KINX (093320) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
KINX makes money from 'the back-end infrastructure that keeps the internet running,' centered on subscription-style infrastructure revenue across four lines: the country's only carrier-neutral IX (internet exchange), IDC data centers that lease server space, CloudHub that connects companies to external clouds, and a CDN that delivers content quickly, all charging monthly circuit and space usage fees. Its May 12 preliminary results and May 15 quarterly report confirmed a Q1 earnings recovery in which operating and net profit growth far outpaced revenue growth, and on March 30 it reported the outcome of a treasury-share disposal. What stands out is that its strengths are the entry barrier of being the country's only neutral IX, subscription-style revenue, the sharp Q1 rebound in operating and net profit, and a forward P/E of 17.28x that is lower than infrastructure peers (Douzone Bizon, Gabia); on the other hand, ROE at 8.4% still trails the peer average, and because the earnings recovery has been confirmed in a single quarter, whether the same trend continues through the full year needs further watching.
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 “Platforms & Portals” (Internet, Platforms & Software), a type typically read first through P/E.
Platform and portal companies run several businesses at once — advertising, commerce, content — and monetize a large user base. So price-to-earnings (P/E) — the share price against earnings — is the first lens, read alongside a sum-of-the-parts view (SOTP) that values each distinct segment separately.
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 14.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.9% higher than a year earlier.
- ROE is 10.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.1%.
- 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 Gabia 36.3% (corporate)
Controlling bloc incl. related parties 39.1%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
KINX makes money from 'the back-end infrastructure that keeps the internet running.' It has four core lines. (1) The IX (internet exchange, a hub that connects different networks in one place so they can exchange traffic) is the country's only carrier-neutral one, connecting ISPs and content providers without being tied to any single carrier. (2) The IDC (data center, a facility that stores and operates servers on customers' behalf) leases server space (colocation) across six domestic centers plus bases in Hong Kong and Japan. (3) Cloud connectivity (CloudHub) securely links companies to external clouds such as AWS, Azure, Google and Naver Cloud over dedicated circuits. (4) The CDN (midibus) delivers video and live-commerce content quickly. In short, revenue is centered on subscription-style infrastructure in which customers who move in or connect once pay monthly circuit and space usage fees, so a growing customer base steadily accumulates into revenue.
The latest close is ₩139,000 and the market capitalization is ₩678.3 billion. The price sits above its 20-day moving average (₩134,815) and above its 60-day moving average (₩121,962). 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 57.4, a neutral level. The one-month change is +9.8%, the three-month change is +34.2%, and the position relative to the 52-week high is -6.3%. Relative strength versus the KOSDAQ is 88 (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 89% of all stocks. Over the past three months it outpaced the index by 93.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed annual (2025) basis, the P/E ratio (how many times one year's net profit the price represents) is 39.67x and the P/B (how many times net assets) is 3.26x. However, this figure is based on 'last year's confirmed results' (trailing) just before earnings began to rebound, so it has the limitation of making the stock look more expensive than it really is now that earnings have started to grow quickly. The forward P/E (price multiple based on the next year's earnings), reflecting this year's expected earnings, is 17.8x, positioned below infrastructure peers (Douzone Bizon 37.9x, Gabia 25.1x), so relative to future earnings it is actually not heavy. ROE (return on equity, how much is earned in a year on equity) is 8.4%, still below the peer average (about 12%), but the operating margin is 15.0%, so core-business profitability is solid. The debt ratio (debt to equity) is 165.5%, which looks high on the number alone, but that reflects the nature of a data-center business that uses borrowings and lease liabilities for capital investment. With a current ratio of 298% and an interest coverage ratio (how many times operating profit covers interest) of 7.3x, short-term solvency and interest-servicing capacity are ample, so cash-generation adequately supports that debt.
