Interojo (119610) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Interojo makes and sells disposable and functional contact lenses, with more than half of its revenue coming from one-day lenses meant to be worn once and discarded; at home it sells under its own brand 'Clalen,' while abroad it supplies global lens companies on a contract-manufacturing basis, making it an export-oriented name with exports at roughly two-thirds or more of the total. It voluntarily disclosed a corporate value-up plan in March, fair-disclosed preliminary first-quarter results in early May (revenue ₩30.7 billion, operating profit ₩6.2 billion, net profit ₩5.0 billion) that confirmed a sharp rise in profit, and terminated a treasury-share acquisition trust agreement to tidy up how it will return capital going forward. What stands out recently is that, because lenses are consumables customers buy again on a regular cycle, the revenue base is stable and the first-quarter profit recovery is confirmed in the numbers; on the other hand, five-year revenue has been close to flat, so it is worth watching whether this recovery also translates into top-line growth, and whether the heavy export weighting makes quarterly results swing with currencies and overseas orders.
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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 “Medical Devices & Healthcare” (Biotech & Pharmaceuticals), a type typically read first through forward P/E.
In medical devices and healthcare, growth hinges on regulatory approval and product adoption, and profits often lag during the early investment phase. So forward P/E, which reflects expected earnings, is the first lens. But in a loss-making year an earnings multiple breaks down, so the focus shifts to EV/Sales — enterprise value against revenue — to size the business against its scale.
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 2.2% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 32.8% higher than a year earlier.
- ROE is 10.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 18.7%.
- 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 Noh Si-cheol 29.05% (individual)
Controlling bloc incl. related parties 50.88%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Interojo makes and sells disposable and functional contact lenses. More than half of its revenue comes from one-day lenses worn once and discarded, followed by FRP lenses used on a monthly or so cycle. At home it sells directly under its own brand 'Clalen,' while abroad a large share is supplied to global lens companies on an OEM/ODM (contract-manufacturing) basis. As a result, it has a strongly export-oriented character, with exports making up a large part of total revenue (roughly two-thirds or more). Recently, color lenses that change eye color (One-day Beauty) and silicon hydrogel lenses with good oxygen permeability have led growth, and the company is in a phase of expanding its scale through added capacity and overseas market entry (including pursuit of U.S. FDA approval).
The latest close is ₩13,700 and the market capitalization is ₩156.4 billion. The price sits below its 20-day moving average (₩14,329) and below its 60-day moving average (₩16,780). 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 42.3, a neutral level. The one-month change is -12.1%, the three-month change is -34.4%, and the position relative to the 52-week high is -39.2%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 2.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On valuation, the trailing P/E (based on the prior year's net profit — how many times a year's net profit the price represents) is 12.09x and the P/B (how many times balance-sheet net assets the price represents) is 1.02x. Judging by the trailing P/E alone it can look expensive, but that is because the denominator, 2025 net profit (₩12.9 billion), has just risen off a temporary trough in 2024 (₩0.18 billion) at the very start of a recovery. For a stock that has just passed an earnings inflection point, the P/E on last year's number is pushed higher than the true value this way, while the forward P/E converted from this year's expected earnings comes down to distinctly below the peer set of medical-device makers. In other words, judged by current earnings power the price is not much of a burden and is closer to an undervalued signal. On profitability, the operating margin is 16.4% and ROE (how much is earned in a year on equity) is 8.2%, above the peer average, and the first-quarter 2026 operating margin stepped up another notch to 20.3%. On the balance sheet, the debt ratio (debt relative to equity) is 156%, but the current ratio (cash-like assets against debt due within a year) is 260% and the interest coverage ratio is 3.2x, so short-term payment ability is not strained. On top of this, a dividend yield of about 4.1% (₩650 per share) and a payout ratio of 64% mean the strength of returning earnings to shareholders is also on the high side.
Five-year revenue has ranged between ₩107.5 billion and ₩118.4 billion, so the top line itself has not grown much, but profit is tracing a clear recovery curve. Operating profit fell to ₩5.8 billion in 2024 and then jumped about 3.3x to ₩19.5 billion in 2025, while net profit turned around from a ₩0.18 billion trough in 2024 to ₩12.9 billion in 2025. And this recovery grew clearer in the first quarter of this year. First-quarter 2026 revenue rose 32.8% from a year earlier, operating profit rose about 1.9x, net profit rose about 2.5x, and the operating margin climbed into the 20% range. That profit grew this much while revenue stayed flat means margins themselves are improving, driven by a rising mix of high value-added products such as one-day, silicon hydrogel, and color lenses, along with better production efficiency. The forward P/E converted from this year's earnings is precisely the value reflecting this margin improvement and profit level-up. Meanwhile, there is no evidence that the outlook beyond next year falls below this year, so there is no reason to conclude the current level is a cycle top.
Recent disclosures read along two threads: recovery and shareholder returns. In March the company voluntarily disclosed a corporate value-up plan to lift its value, and in early May it fair-disclosed preliminary first-quarter results (revenue ₩30.7 billion, operating profit ₩6.2 billion, net profit ₩5.0 billion), confirming a sharp rise in profit. In late April it held an earnings-disclosure preview and an investor briefing (IR), stepping up communication with investors. In May it terminated a treasury-share acquisition trust agreement and reported the outcome, which tidies up the buyback-based returns it had been accumulating and is a point to watch for what form returns take next, such as dividends or share cancellation. In November of last year it decided on a paid-in capital increase (issuance of new shares) for operating funds and debt repayment, so the balance-sheet reinforcement from the inflow and the effect of the increased share count can be examined together.
