Laycom (388790) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Laycom's core product is the erbium-doped fiber amplifier (EDFA), a device that re-boosts an optical signal after it has weakened traveling through fiber so it can be carried farther. The company has developed an ultra-compact version that packs an amplifier inside an optical-module form factor (SFP+), supplying it for data-center interconnect (DCI) and telecom backbone networks, with a large share of revenue coming from exports. In March 2026 it signed a ₩788 million contract to supply laser generators to LIG Nex1, and in June it landed two DCI amplifier contracts with overseas optical-equipment maker 1Finity worth ₩3.87 billion (21.9% of revenue) and ₩2.07 billion (11.7%), the two together equal to roughly 33.6% of 2025 revenue. The picture is that, on the strength side, it has secured an order backlog running into 2027-2028 in the structural growth area of connecting data centers and turned its first profit in 2025; on the caution side, Q1 2026 swung back to a loss and the share price has risen sharply, so the pace at which the secured orders actually convert into revenue and profit is the key.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “IT Hardware & Equipment” (Semiconductors & IT Components), a type typically read first through forward P/E.
IT hardware and equipment makers see orders and earnings swing with their customers' investment cycles and new-product launches, so what matters is the profit still to come, not the profit already booked. That is why forward P/E, based on expected earnings, is the first lens here.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 34.6% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 27.1% lower than a year earlier.
- ROE is 1.2% (total-net basis). It is below the sector average.
- Operating margin is 3.3%.
- 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 Kim Seong-jun 32.31% (individual)
Controlling bloc incl. related parties 38.57%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
Laycom's core product is the erbium-doped fiber amplifier (EDFA), a device that re-boosts an optical signal after it has weakened traveling through fiber so it can be sent farther. Per its business report, the mainstay is the manufacture and sale of optical-communications components such as optical amplifiers, fiber lasers, and optical repeaters, and it is also building out newer businesses like fiber-laser sensing. In particular, it has developed in-house an ultra-compact product that packs an optical amplifier inside an optical-module form factor (SFP+), supplying it for long-haul links that connect one data center to another (DCI) and for telecom backbone networks. Because a large share of revenue is exported to overseas optical-equipment makers, this is a business that earns more as data-center traffic and telecom-infrastructure investment grow the demand to carry light signals over greater distances.
The latest close is ₩4,005 and the market capitalization is ₩122.6 billion. The price sits above its 20-day moving average (₩3,888) and below its 60-day moving average (₩4,930). 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 48.5, a neutral level. The one-month change is +0.1%, the three-month change is -23.3%, and the position relative to the 52-week high is -54.4%. Relative strength versus the KOSDAQ is 88 (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 88% of all stocks. Over the past three months it outpaced the index by 16.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times one year's earnings the share price is) prints in the hundreds, but this is an optical illusion created by earnings per share being tiny because 2025 net profit of just ₩260 million had only barely turned positive. For a stock right after earnings inflect from a loss to a profit, an inflated-looking trailing P/E is normal, so this single figure is a poor basis for calling it expensive. P/B (how many times net assets the share price is) is 5.88x and ROE (how much is earned in a year on equity) is 1.2%, showing that profitability has not yet reached a normal footing. On the balance sheet, the debt ratio (debt versus equity) is 132.5%, but the current ratio (assets convertible to cash within a year against debt due within a year) is 497%, so short-term liquidity is fairly ample; the interest coverage ratio (how many times operating profit covers interest) is a low 1.45x, an area that would firm up as profits thicken. In short, the valuation metrics are premature because earnings have not yet settled, and they only take on meaning when read together with the profit trajectory ahead.
Revenue went ₩19.5 billion in 2023, ₩13.1 billion in 2024 (-32.5%), and ₩17.7 billion in 2025 (+34.6%), dipping once before climbing back, while operating profit turned from losses of -₩2.1 billion in 2023 and -₩5.3 billion in 2024 to a +₩580 million profit in 2025, and net income from -₩3.75 billion in 2024 to +₩260 million in 2025. It was a turnaround year that delivered a first profit after a long stretch of losses, and the key change is that the cost structure crossed break-even alongside the revenue recovery. That said, Q1 2026 swung back to a loss, with revenue of ₩2.7 billion (-27.1% year over year) and operating and net losses of -₩880 million and -₩720 million, showing that the recovery is not a straight line but swings from quarter to quarter. That amplitude depends heavily on which quarter the orders the company has won are recognized as revenue, and because the DCI amplifier supply contracts won in June (about ₩5.9 billion combined, 33.6% of 2025 revenue) have delivery timelines stretching into 2027-2028, the point at which revenue is recognized in earnest is likely to unfold on that schedule. With no separate official annual earnings outlook disclosed via filing or IR, it is hard to pin this year's profit to a number, but given the demand base of rising data-center traffic and the secured order backlog, the direction of growth itself is clear.
Supply-contract activity stands out through 2026. In March, a voluntary-disclosure contract to supply LIG Nex1 with laser generators worth ₩788 million (6.0% of 2025 revenue) opened a channel into the domestic defense and laser business. Then on June 4 and June 9, back-to-back DCI optical-amplifier supply contracts were signed with overseas optical-equipment maker 1Finity worth ₩3.87 billion (21.9% of revenue, delivery through end-2027) and ₩2.07 billion (11.7% of revenue, delivery through early 2028). The two together reach about 33.6% of 2025 revenue with delivery stretching into 2027-2028, an event that lifted order visibility a notch in the mainstay data-center optical-component business. In May the company held an IR to explain its business status and product strategy directly, and in March and April there were successive filings on large holdings and executive share changes.