Over five years revenue nearly doubled, from ₩84.5 billion in 2021 to ₩159.2 billion in 2025, and the latest revenue growth rate of 14.6% is actually faster than the prior year's (13.2%). Revenue keeps rising steadily because monthly subscription-style usage fees accumulate as data-center tenancy and cloud-connectivity customers grow. Net profit passed ₩25.5 billion in 2022, then declined to ₩18.1 billion in 2024 and ₩17.1 billion in 2025, so for a while there was a stretch where revenue growth and profit moved apart. That trend clearly changed in Q1 2026. With revenue of ₩42.5 billion (+7.9%), operating profit of ₩8.9 billion (+79.5%) and net profit of ₩7.7 billion (+132.3%), profit grew far faster than revenue. This is a sign that operating leverage has begun to work: as data-center and cloud revenue passes a certain scale, everything beyond covering fixed costs falls straight through to profit. On this year's higher earnings, the forward P/E works out to 17.8x, down to about half of last year's 38.1x. In other words, the forward figure is not a suddenly inflated number but the result of the earnings recovery actually confirmed in Q1 being applied across the full year. That said, whether this recovery steps up another level from next year onward is something only visible as more quarters accumulate, so there is no basis to declare this the top of the cycle.
Recent disclosures can be summarized as the company transparently reporting results each quarter and clearing out its treasury shares. In the May 12, 2026 preliminary-results fair disclosures (two filings, separate and consolidated), Q1 revenue, operating profit and net profit were first announced, and the May 15, 2026 quarterly report confirmed the same figures. Operating and net profit growth rates far exceeded revenue growth, so the earnings recovery was backed by actual results. Beforehand, on March 30, 2026, the outcome of a treasury-share disposal was reported, disclosing that the company had resold shares it held into the market. A treasury-share disposal should be viewed together with the aspect of the company securing cash and the aspect of a possible partial dilution of per-share value as the number of shares in circulation increases. Subsequently, from April to June, there were several filings on changes in holdings of specified securities by executives and major shareholders, which are of a routine reporting nature and do not by themselves point to the direction of results.
The strengths are clear. (1) The entry barrier of being the country's only neutral IX, plus subscription-style infrastructure revenue on which monthly usage fees accumulate; (2) the sharp simultaneous rebound in operating and net profit in Q1 2026; and (3) a financial structure where, even though the debt ratio looks high, liquidity and interest-servicing capacity provide support. In particular, this year's forward P/E of 17.28x is lower than infrastructure peers (Douzone Bizon 37.9x, Gabia 25.1x), so relative to future earnings the price is not heavy. Points to watch together: (1) ROE at 8.4% still trails the peer average, and (2) because the earnings recovery has been confirmed in a single quarter, whether the same trend continues through the full year needs further watching. In short, this stock is structured so that 'if the earnings rebound extends through the year, it looks like an infrastructure name cheap relative to future earnings at the 17x forward level, while if it slows again, last year's 38x-range burden re-emerges,' making the durability of quarterly earnings the key variable separating strong from weak phases.
