Innotech (469610) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Innotech makes combined environmental-reliability test equipment that verifies whether electronic products and components hold up in performance and lifespan under external conditions such as heat, cold and humidity, so its equipment sees more use as demand for quality verification of semiconductors and electronic parts rises. In June 2026 it decided to invest ₩12.35 billion (19.81% of equity) in a new plant, in February it confirmed full-year revenue of ₩75.7 billion, operating profit of ₩8.6 billion and net profit of ₩8.2 billion, and in October 2025 it completed a rights offering of about ₩25.9 billion. What stands out most recently is that revenue and profit accelerate year after year, an ROE of 13.2% puts it ahead of its peers, and the stock is down as much as 82.7% from its 52-week high, leaving a wide gap between results and price; but the rights offering diluted per-share metrics, and it is worth watching how quickly the new plant translates into actual revenue and profit.
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 “Machinery” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery makers see orders and results ebb and flow with the capital-investment cycle, yet most run a business that earns money year after year. That is why price-to-earnings (P/E) — the share price measured against actual net profit — is the natural 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 23.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 14.8% higher than a year earlier.
- ROE is 14.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.1%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Jang Seok-jun 35.42% (individual)
Controlling bloc incl. related parties 38.6%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
Innotech makes 'combined environmental-reliability test equipment' that verifies whether electronic products, materials and components hold up well in real-world operating conditions. Put simply, its equipment artificially creates conditions such as heat, cold and humidity to test how a component's performance and lifespan change under them. By industry classification it belongs to the manufacture of automatic measuring and control devices for industrial processes. As demand for quality verification of semiconductors and electronic parts rises, the use of such test equipment rises with it. Because market capitalization is not large, it is worth watching, alongside the business flow, how each recent disclosure affects the financials and share count.
The latest close is ₩12,610 and the market capitalization is ₩112.8 billion. The price sits above its 20-day moving average (₩12,388) and below its 60-day moving average (₩15,249). 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 47.7, a neutral level. The one-month change is -8.6%, the three-month change is -47.9%, and the position relative to the 52-week high is -83.5%. Relative strength versus the KOSDAQ is 21 (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 20% of all stocks. Over the past three months it lagged the index by 18.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the most recent full year (2025), revenue was ₩75.7 billion, operating profit ₩8.6 billion and net profit ₩8.2 billion. An operating margin of 11.4% and an ROE (how much it earns in a year on its own equity) of 13.2% clearly lead its peers, whose ROEs are negative (-10.8%, -28.6%) or at similar levels. The debt ratio (debt relative to equity) is 152.1%, but the current ratio (assets convertible to cash within a year versus debt due within a year) is a very ample 384%, and the interest-coverage ratio (how many times operating profit can cover interest) is 11.7x, so the debt burden looks under control. The trailing P/E (share multiple on the past year's earnings) is 13.77x and the P/B (share multiple on book value) is 1.71x, which look high relative to peers. But for a stock whose earnings are growing fast, the real picture lies in future earnings rather than the 'past year' figures, and given how rare it is for a peer to deliver the same profitability and growth, it is fairer to read these multiples as a justified premium for earnings quality.
The growth trend is clear. Revenue moved from ₩51.8 billion in 2023 to ₩61.2 billion in 2024 and ₩75.7 billion in 2025, with the growth rate actually accelerating from +18.1% to +23.7% (a three-year average of +20.9%). Operating profit accelerated over the same period from +25.3% to +51.4%, a three-year average of +37.7%; in other words, profit is growing faster than revenue, with profitability improving alongside. In the most recent quarter (first quarter of 2026) as well, revenue rose 14.8% and net profit 41.5% year on year, continuing the growth trend. The company has not disclosed a numeric annual outlook of its own, but the new-plant investment disclosed in June 2026 (₩12.35 billion, 19.81% of equity), stated to be aimed at 'raising utilization of existing production facilities and responding to expanding new orders,' serves as concrete evidence that the company is building capacity to meet rising demand. That said, it is worth tracking the operating-margin trend next quarter and the timing of the new line's start-up.
On June 2, 2026, a new-facility investment disclosure stated an investment of ₩12.35 billion (19.81% of equity) in a new plant. The stated purpose is to raise utilization of existing production facilities and respond to expanding new orders, planning material the company issued directly. On February 23, 2026, an earnings-change disclosure revealed confirmed full-year figures of ₩75.7 billion in revenue, ₩8.6 billion in operating profit and ₩8.2 billion in net profit (a large year-on-year increase). On October 30, 2025, a securities-issuance report covered the results of a rights offering that placed 1,760,000 common shares at ₩14,700 each (about ₩25.9 billion in total). Since the share count rose as the funds came in, the picture fits together when you also watch whether these funds lead to revenue as the facility investment does.
The strengths are clear. Revenue and profit accelerate year after year, an ROE of 13.2% puts profitability well ahead of its peers, and stability metrics such as the current ratio and interest coverage are sound. A trailing P/E of about 16x and a P/B of 2.13x are higher than peers, but when you also consider that peers' profitability is negative or low, it is reasonable to read the gap as a justified difference tied to earnings quality. Moreover, the stock is down as much as 82.7% from its 52-week high, leaving a wide gap between the results trend and the price position. Points to watch together are that the 2025 rights offering increased the share count and thus dilutes per-share metrics, and how quickly the new-plant investment, once operating, translates into actual revenue and profit. In sum, it is a stock that is strong under conditions of continued growth and profitability with new capacity coming online, and weaker if quarterly growth slows or the offering proceeds fail to connect to results.