The strengths are clear. Contact lenses are consumables that must be bought again on a regular cycle, so the revenue base is stable, and the first-quarter profit surge confirms the recovery in the numbers. The cautions can be viewed in balance. Five-year revenue itself is close to flat, so it is worth confirming whether this recovery goes beyond margin improvement into top-line growth, and with a high export share, quarterly results may swing with currencies and shifts in overseas customer orders. In short, it is strong as long as the profit recovery and high dividend continue, and weaker if revenue stagnation sets in again or the export environment is greatly shaken.
🔎 Valuation vs peers Fairly valued
Because listed companies directly comparable to contact lenses are rare, a medical-device maker in the same medical/precision/optical-instrument sector (i-SENS) and a large maker in the medical and aesthetics field (Hugel) are used as reference peers; since the businesses are not entirely alike, they are used only for directional comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| i-SENS | 0.00x | 1.62x | -1.73% |
| Hugel | 24.37x | 3.48x | 15.01% |
Against the peer set, Interojo leads i-SENS — which is in a loss phase — on profitability (positive ROE of 8.2% and first-quarter margin improvement), and its P/B of 1.27x is lower than Hugel (3.25x) and even i-SENS (1.47x). The trailing P/E of 15.4x has the limitation of looking higher than reality, given that it comes right at the start of a recovery just after 2024 net profit fell temporarily to a trough (₩0.18 billion). On a forward basis reflecting this year's first-quarter trend, the price burden relative to earnings comes down distinctly. That said, with five-year revenue close to flat and the share count increased by last year's capital raise, it is reasonable to watch whether the recovery persists at a fair level rather than concluding it is 'cheap.'
Price history Close · MA20 · MA60
The latest close is ₩13,700 and the market capitalization is ₩156.4 billion. The price sits below its 20-day moving average (₩14,329) and below its 60-day moving average (₩16,780). 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 42.3, a neutral level. The one-month change is -12.1%, the three-month change is -34.4%, and the position relative to the 52-week high is -39.2%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 2.9%. 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 -2.88% / 6M +4.22% / 12M -32.51%
Key metrics Computed vs sector median
Valuation
The P/E of 12.09x is below the sector median (21.36x). The P/B of 1.02x is below the sector median (1.23x). 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.
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 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.8%, above the sector average (2.0%). The operating margin is 18.7%. The debt ratio is 64.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $83.8M | $81.4M | $83.2M | +2.24% ↑ faster |
| Operating profit | $3.6M | $4.1M | $13.7M | +234.97% ↑ faster |
| Net profit | $2.2M | $129,496 | $9.1M | +6918.66% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $75.5M | $82.8M | $83.8M | $81.4M | $83.2M |
| Operating profit | $15.9M | $17.0M | $3.6M | $4.1M | $13.7M |
| Net profit | $10.4M | $13.1M | $2.2M | $129,496 | $9.1M |
| Revenue CAGR | 4-yr avg 2.44% | ||||
Revenue rose 2.2% year over year (2023 ₩119.3 billion → 2024 ₩115.8 billion → 2025 ₩118.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 235.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.4%. The two-year revenue CAGR is -0.4%. In the most recent quarter (Q1 2026), revenue was 32.8% 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.
- The dividend yield, at 4.7%, is on the high side.
- ROE of 10.8% points to solid profitability.
- 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
- 2026-05-07EarningsFair disclosure of preliminary consolidated first-quarter 2026 results — revenue ₩30.7 billion · operating profit ₩6.2 billion · net profit ₩5.0 billion, a sharp increase from a year earlierShort term: confirms the recovery in the numbers, a positive for sentiment. Medium term: signals the possibility of an annual profit level-up. Source
- 2026-03-26FilingVoluntary disclosure of a corporate value-up plan — announcing directions on capital efficiency, shareholder returns, and other value enhancementMedium term: formalizing the intent to improve capital efficiency and returns could provide a basis for a re-valuation. Source
- 2026-05-22FilingDecision to terminate the treasury-share acquisition trust agreement — ending returns via the existing treasury-share trust methodShort term: the buyback-style return is wrapping up, so the future form of returns (dividends, cancellation, etc.) needs to be examined. Source
- 2025-11-05UpdatePaid-in capital increase decision (amended) — issuance of new shares for operating funds and debt repayment, increasing the share countMedium term: the inflow reinforces financial capacity, but the dilution from new issuance weighs on per-share value. Source
- 2026-04-29IRInvestor briefing (IR) held and earnings-disclosure preview — explaining results and strategy to investorsShort term: direct communication from the company improves earnings visibility. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 preliminary revenue | ₩30.7 billion | ₩30.7 billion | Confirmed | link |
| First-quarter 2026 operating profit | ₩6.2 billion | ₩6.2 billion | Confirmed | link |
| Fact of the paid-in capital increase decision | 2025-11-05 | — | Confirmed | link |
| 2026 estimated net profit (this year's forward basis) | approx. ₩19.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26Disclosure
- 2026-05-22TreasuryMaterial-fact report
- 2026-05-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-04-29Largest-shareholder ownership change report
- 2026-04-29Disclosure
- 2026-04-29EarningsEarnings disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
📖 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.