QRT (405100) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
QRT is a specialized testing and analysis firm that earns fees by verifying whether semiconductors and electronic components can withstand harsh conditions (reliability testing), tracing the causes of defects (failure analysis), and assessing radiation tolerance. In the first quarter of 2026 its profitability turned around sharply, with operating profit rising more than fourfold and net profit almost eightfold, and it continued returning value to shareholders through a corporate value-up plan and the disposal of treasury shares, alongside a dividend yield of roughly 3.9%. The key point to watch is that if the semiconductor cycle and demand for testing and analysis keep up the first-quarter trend, high operating leverage should let profit grow substantially, reviving the appeal of a price that sits 45.6% below its 52-week high and a low forward P/E; but if semiconductor demand cools or later quarters fail to confirm the first-quarter level, the stock's small-cap nature means swings can widen.
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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 “Other Services” (Other), a type typically read first through P/E.
These are mostly service businesses that earn steady profits from fairly stable operations, so price-to-earnings (P/E) — the share price against the profits it generates — is the most intuitive starting point. Value here comes from earning power rather than assets.
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 5.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 32.7% higher than a year earlier.
- ROE is 6.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 9.7%.
- 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 Young-bu 57.56% (individual)
Controlling bloc incl. related parties 59.59%
With the controlling bloc holding 60%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
QRT is a specialized testing and analysis firm that inspects whether semiconductors and electronic components will operate reliably over the long term. It earns fees for work such as reliability testing (placing newly made chips or parts under harsh conditions of high or low temperature, voltage and humidity to see how well they hold up), failure analysis (identifying the cause when a product breaks down), and tolerance evaluation against externally incoming radiation and the like. In other words, its core business is not selling parts directly but providing verification services through which semiconductor and electronics makers confirm the quality of their own products before shipment. As a small-cap with a market capitalization of ₩150.3 billion, it is worth watching not only the business itself but also how a single disclosure can affect earnings and the share count.
The latest close is ₩10,650 and the market capitalization is ₩130.9 billion. The price sits above its 20-day moving average (₩10,279) and below its 60-day moving average (₩13,817). 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 46.7, a neutral level. The one-month change is -3.2%, the three-month change is -52.7%, and the position relative to the 52-week high is -52.7%. Relative strength versus the KOSDAQ is 40 (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 39% of all stocks. Over the past three months it lagged the index by 26.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most recent annual (2025) revenue was ₩68.9 billion, with operating profit of ₩4.8 billion and net profit of ₩2.9 billion, for an operating margin of 7.0%. The debt-to-equity ratio is 74.2% and the current ratio is 154.8%, so short-term payment capacity is adequate, and with interest coverage in positive territory the financial-health diagnosis is 'stable.' Of the headline figures, a P/E of 51.93x and a P/B of 1.68x, the P/E looks high, but this is closer to an optical illusion arising from last year's temporarily low profit. For a company like QRT whose profit is just turning around, the forward P/E based on this year's expected earnings is closer to real value than the P/E calculated from the trailing twelve months. This year's forward P/E is clearly lower than that of comparable peers (Aurora at 8.33x, Woojin Entech at 26.68x), which reads as a signal that the price is cheap relative to earnings. The P/B of 1.68x is also not far above asset value. The dividend yield is high at about 3.9%, so there is also a cash flow received while waiting.
On an annual basis, revenue grew from ₩53.3 billion in 2023 to ₩65.3 billion in 2024 and ₩68.9 billion in 2025, while operating profit recovered sharply from ₩750 million in 2023 to ₩4.8 billion in 2024 and held at that level in 2025. The most changed signal comes from the quarterly figures. First-quarter 2026 revenue was ₩20.4 billion, up 32.7% from the same period a year earlier; operating profit was ₩3.0 billion, up more than fourfold (+425.5%); and net profit was ₩2.7 billion, up nearly eightfold (+779%). A single quarter's operating profit (₩3.0 billion) exceeds half of last year's full-year operating profit (₩4.8 billion). This can be seen as the result of a recovering semiconductor cycle lifting demand for reliability testing and analysis, and of rising equipment utilization causing operating leverage to work, whereby revenue beyond fixed costs largely drops through to profit. The forecast operating profit of ₩48.4 billion and net profit of ₩27.7 billion for this year also assume that the profit strength confirmed in the first quarter continues through the year, and the forward P/E reflects that earnings figure. That forecast, however, rests on the condition that semiconductor demand and utilization hold the first-quarter trend, so it is worth watching whether subsequent quarters confirm that trajectory.
Recent disclosures center on plans the company put out directly and on shareholder returns. The corporate value-up plan (value-up, voluntary disclosure) on March 26, 2026 is planning material the company presented on its own; if it contains numbers, it serves as primary support for this year's outlook, and if not, it is treated as directional material. The treasury-share disposal decision on September 15, 2025 and the treasury-share disposal result report on September 23 cover the disposal of held treasury shares, which connects to cash returns or changes in the share count. For such return-related disclosures, checking whether profit strength and cash flow back them up helps gauge their credibility.
