Unitrontech (142210) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Unitrontech is registered under wholesale (distribution) by substantive classification, and the main thrust of its business is buying, processing, and supplying components related to semiconductor memory and storage, so 'how much and how steadily it turns over' drives its results. In February 2026, full-year revenue of ₩769.0 billion, operating profit of ₩32.3 billion, and net profit of ₩12.7 billion were confirmed; in March it voluntarily disclosed a corporate value-up plan; and in July 2025 there was a disclosure of convertible bonds (conversion price ₩6,233) to raise ₩12.0 billion in working capital. The notable point right now is that with a P/B of 0.79x, a P/E of 8.67x, a forward P/E well below the peer set, a Q1 profit jump that surpassed last year's full-year net profit, and a roughly 3% dividend as strengths, while the operating margin of 4.2% is thin, so if downstream demand or pricing cools, the swing in profit is large and share count could rise on convertible-bond conversion.
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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 “Distribution & Wholesale/Retail” (Retail, Consumer Goods & Food), a type typically read first through P/E.
Retail and wholesale businesses run on relatively simple buy-and-sell margins, with sales and profits flowing steadily along with consumer demand. That makes price-to-earnings (P/E) — the share price against the profits the company earns — the natural first lens.
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
- Revenue rose 8.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 27.7% higher than a year earlier.
- ROE is 15.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.0%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Namkoong Sun 14.55% (individual)
Controlling bloc incl. related parties 16.07%
With the controlling bloc holding 16%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Unitrontech is registered under official classification, with substantive classification as wholesale (distribution). The main thrust of its business is buying, processing, and supplying components related to semiconductor memory and storage, and its thin operating margin of 4.2% relative to revenue scale (₩769.0 billion a year) is closer to a structural trait of a distribution and module business that resells sourced components. In other words, this is a company whose results are driven less by 'how expensively it sells' than by 'how much and how steadily it turns over.' With a market cap of ₩110.2 billion, not large, it is worth watching, alongside the business flow, how each financing and results-change disclosure affects financials and share count.
The latest close is ₩5,590 and the market capitalization is ₩116.0 billion. The price sits above its 20-day moving average (₩5,334) and below its 60-day moving average (₩6,300). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.3, a neutral level. The one-month change is +1.1%, the three-month change is -7.8%, and the position relative to the 52-week high is -35.9%. Relative strength versus the KOSDAQ is 68 (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 68% of all stocks. Over the past three months it outpaced the index by 38.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual (2025) revenue was ₩769.0 billion, operating profit ₩32.3 billion, and net profit ₩12.7 billion. The operating margin was 4.2% and ROE (how much is earned in a year on shareholders' equity) 9.1%, above the peer average. The debt ratio (debt relative to shareholders' equity) is 243.8%, somewhat high, but with a current ratio of 158.6%, short-term payment ability is in place, so it is closer to the facts to understand it as the working-capital burden characteristic of a distribution business. On last year's confirmed results, the P/E ratio (how many times a year's earnings the price is) is 9.12x and the P/B (how many times book value the price is) is 0.76x. A P/B below 1x means the price is set cheaper than the company's net assets, and the P/E is also not high within the peer set (6.65-9.51x). In other words, this is not a name whose trailing metrics look expensive; rather, it gets cheaper the further out you go on a forward basis.
Revenue rose in all three years, from ₩598.1 billion in 2023 to ₩712.3 billion in 2024 and ₩769.0 billion in 2025 (a two-year average of +13.4%). Last year, operating profit and net profit briefly stepped back, but the flow has shifted clearly this year. Q1 2026 revenue was ₩220.3 billion, up +27.7% from the same period a year earlier, operating profit jumped to ₩18.4 billion (+84.7%), and net profit to ₩16.5 billion (+187%). The key is that the quarterly net profit of ₩16.5 billion surpassed last year's full-year net profit (₩12.7 billion) in a single quarter. In other words, in a distribution business with thin margins, an inflection where profit is sharply leveraged when volume and pricing improve at once is actually appearing this year. This year's forecast (revenue ₩964.9 billion, operating profit ₩69.9 billion, net profit ₩62.5 billion) and the forward P/E are values derived by reflecting this Q1 profit jump and the business cycle, not numbers that simply scale up a temporary seasonal effect. Because the memory and storage distribution this company belongs to rides downstream demand and component-price cycles together, in a favorable phase like this year it is natural for profit to be booked large.
Recent disclosures are consistent when read alongside the business flow. On February 6, 2026, a 'change in revenue or profit/loss structure' disclosure confirmed full-year revenue of ₩769.0 billion, operating profit of ₩32.3 billion, and net profit of ₩12.7 billion, in the same direction as the continued revenue growth. On March 27, 2026, it issued a 'corporate value-up plan (voluntary disclosure),' in which the company itself presented a direction for shareholder returns and value, to be viewed together with the dividend yield being on the high side at about 3%. Meanwhile, the July 11, 2025 disclosure of convertible bonds (conversion price ₩6,233, ₩12.0 billion in working capital) is a matter where, along with the inflow of funds, the share count could rise going forward, so it is enough to also confirm whether the raised funds actually connect to business and revenue.
