work, quarterly profit can swing with the progress rate of each project site, and that with a not-large market cap the impact of disclosures related to funding and share count — such as treasury shares and dividends — is relatively large.
- In sum, as long as it holds margins and the profit inflection continues, the price appeal is strong; if order intake and progress rates waver, profit volatility comes to the fore.
🔎 Valuation vs peers Undervalued
A peer group with adjacent market capitalization within specialty construction.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Kumhwa PSC | 6.31x | 0.50x | 7.94% |
| HDC Labs | 16.11x | 0.74x | 4.60% |
| Dong Ah Geological Engineering | 11.31x | 0.93x | 8.19% |
We looked first at a public-data peer group with adjacent market capitalization within specialty construction. The current P/E ratio (how many times one year's profit the share price represents) is 4.60x and the P/B (how many times book value the price represents) is 0.56x. That said, since lower-market-cap names are heavily affected by profit swings and financing disclosures, we did not draw firm conclusions from metrics based only on last year's confirmed results. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩450.9 billion | ₩60.8 billion | ₩53.6 billion |
| Next quarter | Q2 2026 | ₩118.2 billion | ₩13.0 billion | ₩12.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩24,350 and the market capitalization is ₩182.6 billion. The price sits above its 20-day moving average (₩24,040) and above its 60-day moving average (₩23,934). 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 53.1, a neutral level. The one-month change is +5.9%, the three-month change is +10.9%, and the position relative to the 52-week high is -6.7%. 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 46.6%. 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 +46.59% / 6M +33.56% / 12M +23.44%
Key metrics vs sector median
Valuation
The P/E of 4.60x is below the sector median (7.73x). The P/B of 0.56x is below the sector median (0.79x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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 12.2%, above the sector average (9.0%). The operating margin is 10.4%. The debt ratio is 46.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $266.0M | $279.5M | $290.9M | +4.09% ↓ slower |
| Operating profit | $21.5M | $27.6M | $30.3M | +9.74% ↓ slower |
| Net profit | $18.3M | $27.0M | $26.3M | -2.52% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $214.1M | $250.8M | $266.0M | $279.5M | $290.9M |
| Operating profit | $17.1M | $19.1M | $21.5M | $27.6M | $30.3M |
| Net profit | $13.0M | $13.8M | $18.3M | $27.0M | $26.3M |
| Revenue CAGR | 4-yr avg 7.96% | ||||
Revenue rose 4.1% year over year (2023 ₩401.3 billion → 2024 ₩421.6 billion → 2025 ₩438.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 9.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.0%. The two-year revenue CAGR is 4.6%. In the most recent quarter (Q1 2026), revenue was 0.2% higher 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 12.2% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 4.1% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2025-12-26UpdateTreasury-share disposal-results report: confirm the return termsA disclosure related to a cash return or a change in share count. Check whether it is supported by earnings strength and cash flow. Source
- 2025-12-15UpdateMaterial-fact report (treasury-share disposal decision): confirm the return termsA disclosure related to a cash return or a change in share count. Check whether it is supported by earnings strength and cash flow. Source
- 2026-02-25UpdateCash-and-in-kind dividend decision: confirm the return termsA disclosure related to a cash return or a change in share count. Check whether it is supported by earnings strength and cash flow. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩24,350 | ₩24,350 | Confirmed | link |
| Latest quarterly results | revenue ₩102.2 billion, operating profit ₩15.5 billion | revenue ₩102.2 billion, operating profit ₩15.5 billion | Confirmed | link |
| Annual results | revenue ₩438.9 billion, operating profit ₩45.8 billion | revenue ₩438.9 billion, operating profit ₩45.8 billion | Confirmed | link |
| Shareholder-return disclosure original text | : | : | Confirmed | link |
| Shareholder-return disclosure original text | : | : | Confirmed | link |
| Shareholder-return disclosure original text | ㆍ: | ㆍ: | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-02-25DividendCash/stock dividend decision
- 2026-02-25Shareholders' 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.