Vieworks: Earnings Recovery in H1 2026 Meets a Share Price Near Book Value

Thesis

The data supports an earnings recovery. Trailing revenue of ₩244.3B is above 2025's ₩239.3B, and operating income of ₩32.4B compares with ₩21.4B for 2025. Net income of ₩43.5B exceeds operating income, so part of the profit comes from non-operating items; the data does not say what they are.

The shares trade at 5.7x earnings and 1.0x book, well below the listed peers and below the company's own history. The data does not explain why. Revenue growth has been uneven (-7.4% in 2023, 1.2% in 2024, 7.4% in 2025), so it is not yet clear the recent margin gain is durable.

Foreign ownership rose to 30.9% from 29.5% sixty days earlier, while retail investors were net sellers over 20 days. The amounts are small relative to market cap.

Business overview

Vieworks (code 100120) was founded in 1999, listed on KOSDAQ in 2009 and operates in medical and precision devices. It has 8,971,411 listed shares and a market capitalisation of about ₩249.0B. The CEO is listed as 김후식. Annual revenue has moved between ₩193.1B (2021) and ₩239.3B (2025), with a peak operating margin of 18.3% in 2022. The data gives no product or segment breakdown.

Financial analysis

These figures come from filed financial statements. Trailing twelve months to H1 2026: revenue ₩244.3B, operating income ₩32.4B (13.3% margin), net income ₩43.5B (17.8% margin), ROE 17.5%.

Annual history: 2025 revenue ₩239.3B (+7.4%), operating income ₩21.4B (8.9%), net income ₩22.0B, ROE 9.0%. 2024: revenue ₩222.9B, operating income ₩22.3B (10.0%). 2023: revenue ₩220.3B, operating income ₩18.7B (8.5%). 2022: revenue ₩237.9B, operating income ₩43.7B (18.3%). 2021: operating income ₩34.8B (18.0%), ROE 17.8%.

Balance sheet: liabilities-to-equity is 42.0%, cash ₩48.0B and borrowings ₩74.2B, so borrowings exceed cash. Trailing free cash flow is ₩26.1B. Enterprise value is ₩257.2B.

Valuation

Current multiples are P/E 5.7x, P/B 1.0x, P/S 1.0x and a dividend yield of 2.5%. EV/EBITDA is not available. At the end of 2025 P/E was 8.0x and P/B 0.7x; in 2021 they were 11.2x and 2.0x. The current P/E is therefore below its recent year-end readings, while P/B is above the 2024-2025 year-end levels.

Peers in the data trade at much higher multiples: TSE at 27.2x P/E and 6.0x P/B, Kctech 21.5x and 3.3x, Classys 13.2x and 3.3x, Park Systems 71.9x and 4.9x, and DI 36.2x and 5.0x. The peers are mostly larger and may differ in business mix.

The valuation model (5-year discounted cash flow, 7.3% rate, based on trailing figures to H1 2026) gives a base estimate of ₩36,652 per share, with a bear case of ₩22,596 and a bull case of ₩60,939. This is a model estimate based on the assumptions shown, not a target or a reason to buy or sell. The ₩27,750 close sits between the bear and base cases. The wide range shows how sensitive the result is to the assumptions.

The 52-week range is ₩18,010 to ₩34,900, and the shares have returned 7.4% over one month and 21.7% over three months.

Catalysts

• The half-year report filed on 2026-08-14 and the preliminary earnings on 2026-08-03 showed the improved trailing margins.
• A trust contract termination result report was filed on 2026-09-09, following a June status report on acquisitions under a trust agreement; the filings' contents are not in the data.
• A corporate value-up plan was filed on 2026-03-31 alongside an amended cash dividend decision on 2026-04-03.
• Foreign ownership increased to 30.9% from 29.5% over sixty days, with net foreign buying of about ₩2.1B in the last 20 days.
• The next scheduled earnings releases are not in the data.

Risks

• Net income exceeds operating income, so trailing profit may rely on non-operating items that the data does not explain.
• Revenue growth has been uneven, including a 7.4% decline in 2023, and margins fell from 18.3% in 2022 to 8.9% in 2025 before recovering.
• Borrowings of ₩74.2B exceed cash of ₩48.0B, although liabilities-to-equity of 42.0% is moderate.
• The model's range of ₩22,596 to ₩60,939 is wide, so the estimate depends heavily on assumptions.
• The shares are up 38.9% over one year and 21.7% over three months, and no recent news headlines are available to explain the move.

Closing view

The filings show a clear improvement in trailing profitability and returns, and the shares trade at low multiples relative to both peers and the model's base estimate. Set against that are uneven revenue growth, profits that appear to include non-operating items, and no news or segment detail to explain the drivers. The evidence points to a company with recovering numbers and an undemanding valuation, but whether the recovery lasts is not something the data can settle.

Model estimate of fair value

Bear

₩22,596

-18%

Base

₩36,652

+34%

Bull

₩60,939

+122%

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

• Trust Contract Termination Result ReportSep 9, 2026
• Half-year report (Jun 2026)Aug 14, 2026
• Preliminary earnings (consolidated)Aug 3, 2026
• Status Report on Acquisition Under Trust AgreementJun 11, 2026
• Quarterly report (Mar 2026)May 15, 2026
• Preliminary earnings (consolidated)May 4, 2026
• Amended: Cash dividend decisionApr 3, 2026
• Corporate value-up planMar 31, 2026
• Annual general meeting resultsMar 31, 2026
• Audit report submittedMar 23, 2026
• Annual report (Dec 2025)Mar 23, 2026
• Notice of shareholders' meetingMar 16, 2026
• Daily prices up to 2026-10-23
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 24, 2026InitiationStart of coverage (reader request)Vieworks: Earnings Recovery in H1 2026 Meets a Share Price Near Book Value