🔎 Valuation vs peers Inconclusive
Because KINX is an internet-infrastructure business selling IDC, IX and cloud connectivity rather than a consumer platform, the peer set was drawn from companies of the same character that handle domain, hosting and cloud infrastructure rather than large portals.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Gabia | 38.24x | 3.35x | 11.65% |
| Cafe24 | 11.40x | 1.70x | 15.30% |
| Douzone Bizon | 37.86x | 5.68x | 16.76% |
On a confirmed-results basis, the P/E of 32.7x and P/B of 2.73x sit in the upper half of infrastructure peers (Gabia 26.3x, Cafe24 12.0x, Douzone Bizon 37.9x). However, this trailing P/E is calculated on 2025 results just before earnings rebounded, so at an earnings-inflection point it has the limitation of looking more expensive than it really is. Reflecting the confirmed Q1 results this year, the seasonality-approximated forward P/E is about 14.2x, which actually moves toward the lower end within the same peer group. In other words, this is a phase where 'it looks expensive on last year's numbers but the burden drops sharply if the earnings rebound extends through the year,' so until it is confirmed that Q1 earnings persist without one-off factors, calling it undervalued or overvalued is difficult. That said, being an infrastructure business with a clear entry barrier is a factor that justifies a certain level of premium.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩43.8 billion | approx. ₩10.0 billion | approx. ₩9.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩139,000 and the market capitalization is ₩678.3 billion. The price sits above its 20-day moving average (₩134,815) and above its 60-day moving average (₩121,962). 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 57.4, a neutral level. The one-month change is +9.8%, the three-month change is +34.2%, and the position relative to the 52-week high is -6.3%. Relative strength versus the KOSDAQ is 88 (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 89% of all stocks. Over the past three months it outpaced the index by 93.1%. 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 +93.06% / 6M +45.38% / 12M +58.35%
Key metrics Computed vs sector median
Valuation
The P/E of 39.67x is above the sector median (16.39x). The P/B of 3.26x is above the sector median (1.17x). 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 10.7%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 2.296x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.3%, above the sector average (7.0%). The operating margin is 17.1%. The debt ratio is 46.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $86.2M | $97.6M | $111.9M | +14.64% ↑ faster |
| Operating profit | $18.7M | $16.7M | $16.8M | +0.64% ↑ faster |
| Net profit | $17.3M | $12.7M | $12.0M | -5.38% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $59.3M | $77.9M | $86.2M | $97.6M | $111.9M |
| Operating profit | $13.9M | $18.2M | $18.7M | $16.7M | $16.8M |
| Net profit | $11.1M | $17.9M | $17.3M | $12.7M | $12.0M |
| Revenue CAGR | 4-yr avg 17.18% | ||||
Revenue rose 14.6% year over year (2023 ₩122.7 billion → 2024 ₩138.9 billion → 2025 ₩159.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 0.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 17.2%. The two-year revenue CAGR is 13.9%. In the most recent quarter (Q1 2026), revenue was 7.9% 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.
- ROE of 10.3% points to solid profitability.
- Revenue grew 14.6% 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
- 2026-05-15UpdateFiled the Q1 2026 quarterly report — revenue ₩42.5 billion, operating profit ₩8.9 billion, net profit ₩7.7 billion confirmedShort term: officially confirmed the Q1 figures announced in preliminary results. Operating and net profit growth far exceeded revenue growth, supporting a recovery in profitability. Medium term: whether this earnings level continues quarter to quarter is the gauge for full-year results. Source
- 2026-05-12EarningsConsolidated operating (preliminary) results fair disclosure — Q1 operating profit +79.5% and net profit +132.3% year on year, preliminarily announcedShort term: informed the market of the profit surge three days ahead of the confirmed quarterly report. Medium term: with profit up more than double against single-digit revenue growth, whether this reflects operating leverage beyond fixed costs needs confirmation. Source
- 2026-05-12EarningsSeparate operating (preliminary) results fair disclosure — the same quarter's results also disclosed on a separate basisShort term: disclosing both consolidated and separate bases allows subsidiary effects and the parent's own results to be distinguished. Medium term: a supplementary basis for checking the parent operation's own profitability. Source
- 2026-03-30UpdateFiled a treasury-share disposal outcome report — disclosing completion of the disposal of held treasury sharesShort term: the company resold treasury shares it held into the market to secure cash. Medium term: the possible dilution of per-share value from an increase in circulating shares should be weighed together with the cash-securing effect. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue / operating profit / net profit | revenue ₩42.5 billion · operating profit ₩8.9 billion · net profit ₩7.7 billion | DART (2026.03) | Confirmed | link |
| Five-year annual revenue trend | 2021 ₩84.5 billion → 2025 ₩159.2 billion | DART | Unverified | link |
| This year's seasonality-approximated operating profit / net profit | operating profit approx. ₩37.7 billion · net profit approx. ₩39.3 billion (forward PER approx. 14.2x) | — | Unverified | link |
Recent filings Source
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12EarningsFair-disclosure notice
- 2026-05-12EarningsFair-disclosure notice
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30TreasuryTreasury-stock disposal decision
📖 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.