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JONBUR Research · Initiation

KoMi · 183300 · Machinery

KoMiCo: Sharp Share Price Decline While Reported Earnings Stay Positive and Free Cash Flow Turns Negative

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

KoMiCo (KOSDAQ: 183300) closed at ₩31,950 on 2026-10-12, down 59.9% over three months and 71.1% over one year, though up 17.0% over the past month. Filed financials show TTM revenue of ₩656.2B and net income of ₩32.0B, with margins below 2024 levels and free cash flow of -₩202.1B.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a business that is still profitable and growing revenue, but where the share price has moved far more sharply than reported earnings. The 52-week high was ₩191,600, so the current price is far below it. The data does not explain the decline: no news headlines are available, and investor flow, foreign ownership and short balance data are not available. Filings show a series of 5%+ holding reports from August to October 2026, an insider shareholding report on 2026-08-28 and a trading halt notice on 2026-08-20. The data does not say what these filings contain or why the halt occurred, so no conclusion can be drawn from them. On the positive side, TTM operating margin is 14.8% and ROE is 11.5%. On the cautionary side, margins and ROE are below 2024 levels, and free cash flow is deeply negative.

Business overview

KoMiCo is listed on KOSDAQ and classified in the Machinery sector. It was founded on 2013-08-13 and listed on 2017-03-23, with 10,460,684 listed shares. Market capitalization is about ₩334.2B and enterprise value is about ₩179.1B. Revenue grew from ₩257.0B in 2021 to ₩604.1B in 2025, with the strongest year in 2024 (+65.0%). The data does not describe its products or customers.

Financial analysis

All figures come from filed financial statements (DART). Annual revenue was ₩257.0B (2021), ₩288.4B (2022), ₩307.3B (2023), ₩507.1B (2024) and ₩604.1B (2025, +19.1%). Operating income was ₩111.0B in 2025 versus ₩112.5B in 2024, so operating margin fell from 22.2% to 18.4%. Net income was ₩49.9B in 2025 versus ₩55.9B in 2024, and ROE fell from 23.4% to 18.5%. For the trailing twelve months to H1 2026, revenue is ₩656.2B, operating income ₩97.1B (14.8% margin), net income ₩32.0B (4.9% net margin) and ROE 11.5%. The gap between operating and net income is notable, and the data does not explain it. On the balance sheet, cash is ₩163.7B and borrowings are ₩8.6B, while liabilities to equity are 222.4%. TTM free cash flow is -₩202.1B, meaning cash spending exceeded operating cash generation.

Valuation

Current multiples are P/E 10.5, P/B 1.2 and P/S 0.5, with a dividend yield of 5.4%. EV/EBITDA is not available. At the end of 2025, P/E was 18.5 and P/B was 3.4, so current multiples are well below that year-end level; earlier year-end multiples are not available. The listed peers (Doosan Enerbility, Hanmi Semiconductor, Jusung Engineering, Rainbow Robotics, Wonik IPS) trade at P/E of 37.1 to 4,456.7 and P/B of 5.6 to 57.1, far above KoMiCo, though they are much larger and the comparison may not be like for like. The valuation model estimate (fair_value_model) is not available because it could not be worked out, so there is no model estimate per share to compare with the ₩31,950 price.

Catalysts

  • Several 5%+ holding reports were filed between 2026-08-25 and 2026-10-08, showing changes in large shareholder positions, although the data does not give details.
  • A trading halt was recorded on 2026-08-20, and the reason is not in the data.
  • The H1 2026 half-year report was filed on 2026-08-14, showing TTM net income of ₩32.0B.
  • Insider shareholding reports on 2026-08-06 and 2026-08-28 show activity by company insiders, with details not available.
  • The 17.0% one-month price gain suggests some recovery from recent lows, though three-month and one-year returns remain sharply negative.

Risks

  • TTM free cash flow of -₩202.1B is a large cash outflow relative to cash of ₩163.7B.
  • Operating margin has fallen from 22.2% in 2024 to 14.8% on a TTM basis, and net margin is only 4.9%.
  • The share price has fallen 71.1% over one year, and the data gives no explanation, which leaves uncertainty.
  • Liabilities to equity of 222.4% indicate meaningful leverage in the balance sheet, even though borrowings are small.
  • Data on investor flows, foreign ownership, short balance and news are not available, limiting visibility into market sentiment.

Closing view

The filed numbers show a profitable company with growing revenue, low borrowings and multiples well below their end-2025 levels, alongside lower margins, lower ROE and a large negative free cash flow. The price decline is far larger than the change in reported earnings, but the data does not say why, and the trading halt and shareholder filings are unexplained. No model estimate is available. The evidence is mixed and incomplete, so it is best read as a snapshot rather than a conclusion.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)KoMiCo: Sharp Share Price Decline While Reported Earnings Stay Positive and Free Cash Flow Turns Negative

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information