🔎 Valuation vs peers Overvalued
Peers of comparable market capitalization within machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Yunsung F&C | — | 0.83x | -10.54% |
| BMT | 8.47x | 1.10x | 12.96% |
| Samick THK | — | 1.18x | -28.59% |
We looked first at public-data peers of comparable market capitalization within machinery and equipment. The current P/E (how many times one year's earnings the share price represents) is 13.77x and the P/B (how many times book value) is 1.71x. That said, smaller-cap stocks are heavily affected by earnings swings and financing disclosures, so we did not draw firm conclusions from last year's confirmed-results metrics alone. For the outlook box, the company's official guidance could not be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩12,610 and the market capitalization is ₩112.8 billion. The price sits above its 20-day moving average (₩12,388) and below its 60-day moving average (₩15,249). 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 47.7, a neutral level. The one-month change is -8.6%, the three-month change is -47.9%, and the position relative to the 52-week high is -83.5%. Relative strength versus the KOSDAQ is 21 (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 20% of all stocks. Over the past three months it lagged the index by 18.2%. 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 -18.17% / 6M -26.32% / 12M -76.54%
Key metrics Computed vs sector median
Valuation
The P/E of 13.77x is in line with the sector median (14.07x). The P/B of 1.71x is above the sector median (1.01x).
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 10.1%, 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 14.2%, above the sector average (2.0%). The operating margin is 11.1%. The debt ratio is 47.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $36.4M | $43.0M | $53.2M | +23.72% ↑ faster |
| Operating profit | $3.2M | $4.0M | $6.1M | +51.44% ↑ faster |
| Net profit | $374,237 | $3.5M | $5.8M | +62.75% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $36.4M | $43.0M | $53.2M |
| Operating profit | — | — | $3.2M | $4.0M | $6.1M |
| Net profit | — | — | $374,237 | $3.5M | $5.8M |
| Revenue CAGR | 2-yr avg 20.85% | ||||
Revenue rose 23.7% year over year (2023 ₩51.8 billion → 2024 ₩61.2 billion → 2025 ₩75.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 51.4% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 20.8%. The two-year revenue CAGR is 20.8%. In the most recent quarter (Q1 2026), revenue was 14.8% 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 14.2% points to solid profitability.
- Revenue grew 23.7% 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
- 2026-06-02UpdateNew facility investment: new facility investment / (2026.06.02) new facility investment. 1. Investment type: new plant construction. 2. Investment details: amount (KRW) 12,350,000,000, equity (KRW) 62,350,819,422, share of equity (%) 19.81, large-corporation status: not applicable. 3. Investment purpose: to raise utilization of existing production facilities and respond to expanding new ordersThis is planning material the company issued directly. Where figures are given, treat it as primary support for the outlook box; where absent, treat it only as directional material. Source
- 2026-02-23EarningsChange in revenue or profit structure of 30% or more (15% for large corporations): full-year revenue ₩75.7 billion, operating profit ₩8.6 billion, net profit ₩8.2 billionThis is a recent confirmed or preliminary earnings disclosure. Check whether it moves in the same direction as the annual trend and whether any one-off factors are present. Source
- 2025-10-30UpdateSecurities-issuance report: 24th (amended prospectus - issue price fixed). VI. Use of raised funds. 1. Fundraising details (unit: KRW, shares): category / share type / total planned issuance per registration / actual amount raised / notes / issue price / quantity / total issuance. Placement, common shares, 25,872,000,000, 14,700, 1,760,000, 25This disclosure should be read with both the purpose of the incoming funds and the change in share count. Where a facility or operating purpose is stated, the key is whether the actual investment is executed and connects to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩12,610 | ₩12,610 | Confirmed | link |
| Latest quarterly results | revenue ₩19.9 billion, operating profit ₩3.0 billion | revenue ₩19.9 billion, operating profit ₩3.0 billion | Confirmed | link |
| Annual results | revenue ₩75.7 billion, operating profit ₩8.6 billion | revenue ₩75.7 billion, operating profit ₩8.6 billion | Confirmed | link |
| Outlook and plan disclosure (source text) | /(2026.06.02) 1. 2. 12,350,000,000 62,350,819,422 (%) 19.81 3. | /(2026.06.02) 1. 2. 12,350,000,000 62,350,819,422 (%) 19.81 3. | Confirmed | link |
| Earnings disclosure (source text) | revenue30%: revenue ₩75.7 billion · operating profit ₩8.6 billion · net profit ₩8.2 billion | revenue30%: revenue ₩75.7 billion · operating profit ₩8.6 billion · net profit ₩8.2 billion | Confirmed | link |
| Financing disclosure (source text) | 24 Ⅵ. 1. 25,872,000,000 14,700 1,760,000 25 | 24 Ⅵ. 1. 25,872,000,000 14,700 1,760,000 25 | Confirmed | link |
| Outlook box basis | — | — | Unverified | — |
Recent filings Source
- 2026-06-02Disclosure
- 2026-05-20PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-15Disclosure
- 2026-04-06Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-25OwnershipOwnership-change filing
- 2026-03-25OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24PeriodicAnnual business report (amended)
- 2026-03-24PeriodicAnnual 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.