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JONBUR Research · Initiation

Jntc · 204270 · Electronic components

Jntc: Share Price Up Sharply Over Three Months While Filed Results Show Deep Losses

Why this report

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

Jntc, a KOSDAQ electronic components company, closed at ₩25,600 on 2026-10-12, up 50.4% over three months, with a market cap of about ₩1.5T. Filed statements show a TTM operating loss of ₩76.4B on revenue of ₩160.3B, and no valuation model estimate is available.

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 stock whose price has moved well ahead of its reported earnings. The share price rose 11.5% in one month and 50.4% in three months, but is only 0.2% higher over one year. It sits below the 52-week high of ₩30,100 and well above the low of ₩11,140.

The filed numbers show losses in four of the last five years, with 2023 the only profitable year. Revenue fell 32.1% in 2025 and the TTM operating margin is -47.7%.

Recent filings point to capital activity: a rights offering decision, a share acquisition in another company and new facility investment, all in September 2026. The data does not give terms, size or purpose for these, so their effect cannot be judged here. Investor flows, foreign ownership, short balance and news headlines are not available.

Business overview

Jntc is listed on KOSDAQ in the electronic components sector. It was founded on 1996-11-01 and listed on 2020-03-04. It has 57,848,466 listed shares and is led by two co-CEOs, 조남혁 and 장윤정. The market cap is ₩1.48T and enterprise value is ₩1.43T.

Revenue history from filings: ₩202.6B in 2021, ₩161.3B in 2022, ₩323.4B in 2023 (up 100.5%), ₩273.2B in 2024 and ₩185.7B in 2025. The data gives no segment or product breakdown.

Financial analysis

All figures come from filed financial statements (DART).

TTM to H1 2026: revenue ₩160.3B, operating loss ₩76.4B, net loss ₩67.0B. Operating margin is -47.7%, net margin -41.8% and ROE -24.2%.

Annual operating income: -₩30.7B (2021), -₩44.3B (2022), +₩28.5B (2023), -₩46.1B (2024), -₩78.0B (2025). The 2025 net loss was ₩91.6B, with ROE of -31.3%.

Balance sheet: liabilities to equity is 174.9% and cash is ₩48.2B. Borrowings are not available. TTM free cash flow is -₩32.5B, so the company is consuming cash.

Valuation

With losses, P/E and EV/EBITDA cannot be calculated. Price-to-book is 6.8 and price-to-sales is 9.2. The 2025 year-end P/B was 4.6, so the current P/B is higher than at that point. Earlier year-end multiples are not available.

Peers in the data show P/B between 1.8 (LG Innotek) and 10.9 (Samsung Electro-Mechanics), with P/E from 17.1 to 110.2. Jntc's P/B of 6.8 falls within that range, but the peers are profitable and much larger, so the comparison is limited.

The valuation model has no estimate for Jntc (fair_value_model is null), so there is no model figure to compare with the ₩25,600 share price.

Catalysts

  • The rights offering (paid-in capital increase) decision filed 2026-09-10 could change the share count and funding position, though terms are not in the data.
  • The 2026-09-10 filing on acquisition of shares in another company may affect the business scope.
  • New facility investment filings (2026-09-21, plus amendments in June and July) show ongoing capital spending plans.
  • Repeated 5%+ holding reports (2026-07-02, 08-06, 09-03, 09-30) show changes in major shareholder positions.
  • The next periodic financial filing will show whether the losses are narrowing.

Risks

  • Operating losses in four of five years and a TTM operating margin of -47.7% show the business is not currently profitable.
  • Free cash flow of -₩32.5B against cash of ₩48.2B means funding needs may continue.
  • Liabilities to equity of 174.9% adds balance sheet pressure, and borrowings data is not available.
  • A rights offering could dilute existing shareholders, and its terms are not in the data.
  • The share price rose 50.4% in three months while earnings are negative, so the price may be sensitive to sentiment, and flow and short data are unavailable.

Closing view

The data shows a company with falling revenue, widening losses and negative free cash flow, whose shares have nonetheless risen strongly over three months. The P/B of 6.8 and P/S of 9.2 are not supported by current earnings, and there is no model estimate for comparison. September's rights offering, share acquisition and facility investment filings are the key items to follow, but their details are not in the data. This report is informational and not a recommendation.

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)Jntc: Share Price Up Sharply Over Three Months While Filed Results Show Deep Losses

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