In sum, Unitrontech reads as an undervalued name in a phase where earnings are just inflecting. At a P/B of 0.79x (0.64x on a forward basis), it is cheaper than net assets; the P/E of 8.67x on last year's earnings is also not high within its peer set; and this year's forward P/E is well below the peer range (6.65-9.51x). Adding a Q1 profit jump that already surpassed last year's full-year net profit, plus a roughly 3% dividend, this is a name with clear strengths of price appeal and shareholder returns. The condition that works strongly is memory and storage demand and component prices continuing favorably so that earnings leverage like this year's is sustained; conversely, the point to keep in view is that with a thin operating margin of 4.2%, the structure carries a large swing in profit if downstream demand or pricing cools, and that share count could rise on convertible-bond conversion. The chart is currently pressed down, but this is a result of the earnings inflection and timing being out of sync, and viewing the direction of the business, valuation, and earnings together makes it more striking that the price sits cheap relative to assets and earnings.
🔎 Valuation vs peers Undervalued
A market-cap-adjacent peer set within wholesale.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik | 9.17x | 0.37x | 3.33% |
| Hwaseung Enterprise | 7.21x | 0.42x | 4.19% |
| Agabang & Company | 13.95x | 0.94x | 7.68% |
We looked first at a public-data peer set with a comparable market cap within wholesale. The current P/E is 8.62x and the P/B is 0.79x. Because lower-cap names are heavily affected by earnings swings and financing disclosures, we did not draw a firm conclusion from last year's confirmed-results metrics alone. The basis for the forecast box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩964.9 billion | ₩69.9 billion | ₩62.5 billion |
| Next quarter | Q2 2026 | ₩259.4 billion | ₩15.1 billion | ₩22.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,590 and the market capitalization is ₩116.0 billion. The price sits above its 20-day moving average (₩5,334) and below its 60-day moving average (₩6,300). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.3, a neutral level. The one-month change is +1.1%, the three-month change is -7.8%, and the position relative to the 52-week high is -35.9%. Relative strength versus the KOSDAQ is 68 (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 68% of all stocks. Over the past three months it outpaced the index by 38.0%. 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 +37.98% / 6M +17.65% / 12M -16.23%
Key metrics Computed vs sector median
Valuation
The P/E of 9.12x is below the sector median (10.99x). The P/B of 0.76x is above the sector median (0.62x). 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 9.2%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 15.5%, above the sector average (2.0%). The operating margin is 5.0%. The debt ratio is 175.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $420.2M | $500.4M | $540.2M | +7.96% ↓ slower |
| Operating profit | $21.7M | $25.4M | $22.7M | -10.68% ↓ slower |
| Net profit | $13.1M | $14.7M | $8.9M | -39.16% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $265.8M | $368.8M | $420.2M | $500.4M | $540.2M |
| Operating profit | $12.4M | $21.7M | $21.7M | $25.4M | $22.7M |
| Net profit | $5.7M | $11.5M | $13.1M | $14.7M | $8.9M |
| Revenue CAGR | 4-yr avg 19.40% | ||||
Revenue rose 8.0% year over year (2023 ₩598.1 billion → 2024 ₩712.3 billion → 2025 ₩769.0 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 10.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 19.4%. The two-year revenue CAGR is 13.4%. In the most recent quarter (Q1 2026), revenue was 27.7% 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 15.5% points to solid profitability.
Points to watch
- Revenue rose 8.0% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-03-27UpdateCorporate value-up plan (voluntary disclosure): company plan, original text confirmedThis is planning data the company itself presented. If it contains figures, we treat it as a primary basis for the forecast box; if not, we treat it only as directional data. Source
- 2025-07-11Update[Corrected filing] Material report (convertible bond issuance decision): conversion price ₩6,233, ₩12.0 billion in working capitalThis is a disclosure where the purpose of the incoming funds and the change in share count must be weighed together. When a facility or operating purpose is specified, whether the investment is actually executed and connects to revenue is the key point. Source
- 2026-02-06EarningsChange in revenue or profit/loss structure of 30% or more (15% for large corporations): annual revenue ₩769.0 billion, operating profit ₩32.3 billion, net profit ₩12.7 billionThis is recent confirmed or preliminary results data. We check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,590 | ₩5,590 | Confirmed | link |
| Latest quarterly results | revenue ₩220.3 billion, operating profit ₩18.4 billion | revenue ₩220.3 billion, operating profit ₩18.4 billion | Confirmed | link |
| Annual results | revenue ₩769.0 billion, operating profit ₩32.3 billion | revenue ₩769.0 billion, operating profit ₩32.3 billion | Confirmed | link |
| Outlook/plan disclosure (original text) | — | — | Confirmed | link |
| Financing disclosure (original text) | [amended] : ₩6,233 · ₩12.0 billion | [amended] : ₩6,233 · ₩12.0 billion | Confirmed | link |
| Results disclosure (original text) | revenue30%: revenue ₩769.0 billion · operating profit ₩32.3 billion · net profit ₩12.7 billion | revenue30%: revenue ₩769.0 billion · operating profit ₩32.3 billion · net profit ₩12.7 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-28Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-27Disclosure
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-23OwnershipLargest-shareholder ownership change report (amended)
- 2026-03-18Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
📖 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.