Dozn (462860) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Dozn is classified under telecom services, and with about ₩60 billion in revenue and a high 22.7% operating margin, it reads not as a capital-heavy manufacturer but as a business that earns fee- and usage-based revenue from payment- and telecom-related infrastructure and services. A February 2026 disclosure confirmed annual revenue of ₩60 billion, operating profit of ₩13.6 billion, and net profit of ₩11 billion, and even as Q1 revenue of ₩15.7 billion and operating profit of ₩3.9 billion showed sales pausing, operating profit improved fast - up 36% for the year and 49% for the quarter. The upside case is that if the margin and earnings improvement continues and revenue growth picks up again, its earnings power could stand out against a share price that has fallen about 70% from its 52-week high; the downside is that part of the earnings improvement leans on margins and the 264% debt ratio is high, so if results prove one-off or the revenue slowdown drags on, the improvement hopes can fade.
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 “Financial IT & Payments” (Internet, Platforms & Software · Software), a type typically read first through P/E.
Financial IT and payments build fairly steady revenue and profit off transaction volumes and fee-based models. With results this stable, profits can be set directly against the price, so trailing P/E — based on realized earnings — is the first metric.
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
- Revenue fell 4.3% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.9% higher than a year earlier.
- ROE is 15.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 24.8%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Cho Cheol-han 48.66% (individual)
Controlling bloc incl. related parties 52.7%
With the controlling bloc holding 53%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Dozn is a company classified under telecom services. Given roughly ₩60 billion in revenue and a high 22.7% operating margin, it reads not as a capital-heavy manufacturer but as a business that earns fee- and usage-based revenue from payment- and telecom-related infrastructure and services. As a small-cap with a market cap of ₩141.9 billion, not only the flow of the business itself but each quarterly earnings disclosure has a relatively large effect on earnings and the share price.
The latest close is ₩1,983 and the market capitalization is ₩142.3 billion. The price sits above its 20-day moving average (₩1,880) and below its 60-day moving average (₩2,317). 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 50.0, a neutral level. The one-month change is +1.3%, the three-month change is -46.0%, and the position relative to the 52-week high is -66.6%. Relative strength versus the KOSDAQ is 12 (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 11% of all stocks. Over the past three months it lagged the index by 15.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue is ₩60 billion, with operating profit of ₩13.6 billion and net profit of ₩11 billion. With an operating margin of 22.7% and a net margin of 18.4%, the core business leaves a thick margin, and ROE (how much the company earns in a year on its equity) of 15.1% is higher than peers (Infobine 7.4%, Nice Information & Telecommunication 10.8%, Korea Information & Communications 10.9%). The debt ratio is 164.1%, so debt exceeds equity, but an interest-coverage ratio of 10.6x means earnings comfortably cover the interest burden and the current ratio of 144% shows no strain in short-term repayment. On last year's confirmed results, the P/E is 12.87x and the P/B is 1.82x, which by the numbers alone are not low; but this company is at an earnings inflection with operating profit growing fast, so the picture on this year's earnings basis is closer to reality than a multiple computed from past results. On this year's earnings, the forward P/B is 1.75x, a level that is hard to call excessively expensive against the peer average.
On an annual basis, revenue of ₩60 billion in 2025 was down 4.3% from the prior year (₩62.7 billion), but over the same period operating profit rose 36.0% from ₩10 billion to ₩13.6 billion and net profit rose 9.9% to ₩11 billion. Even as revenue took a breather, improving margins let earnings grow faster. Drilling into the quarters, this pattern is even clearer. Q1 2026 revenue of ₩15.7 billion grew just 1.9% year over year, but operating profit jumped 49.4% to ₩3.9 billion and net profit rose 28.0% to ₩3.1 billion. Net profit also rose 43.3% versus the prior quarter (Q4 2025). This year's outlook is ₩61.1 billion in revenue, ₩20.4 billion in operating profit, and ₩13.8 billion in net profit, a step up from last year's ₩13.6 billion in operating profit. Operating profit growing this much while revenue stays flat reflects the weight and margin of higher-profit businesses improving together, and the 49% rise in Q1 operating profit supports this outlook.
On May 8, 2026, preliminary Q1 2026 results were disclosed (revenue of ₩15.7 billion, operating profit of ₩3.9 billion, net profit of ₩3.1 billion). Revenue rose slightly while operating profit jumped, moving in the same direction as the annual earnings-improvement trend. Earlier, on February 13, 2026, a disclosure of a 30%-or-more change in earnings structure confirmed 2025 annual results (revenue of ₩60 billion, operating profit of ₩13.6 billion, net profit of ₩11 billion). As a small-cap, it is best to watch whether such earnings disclosures carry through from the core business without one-off factors and continue into the next quarter.
This stock's strengths are clear. With a 22.7% operating margin and 15.1% ROE, profitability is better than peers, and even as revenue briefly paused, operating profit rose 36% for the year and 49% for the quarter, improving fast. On this year's earnings, the forward P/E does not look expensive against that profitability. On top of that, the share price has fallen about 70% from its 52-week high and sits below every moving average, so results and price point in sharply different directions. Points to watch are that revenue itself has only just turned from decline to flat, so part of the earnings improvement leans on margins, and that the 264% debt ratio is high, so the funding situation and borrowing structure need to be viewed alongside. In short, if the margin and earnings improvement continues and revenue growth reattaches, its earnings power could stand out against the currently depressed share price; conversely, if results prove one-off over a quarter or two or the revenue slowdown drags on, the improvement hopes can fade.
