DKT assembles and produces smartphone camera modules and component modules such as wireless-charging and antenna parts, supplying them into the supply chains of large handset makers. It has no brand of its own, so its revenue tracks its customers' production plans, moving with new-model launch schedules and the upgrading of camera specifications. In the first quarter of 2026, revenue jumped +33.8% and operating profit surged +259.8%, marking an upward inflection in earnings; with an ROE of 11.4%, its profitability sits near the top of the smartphone-component group, and an April decision to invest in new facilities has put it into a capacity-expansion phase. What stands out recently is that when new-model adoption and the ramp-up of added capacity coincide with continued benefits from camera-spec upgrades, the below-median forward P/E and high profitability shine together; on the other hand, revenue is tied to a handful of large handset makers, and with a debt-to-equity ratio of 157.6% alongside debt guarantees and the expansion outlay, fixed-cost burdens can grow when utilization is weak.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 5.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 33.8% higher than a year earlier.
- ROE is 11.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.1%.
Ownership & governance As of 2025-12-31
Largest shareholder BH 24.89% (corporate)
Controlling bloc incl. related parties 50.51%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis
- DKT makes its money by assembling and producing camera modules and various component modules that go into smartphones, supplying them into the supply chains of large handset makers.
- Its core work is integrating multiple lenses, image sensors, drive units (actuators that adjust focus) and flexible printed circuit boards (FPCB) into a single camera module, to which internal handset component modules such as wireless charging and antennas are added.
- Because most of its revenue comes from smartphone components, its results move in step with customers' new-model launch schedules and the upgrading of camera specifications (higher pixel counts, multi-cameras, and wider foldable adoption).
- In other words, it earns money not from 'its own branded products' but from 'supplying components linked to handset makers' production plans,' so downstream demand and whether new models are adopted are the starting point for its revenue.
- The latest close is ₩19,040 and the market cap is ₩380.8 billion.
- The price sits below the 20-day line (₩20,866) and below the 60-day line (₩24,002).
- Trading beneath both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures the balance of upward and downward force over the past 14 days on a 0-100 scale) is 41.3, a neutral level.
- The one-month change is -10.4%, the three-month change is +11.2%, and the position versus the 52-week high is -42.3%.
- Relative strength versus the KOSDAQ is 96 (on a 1-99 scale, converted from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 3% by strength among all stocks.
- Over the past three months it outpaced the index by 42.6%.
- Chart reading is best done alongside trading volume and the dates on which disclosures occurred.
- On a confirmed annual (2025) basis, the P/E ratio (how many times one year's earnings the share price represents) is 16.44x, the P/B (how many times net assets the share price represents) is 1.88x, ROE (how much is earned in a year on shareholders' equity) is 11.4%, the operating margin is 5.1%, and the debt-to-equity ratio (debt relative to equity) is 157.6%.
- With a current ratio of 164.7% and an interest coverage ratio of 3.26x, the company's ability to repay debt and cover interest is stable.
- The important point here is that the trailing P/E is based on 'profit that already closed out last year.' Because first-quarter 2026 operating profit jumped to roughly 3.6 times the same period a year earlier, a P/E divided by last year's earnings reflects the company's current strength as lower than it actually is.
- The forward P/E, which reflects this year's earnings flow, is far below the trailing 16.35x and even below the median of the peer component group.
- In other words, rather than the trailing figure that looks expensive on the surface, the real picture of today's share price emerges when viewed on a forward basis, where earnings have turned up, and on that basis the signal of undervaluation relative to profitability is clear.
- Five-year revenue ran ₩315.2 billion in 2021 → ₩363.5 billion in 2022 → ₩280.2 billion in 2023 → ₩403.3 billion in 2024 → ₩425.8 billion in 2025, a pattern that dipped for a year and then climbed back, following the set-demand cycle typical of component suppliers.
- Looking only at the annual numbers, 2025 revenue was +5.6% while operating profit was -6.6%, which briefly looked like a pause.
- But drilling down to the quarterly level, the picture clearly turns up.
- First-quarter 2026 revenue was ₩115.6 billion, +33.8% year on year; operating profit was ₩8.8 billion, +259.8%; and net profit was ₩13.9 billion, +233.1%.
