KRM (093640) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
KRM is a small-cap classified in the semiconductor sector with a market cap of ₩108.5 billion, where a single filing such as a supply contract or a financing action has a relatively large effect on revenue and the number of shares outstanding, so it is most accurate to read the business alongside quarterly results and recent filings. In April 2026 there was a single supply contract worth ₩2.2 billion, equal to about 17.6% of recent annual revenue, and in March 2026 and December 2025 there were filings on acquiring convertible bonds before maturity (4th series, ₩2.0 billion in bond value, conversion price ₩5,689). On the plus side, a P/B of 1.53x means the price is not far above assets, so if the ₩2.2 billion contract settles into repeat business and declining revenue turns back up while the loss narrows, it becomes a foothold for recovery; on the cautious side, revenue has fallen for a third straight year and operating and net profit are in the red, while the financing process can increase the share count and dilute per-share value, making the actual signal of escaping losses the center of the judgment.
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 “Semiconductors” (Semiconductors & IT Components), a type typically read first through P/B.
Chipmakers ride sharp swings in chip prices and demand, so profits balloon in upturns and can flip to losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the company's asset value — is the first lens.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- The most recent full-year net result was a loss.
- Revenue fell 19.3% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 29.5% lower than a year earlier.
- ROE is -20.0% (total-net basis). It is below the sector average.
- Operating margin is -113.0%.
- 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 Ghost Robotics Technology 19.2% (corporate)
Controlling bloc incl. related parties 19.2%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
KRM is a small-cap classified in the semiconductor sector. As a company with a market cap of ₩108.5 billion, which is not large, a single filing such as a supply contract or a financing action has a relatively large effect on revenue and the number of shares outstanding, on top of the business itself. For that reason it is most accurate to read the flow of the business together with quarterly results and recent filings.
The latest close is ₩3,925 and the market capitalization is ₩128.9 billion. The price sits above its 20-day moving average (₩3,354) and above its 60-day moving average (₩3,654). 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 63.4, a neutral level. The one-month change is +16.8%, the three-month change is -18.2%, and the position relative to the 52-week high is -32.1%. Relative strength versus the KOSDAQ is 72 (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 72% of all stocks. Over the past three months it outpaced the index by 19.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Full-year 2025 revenue was ₩9.0 billion, with an operating loss of -₩10.2 billion and a net loss of -₩14.1 billion, in the red. The operating margin was -113.0%, ROE (how much is earned in a year on shareholders' equity) was -20.0% and the debt ratio was 49.8%. Because earnings are in the red, a P/E cannot be calculated, and the asset-based P/B is 1.52x. A P/B of 1.53x is slightly above book value, so on assets the price is not in a notably expensive position. That said, the P/B looking low is only relative to assets; with earnings in the red as they are now, it should also be kept in mind that value is hard to gauge on an earnings basis.
Revenue has fallen three years running, from ₩12.4 billion in 2023 to ₩11.2 billion in 2024 and ₩9.0 billion in 2025 (down 19.3% year on year). The most recent quarter, Q1 2026, saw revenue of ₩1.6 billion, down 29.5% from the same period a year earlier, with operating profit (-₩1.8 billion) and net profit (-₩1.6 billion) both continuing in the red. This year's (2026) expected revenue path is around ₩5.5 billion, a figure that reflects the confirmed Q1 results and past quarterly weightings. In other words, the current data shows neither a revenue recovery nor a turn to profit has yet been confirmed; whether the loss narrows and whether the reduced revenue turns back up become the first signals of a growth recovery. Whether transactions like the supply contract filed in April actually flow through into revenue could be the inflection point that changes the trend.
Among recent filings, the one to watch is the April 30, 2026 single supply contract (correction). The contract value is ₩2.2 billion, equal to about 17.6% of recent annual revenue, so on size alone it is a meaningful share of revenue. That said, the medium-term read splits on whether this transaction is one-off or repeatable, so the contract term and the timing of revenue recognition should be viewed together. There were also filings on acquiring convertible bonds before maturity (4th series, ₩2.0 billion in bond value, conversion price ₩5,689) on March 19, 2026 and December 19, 2025. For financing-related filings it helps to check the intended use of the incoming funds along with the possibility of a change in the share count from conversion.