The strengths are clear. In the structurally demanded area of amplifiers for links between data centers, it secured two large overseas supply contracts back to back, improving its order backlog and business visibility into 2027-2028, and its first swing to profit in 2025 signals that its earnings makeup has passed a bottom. There are also points to weigh. Q1 2026 turned back to a loss, so the recovery swings quarter to quarter; profitability metrics such as ROE and interest coverage remain low; and the sizable rise in the share price means much of the growth expectation is already priced in. Ultimately, this stock is strong when the secured orders actually land as revenue and profit from the second half onward and the profitable footing continues, and it faces a longer wait until earnings settle if the conversion of orders into revenue lags or quarterly losses recur. Rather than judging it cheap or expensive on any single metric, it is best read as a stock where the pace at which orders translate into results is the key, on top of a solid demand base.
🔎 Valuation vs peers Inconclusive
Domestic optical-communications component makers grouped by the business substance of optical transceiver, optical-module, and optical-component manufacturing.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| OE Solutions | 0.00x | 3.67x | -42.07% |
| Wooriro | 0.00x | 4.94x | -2.01% |
The peers Oe Solution and Woory likewise show no P/E because their recent net income is in the red, with P/B forming high at 5-8x, showing that in this space prices are set on growth expectations rather than current-period earnings. Laycom's P/B of 9.46x and P/S of 11.57x are even higher than the peers, a premium zone, but its P/E of 787x is an illusion arising from 2025 earnings having only just inflected positive, so it cannot be called expensive on a trailing basis. With no confirmed official company outlook to anchor a forward view and Q1 back in the red, it is more reasonable to withhold judgment until a normal earnings level settles than to declare it over- or undervalued.
Price history Close · MA20 · MA60
The latest close is ₩4,005 and the market capitalization is ₩122.6 billion. The price sits above its 20-day moving average (₩3,888) and below its 60-day moving average (₩4,930). 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 48.5, a neutral level. The one-month change is +0.1%, the three-month change is -23.3%, and the position relative to the 52-week high is -54.4%. Relative strength versus the KOSDAQ is 88 (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 88% of all stocks. Over the past three months it outpaced the index by 16.1%. 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 +16.10% / 6M +131.04% / 12M +69.41%
Key metrics Computed vs sector median
Valuation
The P/E of 471.18x is above the sector median (12.60x). The P/B of 5.88x is above the sector median (0.83x).
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.
Profitability & financials
Return on equity (ROE) is 1.2%, below the sector average (3.0%). The operating margin is 3.3%. The debt ratio is 35.7%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $13.7M | $9.2M | $12.4M | +34.65% ↑ faster |
| Operating profit | -$1.5M | -$3.8M | $408,861 | — |
| Net profit | -$4.1M | -$2.6M | $183,201 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $13.7M | $9.2M | $12.4M |
| Operating profit | -$26,633 | -$103,085 | -$1.5M | -$3.8M | $408,861 |
| Net profit | -$22,584 | -$36,178 | -$4.1M | -$2.6M | $183,201 |
Revenue rose 34.6% year over year (2023 ₩19.5 billion → 2024 ₩13.1 billion → 2025 ₩17.7 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. The two-year revenue CAGR is -4.7%. In the most recent quarter (Q1 2026), revenue was 27.1% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 34.6% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-09UpdateSigned a DCI optical-amplifier supply contract with overseas optical-equipment maker 1Finity. Confirmed value ₩2.07 billion (11.7% of 2025 revenue), delivery 2026-06-08 to 2028-02-21.A medium-term positive that grows the overseas order backlog for the mainstay optical amplifier and revenue visibility into 2027-2028. Source
- 2026-06-04UpdateSigned a DCI optical-amplifier supply contract with 1Finity. Confirmed value ₩3.87 billion (21.9% of 2025 revenue), delivery 2026-06-02 to 2027-12-06. The two June contracts combined equal about 33.6% of revenue.A core contract that links data-center optical-component demand directly to revenue, a medium-term positive that raises the odds of an earnings recovery in the second half. Source
- 2026-03-27UpdateSigned a laser-generator supply contract with LIG Nex1 (voluntary disclosure). Confirmed value ₩788 million (6.0% of 2025 revenue), delivery 2026-03-26 to 2026-12-20.A signal of business diversification into the domestic defense and laser business (short- and medium-term positive). Source
- 2026-05-22IRHeld an IR to explain its business status and product strategy directly.Neutral to modestly positive as a step toward easing information asymmetry. Source
- 2026-05-15EarningsFiled the Q1 2026 report. Revenue of ₩2.7 billion (-27.1% year over year), operating loss of -₩880 million, and net loss of -₩720 million, a swing back to a loss.A short-term caution as quarterly results retreated to a loss after the swing to profit. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Combined June 2026 supply contracts (as a share of 2025 revenue) | approx. 59.4 , revenue approx. 33.6% | DART 11.71% + 21.87% = 33.58%, ₩2,071,253,765 + ₩3,868,513,903 | Confirmed | link |
| 2025 net profit (turnaround) | +2.6 | DART 2025 net profit ₩260,782,772, -₩3,751,389,653 | Confirmed | link |
| Q1 2026 revenue year over year | 27.0 , -27.1% | DART 2026 1 | Confirmed | link |
| Interpretation of the trailing P/E | 787x(EPS ₩8.5) | — | Unverified | — |
Recent filings Source
- 2026-06-09Single supply/sales contract
- 2026-06-04Single supply/sales contract
- 2026-05-22Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-27OwnershipOwnership-change filing
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-27Single supply/sales contract
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-23PeriodicAnnual 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.