I-Tech (119830) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
I-Tech is classified in professional and technical services and earns revenue mainly from semiconductor-related inspection and testing services; recently it has been shedding non-core subsidiaries — selling stakes in Songjeong Pharm and Samsung Medicos and halting the operations of C&C Invest — to consolidate around its core business. Rights offerings of 1,451,379 common shares came in succession from April to June 2026, the operating loss narrowed quickly from -₩7.3 billion to -₩2.2 billion to -₩0.3 billion, and Q1 revenue rose again, signaling the core business finding a bottom. What stands out lately is that if the shrinking core-business loss and the revenue rebound lead to a turnaround and the raised funds connect to sales, the discount appeal — a 22.3% debt-to-equity ratio, 452% current ratio, and P/B of 1.04x — comes into focus; but if the turnaround is delayed or the offerings merely add shares without results, the recovery hopes could be pushed back.
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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 “Back-End & Packaging (OSAT)” (Semiconductors & IT Components · Semiconductors), a type typically read first through EV/EBITDA.
OSAT packaging carries a heavy capital-spending burden, with depreciation weighing on profit and debt often in the mix. So EV/EBITDA — enterprise value, including debt, against operating cash generation — captures the reality of this equipment-intensive business better than net-income measures.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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 0.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 4.0% higher than a year earlier.
- ROE is -2.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.5%.
- 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 Choi Hyun-sik 10.69% (individual)
Controlling bloc incl. related parties 13.89%
With the controlling bloc holding 14%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis Reading
I-Tech is classified in professional and technical services and earns revenue mainly from semiconductor-related inspection and testing services. Its recent business reports show a clear pattern of streamlining rather than expanding. In 2024 it sold part of its stake (27.5%) in the subsidiary Songjeong Pharm and its entire stake (100%) in Samsung Medicos; in 2025 it decided to halt the operations of C&C Invest and carried out a capital reduction without consideration at BA Energy. In other words, it is at a stage of shedding non-core subsidiaries to consolidate around the core business. As a small- to mid-cap with a market cap in the ₩180.5 billion range, one should watch not only the business itself but also how a single disclosure affects the balance sheet and share count.
The latest close is ₩5,110 and the market capitalization is ₩135.6 billion. The price sits below its 20-day moving average (₩5,258) and below its 60-day moving average (₩6,205). 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 43.3, a neutral level. The one-month change is -4.0%, the three-month change is -27.8%, and the position relative to the 52-week high is -46.8%. Relative strength versus the KOSDAQ is 51 (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 51% of all stocks. Over the past three months it outpaced the index by 1.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue was ₩48.5 billion, with operating profit of -₩0.3 billion and net profit of -₩4.6 billion, a small loss. The operating margin of -0.5% and ROE (how much a company earns in a year on its equity) of -2.7% mean profitability has yet to recover. The financial structure, however, is fairly firm. The debt-to-equity ratio (borrowings relative to equity) is low at 22.3%, and the current ratio (assets readily usable against debt due within a year) is 452%, leaving ample short-term liquidity. On valuation, the P/E (how many times a year's earnings the price represents) is not calculable because of the loss; instead, the P/B (how many times book value the price represents) is 0.72x. That means the price relative to assets is roughly at book value, and the diagnostic marks it as undervalued. Because it is a loss-making name the earnings metrics are blank, but with low debt and thick cash cushion, the asset value supports the price, so this is not a place to view the P/B as burdensomely high.
Revenue went ₩52.2 billion in 2023, ₩48.6 billion in 2024, and ₩48.5 billion in 2025 — declining or flat over recent years. But the most recent Q1 2026 revenue was ₩12.1 billion, up +4.0% year over year, signaling the decline halting and turning up again. Operating profit narrowed sharply each year from -₩7.3 billion in 2023 to -₩2.2 billion in 2024 and -₩0.3 billion in 2025, closing in on breakeven. The point to watch is whether the effect of streamlining non-core segments through subsidiary sales and operational halts feeds through to core-business profitability. Annual revenue of around ₩52.0 billion looks feasible, a level derived by combining Q1 results with the past quarterly revenue distribution. That said, net profit was highly volatile at -₩8.5 billion in Q1; because this item is more affected by valuation and one-off factors than by the core operating result (-₩0.3 billion), it is more accurate to view it separately from the operating trend.
Recent disclosures center on rights offerings. Rights-offering decisions (amended filings) of 1,451,379 common shares came in succession on April 6, May 14, and June 10, 2026. A rights offering is a disclosure in which funds flow into the company while the number of shares outstanding rises, so the purpose of the money coming in and the added shares should be viewed together. Where the use is clear, such as facility or operating funds, the key is whether that money is actually deployed as investment and connects to revenue. Whether the earlier subsidiary sales and operational halts and this financing mesh in a direction that grows the core business will be the fork in the road for later results.