QRT is a stock with relatively clear strengths. In the first quarter, operating profit rose more than fourfold and net profit almost eightfold, marking a distinct turnaround in earnings, and the forward P/E reflecting those earnings is lower than that of comparable peers, so the valuation diagnosis comes out as 'undervalued.' The financial structure is at a 'stable' level in both debt and liquidity, and a dividend yield of about 3.9% supports cash flow during the wait. The price sits below the 60-day line at as much as 45.6% below its 52-week high, so the key point of this stock is the gap that has opened between improved earnings and a fallen price. The condition that works strongly is one in which the semiconductor cycle and testing and analysis demand carry the first-quarter trend forward, in which case high operating leverage adds substantially to profit and the appeal of the low forward P/E comes alive. The condition that weakens it is one in which semiconductor demand cools or later quarters fail to confirm the first-quarter level, and as a small cap it is more heavily affected by utilization and the flow of disclosures. In the end, this stock sits at a point where its assessment turns on whether subsequent quarterly results carry forward the profit strength confirmed in the first quarter.
🔎 Valuation vs peers Undervalued
A comparison set of professional and technical-services names with adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Aurora World | 11.62x | 1.38x | 13.73% |
| Woojin Entech | 25.54x | 2.64x | 12.81% |
| I-Tech | — | 0.72x | -2.69% |
Within professional and technical services, a public-data comparison set with adjacent market capitalization was looked at first. The current P/E is 43.69x and the P/B is 1.42x. That said, because lower-market-cap names are heavily affected by profit swings and financing disclosures, the conclusion was not drawn from metrics based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩91.3 billion | ₩48.4 billion | ₩27.7 billion |
| Next quarter | Q2 2026 | ₩23.0 billion | ₩12.3 billion | ₩9.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩10,650 and the market capitalization is ₩130.9 billion. The price sits above its 20-day moving average (₩10,279) and below its 60-day moving average (₩13,817). 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 46.7, a neutral level. The one-month change is -3.2%, the three-month change is -52.7%, and the position relative to the 52-week high is -52.7%. Relative strength versus the KOSDAQ is 40 (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 39% of all stocks. Over the past three months it lagged the index by 26.1%. 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 -26.08% / 6M -15.17% / 12M -20.62%
Key metrics Computed vs sector median
Valuation
The P/E of 45.22x is above the sector median (28.09x). The P/B of 1.52x is above the sector median (1.16x). 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, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 6.1%, above the sector average (2.0%). The operating margin is 9.7%. The debt ratio is 79.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $37.4M | $45.8M | $48.4M | +5.53% ↓ slower |
| Operating profit | $528,423 | $3.3M | $3.4M | +0.33% ↓ slower |
| Net profit | $1.8M | $2.0M | $2.0M | +1.27% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $50.5M | $41.9M | $37.4M | $45.8M | $48.4M |
| Operating profit | $11.6M | $7.2M | $528,423 | $3.3M | $3.4M |
| Net profit | $8.8M | $4.5M | $1.8M | $2.0M | $2.0M |
| Revenue CAGR | 4-yr avg -1.08% | ||||
Revenue rose 5.5% year over year (2023 ₩53.3 billion → 2024 ₩65.3 billion → 2025 ₩68.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 0.3% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.1%. The two-year revenue CAGR is 13.7%. In the most recent quarter (Q1 2026), revenue was 32.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 4.5%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 5.5% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-26UpdateCorporate value-up plan (voluntary disclosure): confirm the company's plan in the original textThis is planning material the company presented directly. If it contains figures, treat it as primary support for the outlook box; if not, view it only as directional material. Source
- 2025-09-23UpdateTreasury-share disposal result report: confirm the return termsThis is a disclosure related to cash returns or changes in the share count. Confirm whether profit strength and cash flow back it up. Source
- 2025-09-15UpdateMaterial fact report (treasury-share disposal decision): confirm the return termsThis is a disclosure related to cash returns or changes in the share count. Confirm whether profit strength and cash flow back it up. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩10,650 | ₩10,650 | Confirmed | link |
| Latest quarterly results | revenue ₩20.4 billion, operating profit ₩3.0 billion | revenue ₩20.4 billion, operating profit ₩3.0 billion | Confirmed | link |
| Annual results | revenue ₩68.9 billion, operating profit ₩4.8 billion | revenue ₩68.9 billion, operating profit ₩4.8 billion | Confirmed | link |
| Outlook/plan disclosure original text | — | — | Confirmed | link |
| Shareholder-return disclosure original text | check the payout terms | check the payout terms | Confirmed | link |
| Shareholder-return disclosure original text | check the payout terms | check the payout terms | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-13PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Amended filing
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-11DividendCash/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.