Boditech Med makes point-of-care immunodiagnostic (POC-IVD) analyzers and test cartridges that deliver results on the spot without a hospital visit. Its 'iChroma' and 'AFIAS' analyzers pair with more than 60 disposable cartridges swapped in per test, a repeating 'razor-and-blade' structure in which consumable revenue follows as the installed base of analyzers grows, and most revenue comes from exports to more than 130 countries. Preliminary results on May 8 showed Q1 2026 revenue of ₩42.8 billion (+9.6%), operating profit of ₩6.8 billion and net profit of ₩9.5 billion (+30.9%), confirmed on May 15; in March it resolved a dividend of ₩150 per share (a dividend-to-price ratio of about 1.4%), and in early April disclosures of changes in holdings by officers and major shareholders followed. What stands out is that the recurring-revenue structure, a sales network across more than 130 countries and a double-digit ROE - together with the company staying profitable at a 17.8% operating margin while many sector peers run losses - trade at a P/B of 0.93x and a forward P/E of 6.40x, which reads as a case for undervaluation; but if operating-level cost and currency pressure like Q1's persist or export demand softens, the earnings recovery could be delayed, so it is a stock to watch alongside the recovery being confirmed in the numbers.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 17.3% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 9.6% higher than a year earlier.
- ROE is 10.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Eui-yul 21.31% (individual)
Controlling bloc incl. related parties 25.45%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Boditech Med makes point-of-care immunodiagnostic (POC-IVD) analyzers and test cartridges that deliver results on the spot without a hospital visit.
- At the core are the palm-sized 'iChroma' and 'AFIAS' series analyzers (readers) and the disposable cartridges (reagents) swapped in for each test item.
- Because a cartridge is used every time a test is run, more than 60 cartridge types - for inflammation, thyroid, cardiac markers, infectious disease and the like - are consumed repeatedly, a 'razor-and-blade' business structure.
- In other words, once an analyzer is installed, cartridges keep selling on top of it, and consumable revenue grows as the installed base rises.
- Most revenue is export, supplied to more than 130 countries worldwide.
- Recently, the company has also been working to broaden its test scope into molecular diagnostics (genetic testing).
- The latest close is ₩10,960 and market capitalization is ₩240.1 billion.
- The price sits above its 20-day line (₩10,556) but below its 60-day line (₩11,033).
- With the short- and medium-term trends diverging, the direction should be read separately.
- RSI (a gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 55.2, a neutral level.
- The one-month change is +5.4%, the three-month change is +4.3%, and the position versus the 52-week high is -25.9%.
- Relative strength against the KOSDAQ is 72 (1-99, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 27% of all stocks by strength.
- Over the past three months it outpaced the index by 36.0%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The valuation is cheap on both earnings and assets.
- The P/E ratio (how many times one year's earnings the price represents) is 10.15x and the P/B (how many times net asset value the price represents) is 1.04x, so the stock is priced barely above the net assets it holds.
- On top of this, the forward P/E reflecting this year's recovering earnings is 6.40x, even lower than the trailing P/E, so the valuation burden actually lightens as profit rises.
- Given that profitable companies are rare in this sector and some trade above a 30x P/E, this company - stably profitable yet trading at a single-digit P/E - shows a clear signal of undervaluation.
- Profitability is sound for a small-to-mid-cap medical-device maker, with ROE (how much was earned in a year on equity) of 10.2%, an operating margin of 17.8% and a net margin of 14.6%.
- The financials are solid too: a current ratio (readily realizable assets against debt due within a year) of 523% gives ample short-term coverage, and interest coverage (how many times operating profit covers interest) is 6.7x.
- The debt ratio (total liabilities against equity) of about 122% does not look low on the number alone, but short-term debt due within a year is only ₩23.4 billion and the rest is not under heavy near-term repayment pressure, so taken together with abundant liquidity and interest-coverage capacity, financial risk is not excessive.
- The growth thread is clear.
- Revenue rose from ₩134.2 billion in 2023 to ₩138.2 billion in 2024 to ₩162.1 billion in 2025, and in the most recent year the pace actually quickened to +17.3% year on year.
- Because cartridge (consumable) revenue follows as the installed base of analyzers accumulates, the recurring revenue generated by installed units is the foundation of growth.
- In Q1 2026 too, revenue rose 9.6% year on year and net profit rose 30.9%, so revenue growth and an earnings recovery appeared together.
- Operating profit that quarter was -15.8%, but with revenue and net profit both rising, this looks like temporary cost and currency factors flowing through the operating line, a point to check in subsequent quarters.
- The reason this year's forward earnings are set higher than trailing earnings is clear: the trailing P/E (9.13x) is based on the 2025 close, when net profit fell 13.2% for the year, whereas net profit already recovered double digits in Q1, putting earnings back on an upward curve.
- In short, this year's picture is a recovery in which reduced earnings return to a normal track on the back of revenue growth, and the forward P/E of 6.40x reflects that recovered profit.
- Recent disclosures center on results confirmation, profit returns and governance change.
- On May 8, a consolidated preliminary-results disclosure showed Q1 2026 revenue of ₩42.8 billion (+9.6% year on year), operating profit of ₩6.8 billion and net profit of ₩9.5 billion (+30.9%), confirmed by the Q1 report on May 15.
- In March the annual general meeting resolved a common-stock cash dividend (₩150 per share, a dividend-to-price ratio of about 1.4%), continuing the return of profit to shareholders.
- In early April, multiple disclosures on holdings and changes by officers and major shareholders were filed, indicating shifts in the ownership structure; these are taken as primary evidence of changes attributable to filings, gifts and similar reasons rather than ordinary trading.
- No new orders or company-set earnings targets were separately confirmed, so the picture is organized around the disclosed results, dividend and ownership changes.