I-Tech's strengths are clear. Debt is low (a 22.3% debt-to-equity ratio), short-term liquidity is ample (a 452% current ratio), and with the price nearly at book value (P/B 1.04x) it is in an undervalued zone on asset value. The operating loss narrowing quickly from -₩7.3 billion to -₩2.2 billion to -₩0.3 billion and Q1 revenue rising again are positive signals that the core business is finding a bottom. On the other side, the cautions are just as clear. It has not yet turned to an annual profit, net profit is erratic quarter to quarter, and a stable recovery in profitability needs further confirmation. The rise in share count from successive rights offerings also only revives value once the incoming funds translate into actual results. In sum, this is a name whose discount appeal can come into focus if the shrinking core-business loss and the revenue rebound lead to a turnaround and the raised funds connect to sales; conversely, if the turnaround is delayed or the offerings merely add shares without results, the recovery hopes could be pushed back.
🔎 Valuation vs peers Undervalued
A comparison set of professional and technical-services names with adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Macrogen | 64.90x | 0.87x | 1.29% |
| QRT | 45.22x | 1.52x | 6.13% |
| Grid Wiz | 52.10x | 0.85x | 1.61% |
We looked first at a public-data comparison set of professional and technical-services names with nearby market capitalization. The current P/E (how many times a year's earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 0.72x. That said, smaller-cap names are heavily swayed by earnings volatility and financing disclosures, so we did not draw firm conclusions from metrics based solely on last year's finalized results. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩52.0 billion | — | — |
| Next quarter | Q2 2026 | ₩14.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩5,110 and the market capitalization is ₩135.6 billion. The price sits below its 20-day moving average (₩5,258) and below its 60-day moving average (₩6,205). 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 43.3, a neutral level. The one-month change is -4.0%, the three-month change is -27.8%, and the position relative to the 52-week high is -46.8%. Relative strength versus the KOSDAQ is 51 (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 51% of all stocks. Over the past three months it outpaced the index by 1.2%. 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 +1.24% / 6M -14.10% / 12M -16.84%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.72x is below the sector median (1.16x).
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 9.2%, 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 -2.7%, below the sector average (2.0%). The operating margin is -0.5%. The debt ratio is 37.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $36.7M | $34.2M | $34.1M | -0.23% ↑ faster |
| Operating profit | -$5.1M | -$1.5M | -$180,578 | — |
| Net profit | -$5.2M | $14.8M | -$3.3M | -122.05% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $45.5M | $53.8M | $36.7M | $34.2M | $34.1M |
| Operating profit | $2.2M | $504,273 | -$5.1M | -$1.5M | -$180,578 |
| Net profit | -$5.7M | $15.2M | -$5.2M | $14.8M | -$3.3M |
| Revenue CAGR | 4-yr avg -6.96% | ||||
Revenue fell 0.2% year over year (2023 ₩52.2 billion → 2024 ₩48.6 billion → 2025 ₩48.5 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed 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 -7.0%. The two-year revenue CAGR is -3.6%. In the most recent quarter (Q1 2026), revenue was 4.0% higher 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 0.2% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-10Update[Amended] material-event report (rights-offering decision): 1,451,379 common sharesA disclosure where the purpose of the incoming funds and the change in share count must be viewed together. Where a facility or operating purpose is stated, the key is whether the investment is actually deployed and connects to revenue. Source
- 2026-05-14Update[Amended] material-event report (rights-offering decision): 1,451,379 common sharesA disclosure where the purpose of the incoming funds and the change in share count must be viewed together. Where a facility or operating purpose is stated, the key is whether the investment is actually deployed and connects to revenue. Source
- 2026-04-06Update[Amended] material-event report (rights-offering decision): 1,451,379 common sharesA disclosure where the purpose of the incoming funds and the change in share count must be viewed together. Where a facility or operating purpose is stated, the key is whether the investment is actually deployed and connects to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,110 | ₩5,110 | Confirmed | link |
| Latest quarterly results | revenue ₩12.1 billion, operating profit -₩0.3 billion | revenue ₩12.1 billion, operating profit -₩0.3 billion | Confirmed | link |
| Annual results | revenue ₩48.5 billion, operating profit -₩0.3 billion | revenue ₩48.5 billion, operating profit -₩0.3 billion | Confirmed | link |
| Financing disclosure (original text) | [amended] : 1,451,379 | [amended] : 1,451,379 | Confirmed | link |
| Financing disclosure (original text) | [amended] : 1,451,379 | [amended] : 1,451,379 | Confirmed | link |
| Financing disclosure (original text) | [amended] : 1,451,379 | [amended] : 1,451,379 | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Material-fact report (amended)
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-06Material-fact report (amended)
- 2026-03-30OwnershipOwnership-change filing
- 2026-03-23Disclosure
- 2026-03-23PeriodicAnnual business report (amended)
- 2026-03-23Audit report (amended)
- 2026-03-23Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report (amended)
📖 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.