REFINE is a company that, on behalf of financial institutions, checks whether a property's ownership and rights are free of problems before those institutions extend real-estate-backed loans or guarantees. It sits within a screening step that must be gone through, and it generates stable, fee-based revenue through RPA automation. With automation keeping the operating margin high in the 30% range, almost no debt, and roughly half of its earnings returned as dividends, an optical impression that the P/E looked high — created by last year's dip in net profit — is clearing as double-digit profit recovery in the first quarter brought the forward P/E down to a level below its peers. What stands out lately is that if earnings return to their normal track and revenue holds at current levels, the appeal of being undervalued on both assets and earnings (with a P/B below 1x) comes to the fore; on the other hand, the weakness of revenue-growth momentum itself and the outcome of a lawsuit filed in October 2025 need to be watched together.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 9.2% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 3.5% lower than a year earlier.
- Even versus the prior quarter (Q4 2025), revenue was 9.3% higher.
- ROE is 4.1% (total-net basis). It is below the sector average.
- Operating margin is 30.8%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Realty Fine 47.96% (corporate)
Controlling bloc incl. related parties 47.96%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis
- REFINE is a company that, on behalf of financial institutions such as banks and guarantee agencies, checks whether a property's ownership and rights are free of problems before those institutions extend a real-estate-backed loan or issue a guarantee.
- It was the first in Korea to build a business model that grafts rights-investigation work onto loan and guarantee products, and it raised throughput by using RPA (Robotic Process Automation, technology in which software robots automatically handle the repetitive clerical work people used to do) to automate the work of manually checking registries.
- For a financial institution, this is a screening step that must be gone through before disbursing a loan or issuing a guarantee certificate, so it produces steady, fee-based revenue.
- Because market cap is not on the large side, it is worth watching, alongside the business trend, how each recent disclosure affects results and share count.
- The latest close is ₩10,000 and market capitalization is ₩173.3 billion.
- The price sits above its 20-day line (₩9,292) and below its 60-day line (₩10,544).
- With the short- and medium-term trends diverging, the direction should be read separately.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 57.3, a neutral reading.
- The one-month change is +6.7%, the three-month change is -7.5%, and the position versus the 52-week high is -46.8%.
- Relative strength against the KOSDAQ is 62 (on a 1-99 scale, 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 37% of all stocks by strength.
- Over the past three months it has outpaced the index by 22.1%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Recent annual results were revenue of ₩61.6 billion, operating profit of ₩18.9 billion, and net profit of ₩9.1 billion.
- The operating margin is high at 30.8%, while the debt ratio (debt relative to equity) is 5.3% and the current ratio (readily usable assets relative to debt due in the short term) is 1,712%, so the debt burden is nearly nil and cash capacity is ample.
- The headline P/E (how many times one year's earnings the price represents) of 19.12x looks somewhat high, but that is the result of last year's net profit dipping temporarily and shrinking the denominator.
- In fact, the forward P/E reflecting this year's earnings trend is lower even than the peer set (eCredible 12.7x, Coocon 8.4x, etc.).
- The P/B (how many times book value the price represents) is also 0.67x, meaning market cap is below the company's net assets.
- In short, the key point is that on both an earnings basis and an asset basis the share price sits on the cheap side.
- ROE (how much is earned in a year on equity) is still low at 4.1%, a figure driven by both the large equity base and the depressed net profit last year.
- Annual revenue slipped somewhat from ₩66.5 billion in 2023 to ₩61.6 billion in 2025, and net profit also fell sharply last year, so on the surface trend alone growth appears to have slowed.
- But the most recent results, for the first quarter of 2026, paint a different picture.
- First-quarter revenue was ₩15.0 billion, similar to the same period a year earlier, but operating profit rose 23.1% year on year to ₩5.6 billion and net profit rose 34.7% to ₩5.7 billion.
- Revenue held nearly flat while profit jumped sharply — a signal that the one-off factors that weighed on last year's results have dropped out and the company's inherently high profitability is re-emerging.
- This year's projections (revenue ₩60.2 billion, operating profit ₩21.0 billion, net profit ₩20.0 billion) reflect this recovered earnings trend and, on an operating-profit basis, sit a notch above last year.
- Because the company's business is tied to the mandatory loan-and-guarantee screening process of financial institutions, demand does not swing much, and with processing costs already lowered through automation, the structure can sustain a high margin as long as revenue holds.
- The forward P/E reflects this year's earnings power directly.
- On 2026-03-31 the company filed a corporate-value-enhancement plan (voluntary disclosure).
- It is planning material the company put forward on its own to lift its value; if it contains concrete figures, it serves as the primary basis for the outlook, and if it contains only direction, it is read as material showing intent.
- On 2026-03-16 there was a cash-and-in-kind dividend decision disclosure, related to returning cash to shareholders, which is best confirmed alongside whether earnings and cash flow support it.
- Meanwhile, on 2025-10-21 there was a material-fact report announcing the filing of a lawsuit.
- As a matter that could lead to non-financial burden or reputational effect, it is worth tracking the disputed amount, the stage of proceedings, and subsequent disclosures.
- REFINE's clearest strength is that its core business is positioned within a mandatory step of financial institutions' loan-and-guarantee screening, so demand is stable, and automation keeps the operating margin high in the 30% range.