- In a single quarter it earned more than 40% of last year's full-year operating profit (₩21.6 billion), a signal that this is more than a simple rebound and that the earnings base itself has stepped up a level.
- Behind this lie the fact that camera-spec upgrades aligned with new-model launches lifted both module unit prices and volumes, and that the company has entered a phase of growing capacity (CAPA) through expansion.
- Reflecting this flow, this year's forecast earnings are set at a level distinctly higher than last year's, which underpins the decline in the forward P/E.
- That said, the fact that the starting point of this growth is the production plans of a handful of large handset makers is something to check quarter by quarter.
- The recent disclosure narrative reads in the order 'confirmed results → expansion → guarantee.' On February 12, a fair disclosure of provisional operating results on a consolidated basis first revealed the prior quarter's trend, and on March 18 the business report confirmed the 2025 annual results and business structure.
- Then on April 27 a disclosure of a decision to invest in new facilities announced that the company had entered a capacity-expansion phase; expansion is a signal of greater future revenue capacity while at the same time being a double-edged event that can come back as depreciation and fixed-cost burdens if utilization does not follow.
- On April 15 there was a decision on a debt guarantee for a third party, and on May 15 the quarterly report confirmed in figures the sharply higher first-quarter results (revenue +33.8%, operating profit +259.8%).
- Whether the timing of new-model launches coincides with the ramp-up of the added capacity is the check point for the next quarter.
- The strengths are clear.
- First-quarter profit jumped to about 3.6 times the prior year, marking an upward inflection in earnings; with an ROE of 11.4%, profitability sits near the top of the same smartphone-component group; and the expansion disclosure has put it into a phase of scaling up.
- Above all, the forward P/E reflecting this year's earnings flow is below the peer component group's median, so the share price is on the cheap side relative to profitability.
- The trailing P/E looking like it is in the 16x range is merely the result of dividing by last year's weak earnings; viewed against today's earnings strength, the burden is considerably lighter.
- The cautions are worth noting too.
- Because revenue is tied to a handful of large handset makers' production plans, quarterly results can swing with whether new models are adopted or with inventory adjustments, and with a debt-to-equity ratio of 157.6% plus debt guarantees and expansion investment, fixed-cost burdens grow when utilization is weak.
- In sum, in a 'phase where new-model adoption and the ramp-up of expansion coincide and benefits from camera-spec upgrades continue,' the low forward P/E and high profitability shine together and it is strong; in a 'phase where downstream set demand slows or the expansion ramp-up is delayed,' the fixed-cost burden surfaces first and it is weak.
🔎 Valuation vs peers Fairly valued
We directly chose 'smartphone component and module' suppliers whose business substance is close for comparison, focusing on names such as camera modules, drive units and connectors whose revenue is linked to handset makers' new-model cycles; the figures are values calculated at the site's current price (tools/peers.py).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Partron | 8.49x | 0.56x | 6.60% |
| Jahwa Electronics | 11.92x | 1.26x | 10.60% |
| Woojoo Electronics | 11.48x | 0.94x | 8.21% |
| Amotech | 32.05x | 1.63x | 5.07% |
(a) Position versus the peer group: a trailing P/E of 18.5x sits in the upper-middle of the same smartphone-component group, so on the surface it looks 'a bit expensive.' But (b) the basis for the premium is profitability and the earnings inflection. ROE of 11.4% is the highest in the peer group, and with first-quarter operating profit jumping to about 3.6 times the prior year, the denominator of the trailing metric (last year's earnings) is understating current strength. (c) This is precisely where the trailing limit lies. A P/E calculated on last year's operating profit of ₩21.6 billion looks higher than reality if this year's first-quarter pace of earnings continues. Feeding in a DART seasonality approximation (this year's operating profit of roughly ₩42.6 billion and net profit of roughly ₩48.7 billion, not an official company forecast) as a supplement, the forward burden is lighter than the trailing one. All told, given the profitability edge and the earnings inflection, we view the current valuation as a 'fairly valued' zone that does not stray far within the peer group, though if the durability of the strong first quarter is not confirmed, the trailing premium could turn back into a burden.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩130.0 billion | ₩13.9 billion | ₩12.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩19,040 and the market capitalization is ₩380.8 billion. The price sits below its 20-day moving average (₩20,866) and below its 60-day moving average (₩24,002). 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 41.3, a neutral level. The one-month change is -10.4%, the three-month change is +11.2%, and the position relative to the 52-week high is -42.3%. Relative strength versus the KOSDAQ is 96 (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 97% of all stocks. Over the past three months it outpaced the index by 42.6%. 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 +42.58% / 6M +226.09% / 12M +192.68%