On assets, KRM sits at a P/B of 1.53x, not a notably expensive position, but with revenue falling for a third straight year and operating and net profit in the red, it is a stock hard to sum up with the single word 'cheap.' The strong scenario is clear: the ₩2.2 billion supply contract settles into repeat business, and as declining revenue turns back up the loss narrows quickly. In that case the low P/B can read as a foothold for recovery. The weak scenario, conversely, is one where the revenue decline continues, losses persist, and the financing process, including convertible bonds, increases the share count and dilutes per-share value. In the end, more than the fact that the P/B is low, the center of the judgment is whether an actual signal of escaping losses appears (a quarterly turn to profit, a revenue rebound, or repeatability of supply contracts).
🔎 Valuation vs peers Undervalued
Peers with nearby market caps within the semiconductor sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nextchip | — | 4.70x | -87.90% |
| QSI | 27.09x | 0.76x | 5.12% |
| AL Tech | — | 1.09x | -9.67% |
Within semiconductors, the comparison drew first on public-data peers with nearby market caps. The current P/E is not available and the P/B is 1.52x. Because smaller-cap names are heavily affected by swings in earnings and by financing-related filings, the read does not rest on last year's confirmed results alone. The basis for the outlook box is DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩5.5 billion | — | — |
| Next quarter | Q2 2026 | ₩1.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩3,925 and the market capitalization is ₩128.9 billion. The price sits above its 20-day moving average (₩3,354) and above its 60-day moving average (₩3,654). 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 63.4, a neutral level. The one-month change is +16.8%, the three-month change is -18.2%, and the position relative to the 52-week high is -32.1%. Relative strength versus the KOSDAQ is 72 (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 72% of all stocks. Over the past three months it outpaced the index by 19.5%. 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 +19.46% / 6M +54.75% / 12M -13.71%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.86x is in line with the sector median (1.63x).
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
The operating margin is -113.0%. The debt ratio is 47.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $8.7M | $7.9M | $6.3M | -19.32% ↓ slower |
| Operating profit | -$15.5M | -$6.9M | -$7.2M | — |
| Net profit | -$20.9M | -$18.2M | -$9.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.0M | $9.0M | $8.7M | $7.9M | $6.3M |
| Operating profit | $518,963 | $129,607 | -$15.5M | -$6.9M | -$7.2M |
| Net profit | $2.0M | -$6.4M | -$20.9M | -$18.2M | -$9.9M |
| Revenue CAGR | 4-yr avg -5.58% | ||||
Revenue fell 19.3% year over year (2023 ₩12.4 billion → 2024 ₩11.2 billion → 2025 ₩9.0 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -5.6%. The two-year revenue CAGR is -14.7%. In the most recent quarter (Q1 2026), revenue was 29.5% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 19.3% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-04-30Contract[Correction] Single supply contract signed: contract value ₩2.2 billion · 17.6% of recent revenueThe contract value and term are central to how future revenue is recognized. Whether it is one-off or a repeatable transaction shapes the medium-term read. Source
- 2026-03-19UpdateAcquisition of convertible bonds (including overseas convertible bonds) before maturity after issuance (4th series): bond value ₩2.0 billion · conversion price ₩5,689This is a filing where the intended use of incoming funds and the change in share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and linked to revenue is the key point. Source
- 2025-12-19UpdateAcquisition of convertible bonds (including overseas convertible bonds) before maturity after issuance (4th series): bond value ₩2.0 billion · conversion price ₩5,689This is a filing where the intended use of incoming funds and the change in share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and linked to revenue is the key point. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,925 | ₩3,925 | Confirmed | link |
| Latest quarterly results | revenue ₩1.6 billion, operating profit -₩1.8 billion | revenue ₩1.6 billion, operating profit -₩1.8 billion | Confirmed | link |
| Annual results | revenue ₩9.0 billion, operating profit -₩10.2 billion | revenue ₩9.0 billion, operating profit -₩10.2 billion | Confirmed | link |
| Contract filing (original text) | [amended] single supply contract signed: contract value ₩2.2 billion · vs recent revenue 17.6% | [amended] single supply contract signed: contract value ₩2.2 billion · vs recent revenue 17.6% | Confirmed | link |
| Financing filing (original text) | ₩2.0 billion · ₩5,689 | ₩2.0 billion · ₩5,689 | Confirmed | link |
| Financing filing (original text) | ₩2.0 billion · ₩5,689 | ₩2.0 billion · ₩5,689 | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-30Single supply/sales contract (amended)
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-19Convertible-bond issuance
- 2026-03-17Disclosure
- 2026-03-17Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-02-13Shareholders' 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.