- It carries almost no debt, has ample cash capacity, and returns roughly half of its earnings to shareholders as dividends, so its finances are solid too.
- Above all, there is an optical impression that the P/E looks high because of last year's net-profit decline, but as first-quarter profit recovered by double digits this year, the forward P/E has come down to a level below its peer set.
- The P/B, too, is below 1x, placing it on the cheap side relative to assets as well.
- Points to watch together are that revenue-growth momentum itself is not strong and the outcome of the ongoing lawsuit.
- In sum, if earnings return to their normal track and revenue holds at current levels, the appeal of being undervalued on both assets and earnings comes to the fore; conversely, if additional one-off costs or the lawsuit burden grow, the pace of recovery could slow.
🔎 Valuation vs peers Undervalued
A comparison set of market-cap-adjacent public-data names within IT and information services.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| eCredible | 13.33x | 4.02x | 30.15% |
| Hecto Innovation | 5.59x | 0.77x | 13.73% |
| Coocon | 8.27x | 1.04x | 12.60% |
Within IT and information services, we looked first at public-data comparables close in market cap. The current P/E (how many times one year's earnings the price represents) is 19.12x and the P/B (how many times book value the price represents) is 0.78x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from trailing metrics based on last year's finalized results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩60.2 billion | ₩21.0 billion | ₩20.0 billion |
| Next quarter | Q2 2026 | ₩15.8 billion | ₩6.3 billion | ₩5.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩10,000 and the market capitalization is ₩173.3 billion. The price sits above its 20-day moving average (₩9,292) and below its 60-day moving average (₩10,544). 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 57.3, a neutral level. The one-month change is +6.7%, the three-month change is -7.5%, and the position relative to the 52-week high is -46.8%. Relative strength versus the KOSDAQ is 62 (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 63% of all stocks. Over the past three months it outpaced the index by 22.1%. 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 +22.12% / 6M -3.53% / 12M -37.82%
Key metrics vs sector median
Valuation
The P/E of 19.12x is above the sector median (11.82x). The P/B of 0.78x is below the sector median (1.38x).
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, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.1%, below the sector average (14.0%). The operating margin is 30.8%. The debt ratio is 5.3%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $44.1M | $45.0M | $40.8M | -9.25% ↓ slower |
| Operating profit | $14.9M | $13.6M | $12.6M | -7.63% ↑ faster |
| Net profit | $14.4M | $13.7M | $6.0M | -56.05% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $39.0M | $36.5M | $44.1M | $45.0M | $40.8M |
| Operating profit | $13.9M | $11.9M | $14.9M | $13.6M | $12.6M |
| Net profit | $11.2M | $11.7M | $14.4M | $13.7M | $6.0M |
| Revenue CAGR | 4-yr avg 1.17% | ||||
Revenue fell 9.2% year over year (2023 ₩66.5 billion → 2024 ₩67.8 billion → 2025 ₩61.6 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 7.6% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.2%. The two-year revenue CAGR is -3.8%. In the most recent quarter (Q1 2026), revenue was 3.5% lower than the same period a year earlier. Because quarterly results are relatively even in this industry, revenue also came in 9.3% higher than the prior quarter (Q4 2025), so the recent trend looks solid.
Latest quarterly results Q1 2026 · vs year-ago + prior quarter
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 9.2% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-31UpdateCorporate-value-enhancement plan (voluntary disclosure): confirm the company's plan in the original text.This is planning material the company put forward directly. If it contains figures, treat it as the primary basis for the outlook box; if not, treat it only as directional material. Source
- 2025-10-21UpdateMaterial-fact report (filing of a lawsuit): material-fact report (filing of a lawsuit) 6.0 REFINE Co., Ltd. material-fact report / matter subject to exchange filing obligation to the Financial Services Commission / Korea Exchange, October 20, 2025. Company name: REFINE Co., Ltd. Representative director: Seo Ho-seong. Head office location: 41, Songpa-daero 49-gil, Songpa-gu, Seoul (tel.) 02-2189-8This could lead to non-financial burden or reputational risk. The amount, the stage of proceedings, and subsequent disclosures need to be checked. Source
- 2026-03-16UpdateCash-and-in-kind dividend decision: confirm the terms of return.This disclosure relates to a cash return or a change in share count. Confirm whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩10,000 | ₩10,000 | Confirmed | link |
| Latest quarterly results | revenue ₩15.0 billion, operating profit ₩5.6 billion | revenue ₩15.0 billion, operating profit ₩5.6 billion | Confirmed | link |
| Full-year results | revenue ₩61.6 billion, operating profit ₩18.9 billion | revenue ₩61.6 billion, operating profit ₩18.9 billion | Confirmed | link |
| Outlook and plan disclosure original text | : | : | Confirmed | link |
| Risk disclosure original text | : 6.0 / / 2025 10 20 : : : 49 41 02-2189-8 | : 6.0 / / 2025 10 20 : : : 49 41 02-2189-8 | Confirmed | link |
| Shareholder-return disclosure original text | ㆍ: | ㆍ: | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-02Disclosure
- 2026-03-31Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-17Shareholders' meeting notice
- 2026-03-16DividendCash/stock dividend decision
- 2026-03-16Shareholders' meeting notice
- 2026-03-16DividendCash/stock dividend decision
📖 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.