🔎 Valuation vs peers Overvalued
A market-cap-adjacent comparison set within telecom services.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Infobine | 18.14x | 1.26x | 7.02% |
| NICE Information & Telecommunication | 6.57x | 0.64x | 12.28% |
| Korea Information & Communications | 8.27x | 0.91x | 11.06% |
Within telecom services, we looked first at a public-data comparison set close in market cap. The current P/E ratio (how many times a year's earnings the price represents) is 12.91x and the P/B (how many times book value the price represents) is 1.90x. That said, for smaller-cap stocks the swings in earnings and the impact of financing disclosures are large, so we did not draw firm conclusions from metrics based only on last year's confirmed results. 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 | ₩61.1 billion | ₩20.4 billion | ₩13.8 billion |
| Next quarter | Q2 2026 | ₩14.9 billion | ₩4.6 billion | ₩3.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩1,983 and the market capitalization is ₩142.3 billion. The price sits above its 20-day moving average (₩1,880) and below its 60-day moving average (₩2,317). 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 50.0, a neutral level. The one-month change is +1.3%, the three-month change is -46.0%, and the position relative to the 52-week high is -66.6%. Relative strength versus the KOSDAQ is 12 (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 11% of all stocks. Over the past three months it lagged the index by 15.2%. 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 -15.25% / 6M -47.65% / 12M -65.00%
Key metrics Computed vs sector median
Valuation
The P/E of 12.91x is above the sector median (11.13x). The P/B of 1.90x is above the sector median (0.94x).
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 15.6%, above the sector average (7.0%). The operating margin is 24.8%. The debt ratio is 166.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $29.5M | $44.0M | $42.1M | -4.29% ↓ slower |
| Operating profit | $7.5M | $7.0M | $9.6M | +35.97% ↑ faster |
| Net profit | $8.0M | $7.0M | $7.7M | +9.88% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $29.5M | $44.0M | $42.1M |
| Operating profit | — | — | $7.5M | $7.0M | $9.6M |
| Net profit | — | — | $8.0M | $7.0M | $7.7M |
| Revenue CAGR | 2-yr avg 19.40% | ||||
Revenue fell 4.3% year over year (2023 ₩42.1 billion → 2024 ₩62.7 billion → 2025 ₩60.0 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 36.0% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 19.4%. The two-year revenue CAGR is 19.4%. In the most recent quarter (Q1 2026), revenue was 1.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 15.6% points to solid profitability.
Points to watch
- Revenue fell 4.3% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-08EarningsOperating (preliminary) results on a consolidated basis (fair disclosure): Q1 2026 revenue of ₩15.7 billion, operating profit of ₩3.9 billion, net profit of ₩3.1 billionThis is recent confirmed or preliminary results. Check whether it moves in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-05-08EarningsOperating (preliminary) results (fair disclosure): Q1 2026 revenue of ₩15.7 billion, operating profit of ₩3.9 billion, net profit of ₩3.1 billionThis is recent confirmed or preliminary results. Check whether it moves in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-02-13EarningsChange of 30% or more (15% for large corporations) in revenue or earnings structure: annual revenue of ₩60 billion, operating profit of ₩13.6 billion, net profit of ₩11 billionThis is recent confirmed or preliminary results. Check whether it moves in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,983 | ₩1,983 | Confirmed | link |
| Latest quarterly results | revenue ₩15.7 billion, operating profit ₩3.9 billion | revenue ₩15.7 billion, operating profit ₩3.9 billion | Confirmed | link |
| Annual results | revenue ₩60.0 billion, operating profit ₩13.6 billion | revenue ₩60.0 billion, operating profit ₩13.6 billion | Confirmed | link |
| Original earnings disclosure text | 2026 1 revenue ₩15.7 billion · operating profit ₩3.9 billion · net profit ₩3.1 billion | 2026 1 revenue ₩15.7 billion · operating profit ₩3.9 billion · net profit ₩3.1 billion | Confirmed | link |
| Original earnings disclosure text | 2026 1 revenue ₩15.7 billion · operating profit ₩3.9 billion · net profit ₩3.1 billion | 2026 1 revenue ₩15.7 billion · operating profit ₩3.9 billion · net profit ₩3.1 billion | Confirmed | link |
| Original earnings disclosure text | revenue30%: revenue ₩60.0 billion · operating profit ₩13.6 billion · net profit ₩11.0 billion | revenue30%: revenue ₩60.0 billion · operating profit ₩13.6 billion · net profit ₩11.0 billion | Confirmed | link |
| Basis for the outlook box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-18TreasuryTreasury-stock acquisition decision
- 2026-05-15PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-05-08EarningsFair-disclosure notice
- 2026-05-04Disclosure
- 2026-04-30Disclosure
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26TreasuryMaterial-fact report
📖 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.