- This is a stock with clear strengths.
- The recurring-revenue structure of interlocking analyzers and cartridges, a sales network installed across more than 130 countries, a double-digit ROE, and a price around net asset value come together.
- That the company, unlike many loss-making peers in the sector, stably turns a profit at a 17.8% operating margin yet trades at a P/B of 0.93x and a forward P/E of 6.40x is the core case for reading it as an undervalued zone on earnings.
- In other words, earnings power is intact, but the price does not reflect that power.
- It works strongly when the Q1 net-profit recovery continues and new analyzer installations accumulate to reaccelerate cartridge consumption; then revenue growth and an earnings recovery interlock and the low forward P/E can come into focus.
- Conversely, it weakens if operating-level cost and currency pressure like Q1's persist or export demand softens and the earnings recovery is delayed.
- On price, with the stock below its medium-term moving average and the trend weak, it is a stock best judged while watching the earnings recovery be confirmed in the numbers.
🔎 Valuation vs peers Undervalued
Domestically listed companies in in-vitro diagnostics (IVD) and POC diagnostics, compared against peers with close business character such as molecular diagnostics (Seegene), POC immunodiagnostics (SD Biosensor) and POC glucose/diagnostics (i-SENS).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Seegene | 29.48x | 1.40x | 4.75% |
| SD Biosensor | 0.00x | 0.33x | -21.98% |
| i-SENS | 0.00x | 1.40x | -1.63% |
| Bioneer | 0.00x | 0.76x | -1.34% |
Its position within the peer set stands out. Seegene has a high P/E of 31x but only 4.8% ROE, while SD Biosensor, i-SENS and Bioneer have swung to losses post-endemic, making a P/E hard to derive. Unlike them, Boditech Med maintains a 10.2% ROE and a 17.8% operating margin yet trades at a 9.95x P/E and a 1.02x P/B, around net asset value, so its multiple is lower than peers relative to its profitability (a relative discount). That said, the 9.95x P/E is a trailing value on confirmed prior-year earnings, and it should be borne in mind that last year's net profit was at an inflection point, down 13.2%. If this year's revenue growth and net-profit recovery continue, the forward multiple has room to fall below last year's, whereas if operating-profit declines persist, the low multiple can be justified. The read is 'undervalued,' but with a recovery in operating-level margins as the precondition.
Price history Close · MA20 · MA60
The latest close is ₩10,960 and the market capitalization is ₩240.1 billion. The price sits above its 20-day moving average (₩10,556) and below its 60-day moving average (₩11,033). 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 55.2, a neutral level. The one-month change is +5.4%, the three-month change is +4.3%, and the position relative to the 52-week high is -25.9%. 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 73% of all stocks. Over the past three months it outpaced the index by 36.0%. 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 +36.02% / 6M -0.48% / 12M -24.79%
Key metrics vs sector median
Valuation
The P/E of 10.15x is below the sector median (15.98x). The P/B of 1.04x is below the sector median (1.37x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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)
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.2%, above the sector average (3.0%). The operating margin is 17.8%. The debt ratio is 121.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $89.0M | $91.6M | $107.4M | +17.32% ↑ faster |
| Operating profit | $18.9M | $17.3M | $19.2M | +10.67% ↑ faster |
| Net profit | $17.2M | $18.1M | $15.7M | -13.23% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $104.5M | $78.3M | $89.0M | $91.6M | $107.4M |
| Operating profit | $34.4M | $16.4M | $18.9M | $17.3M | $19.2M |
| Net profit | $31.4M | $16.8M | $17.2M | $18.1M | $15.7M |
| Revenue CAGR | 4-yr avg 0.69% | ||||
Revenue rose 17.3% year over year (2023 ₩134.2 billion → 2024 ₩138.2 billion → 2025 ₩162.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 10.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.7%. The two-year revenue CAGR is 9.9%. In the most recent quarter (Q1 2026), revenue was 9.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
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 10.2% points to solid profitability.
- Revenue grew 17.3% 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
- 2026-05-08EarningsConsolidated Q1 2026 preliminary-results disclosure. Revenue ₩42.8 billion (+9.6% year on year), operating profit ₩6.8 billion (-15.8%), net profit ₩9.5 billion (+30.9%).Short term: revenue and net-profit growth are positive, but the operating-profit decline reveals weaker core margins. Medium term: whether operating-level profitability recovers is the key re-valuation variable. Source
- 2026-05-15FilingQ1 2026 report filed, reporting the preliminary results as confirmed figures.Short term: confirms the reliability of the results. Medium term: an official document for checking the quarterly trend (revenue growth and margin change). Source
- 2026-03-26DividendAnnual general meeting results disclosed and the dividend process carried out (ex-dividend March 30). Dividend of ₩150 per share, payout ratio about 13.8%.Short term: confirms shareholder-return continuity at a dividend-to-price ratio of about 1.4%. Medium term: a signal of stable cash flow and continuity of return policy. Source
- 2026-04-07FilingMultiple reports of ownership of specific securities by officers and major shareholders, and of large-holding status, were received, resulting in changes in major-shareholder holdings.Short term: a factor in supply-demand and governance terms. Medium term: the trend in large- and major-shareholder holdings needs ongoing monitoring. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue / operating profit / net profit | revenue 428.5· 68.0· 95.0(base quarter) | revenue 428· 68· 95 | Confirmed | link |
| 2025 revenue | ₩162.1 billion(base fundamentals) | 2025 revenue(DART) | Confirmed | link |
| Debt ratio | approx. 122% | — | Unverified | link |
| 2026 estimated net profit (forward) | approx. ₩27.8 billion(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30Dividend disclosure
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18Audit report
- 2026-03-18PeriodicAnnual business 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.