Key metrics vs sector median
Valuation
The P/E of 16.44x is in line with the sector median (18.61x). The P/B of 1.88x is above the sector median (1.63x). 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)
DCF (discounted cash flow) estimate — discount rate 10.4%, 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 11.4%, above the sector average (7.0%). The operating margin is 5.1%. The debt ratio is 157.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $185.7M | $267.3M | $282.2M | +5.56% ↓ slower |
| Operating profit | $9.7M | $15.3M | $14.3M | -6.55% ↓ slower |
| Net profit | $2.9M | $17.8M | $15.4M | -13.77% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $208.9M | $240.9M | $185.7M | $267.3M | $282.2M |
| Operating profit | $12.0M | $14.0M | $9.7M | $15.3M | $14.3M |
| Net profit | $5.8M | $13.0M | $2.9M | $17.8M | $15.4M |
| Revenue CAGR | 4-yr avg 7.80% | ||||
Revenue rose 5.6% year over year (2023 ₩280.2 billion → 2024 ₩403.3 billion → 2025 ₩425.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 6.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.8%. The two-year revenue CAGR is 23.3%. In the most recent quarter (Q1 2026), revenue was 33.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 11.4% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 5.6% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-15UpdateFiling of the quarterly report (March 2026) — confirmed disclosure of first-quarter revenue of ₩115.6 billion (+33.8%), operating profit of ₩8.8 billion (+259.8%), and net profit of ₩13.9 billion (+233.1%).Short term: the earnings inflection is confirmed in figures by a profit surge that clears last year's weak base. Medium term: the key thing to watch is whether this quarter's margin carries through to the full year, and the durability of a single strong quarter needs to be verified in subsequent quarters. Source
- 2026-04-27FilingDecision on investment in new facilities and the like — approval of equipment investment to expand production capacity (board resolution).Short term: confirmation of the intent to expand is a signal of confidence in downstream demand. Medium term: a double-edged event in which revenue capacity expands if utilization follows, but which acts as a depreciation and fixed-cost burden if demand is weak. Source
- 2026-04-15FilingDecision on a debt guarantee for a third party — the company resolved to provide a guarantee on the debt of a third party such as a related party or business partner.Short term: not a direct cash outflow, but a matter that increases contingent liabilities. Medium term: depending on the credit standing of the guaranteed party, it can spread into financial risk, so it should be watched together with the debt-to-equity ratio. Source
- 2026-03-18UpdateFiling of the business report (December 2025) — confirmed disclosure of 2025 annual revenue of ₩425.8 billion (+5.6%), operating profit of ₩21.6 billion (-6.6%), and the business structure and customer mix.Short term: the top line grew for the year while operating profit slipped slightly, confirming a slowdown in growth. Medium term: a baseline showing the set-demand cycle typical of component suppliers, and a benchmark for judging whether the first-quarter rebound marks a trend shift. Source
- 2026-02-12EarningsFair disclosure of provisional operating results on a consolidated-financial-statement basis — an advance release of the prior period's provisional results ahead of the formal business report.Short term: it serves as a gauge ahead of the confirmed results. Medium term: material for checking accounting reliability by whether the provisional and confirmed figures match. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩425.8 billion | (2025.12) | Confirmed | link |
| First-quarter 2026 operating profit | ₩8.8 billion, +259.8% | (2026.03) =1 | Confirmed | link |
| Latest closing price | ₩19,040 | — | Unverified | link |
| This year's operating profit, seasonality approximation | approx. ₩42.6 billion | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-27Disclosure
- 2026-04-15Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-02-12EarningsFair-disclosure 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.