Kinx: Steady Revenue Growth and Margin Recovery, but Shares Trade Above a Model Estimate

Thesis

The data supports a picture of a growing, profitable company with a low-debt balance sheet. Revenue rose from ₩84.5B in 2021 to ₩159.2B in 2025, and trailing twelve-month revenue to H1 2026 is ₩165.7B. Margins slipped from 23.4% in 2021 to 15.0% in 2025 and have partly recovered, which the data shows but does not explain.

The data is less supportive on price. The shares are up 42.3% over one year but down 5.9% over one month and 12.6% over three months, and they trade 23.5% below the 52-week high of ₩163,700. The trailing P/E of 25.3 is above the company's 2021-2024 year-end levels (10.4 to 20.7) and above most listed peers shown. Foreign investors have been net sellers over 20 days while institutions bought. No news headlines are available in the data.

Business overview

Kinx (케이아이엔엑스) is listed on KOSDAQ in the Internet sector. It was founded in June 2000 and listed in February 2011. It has 4.88M listed shares and a market capitalization of about ₩611.0B. The CEO is listed as 김지욱. The data does not describe its products or customers. Annual revenue growth was 31.3% in 2022, 10.6% in 2023, 13.2% in 2024 and 14.6% in 2025.

Financial analysis

These figures come from filed financial statements. Trailing twelve-month revenue to H1 2026 is ₩165.7B, operating income ₩30.8B (margin 18.6%) and net income ₩24.1B (margin 14.6%). Return on equity is 12.0%, up from 8.7% in 2025 but below the 18.9% of 2022.

For 2025, operating income was ₩23.9B on revenue of ₩159.2B and net income was ₩17.1B. Operating income in 2022 was ₩25.9B and in 2023 ₩26.6B, so profit has grown more slowly than revenue over the longer period.

The balance sheet looks modest in leverage: liabilities to equity are 36.8%, cash is ₩30.0B and borrowings are ₩46.9B. Trailing free cash flow is ₩50.6B, above trailing net income. The dividend yield is 0.5%.

Valuation

Current multiples are P/E 25.3, P/B 2.8, P/S 3.7 and EV/EBITDA 11.1, with an enterprise value of ₩622.9B. Year-end P/E was 34.6 in 2025, 20.7 in 2024, 19.7 in 2023 and 10.4 in 2022, so the current level is within the company's own range but above most of it. Year-end P/B ranged from 1.8 to 2.9.

Among the peers shown, P/E is 13.1 for NAVER, 37.8 for Kakao, 1.8 for Daou Technology, 11.5 for NICE Information Service and 11.8 for Cafe24. P/B for these peers is between 0.4 and 2.1, below Kinx at 2.8. Kinx is more highly rated than most of them on both measures.

The valuation model (5-year discounted cash flow, 7.3% rate, based on trailing figures to H1 2026) gives a base estimate of ₩97,511 per share, with a bear case of ₩60,331 and a bull case of ₩159,073. This is a model estimate based on the assumptions shown, not a target. The current price of ₩125,200 is above the base case and within the bear-to-bull range.

Catalysts

• The H1 2026 half-year report and preliminary earnings in August showed trailing operating margin of 18.6%, and the next results will show whether that holds.
• An Outlook on Business Performance fair disclosure was filed on 2026-08-21, and the data does not give its content.
• A 5%+ holding report was filed on 2026-07-16, and several insider shareholding reports followed through September 2026, which are worth monitoring for ownership changes.
• Foreign ownership fell to 42.5% from 44.0% sixty days ago, with 20-day foreign net selling of ₩7.5B against institutional net buying of ₩6.2B, so the direction of these flows could matter.

Risks

• The share price is above the model's base estimate of ₩97,511, and the bear case of ₩60,331 is well below the current price.
• The P/E of 25.3 and P/B of 2.8 are higher than most listed peers shown, which leaves less room for disappointment on earnings.
• Operating margin fell from 23.4% in 2021 to 15.0% in 2025, and the recent recovery to 18.6% may not persist.
• Foreign investors are reducing their holdings, and shares have fallen 12.6% over three months.
• Borrowings of ₩46.9B exceed cash of ₩30.0B, and the data gives no detail on the debt terms or the causes of margin changes.

Closing view

The filings show a company with consistent revenue growth, solid cash generation and moderate leverage, and profitability has recovered somewhat in the latest twelve months. Against that, the shares trade at higher multiples than their own recent history and most peers, and above the model's base estimate, while foreign holdings are drifting lower. The evidence is mixed: operating quality looks sound, but the current price already reflects a good deal of it. The data does not cover business drivers, guidance or news, so these points should be read with that limit in mind.

Model estimate of fair value

Bear

₩60,331

-52%

Base

₩97,511

-22%

Bull

₩159,073

+27%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• Insider shareholding reportSep 23, 2026
• Outlook on Business Performance (Fair Disclosure)Aug 21, 2026
• Half-year report (Jun 2026)Aug 14, 2026
• Preliminary earningsAug 12, 2026
• Preliminary earnings (consolidated)Aug 12, 2026
• Insider shareholding reportJul 22, 2026
• 5%+ holding reportJul 16, 2026
• Insider shareholding reportJul 13, 2026
• Insider shareholding reportJun 4, 2026
• Insider shareholding reportMay 26, 2026
• Quarterly report (Mar 2026)May 15, 2026
• Insider shareholding reportMay 15, 2026
• Daily prices up to 2026-10-26
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 27, 2026InitiationStart of coverage (reader request)Kinx: Steady Revenue Growth and Margin Recovery, but Shares Trade Above a Model Estimate