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JONBUR Research · Initiation

Classys · 214150 · Medical & precision devices

Classys: Shares down 39.4% over a year while profits kept growing and multiples compressed

Why this report

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

Classys (KOSDAQ: 214150) closed at ₩29,550 on 2026-10-12, down 37.7% over three months and 39.4% over one year, near its 52-week low of ₩29,350. Filed statements show high margins and growth through 2025, while the trailing P/E has fallen to 14.1 from 27.1 at the end of 2025.

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 business with high profitability: TTM operating margin of 46.0% and ROE of 27.4%. Revenue grew every year shown, and net income rose from ₩43.8B in 2021 to ₩131.9B in 2025. The share price has moved the other way, with a 1-year decline of 39.4% and a 52-week high of ₩77,600. The data does not explain the fall. No investor flow, foreign ownership or short balance data is available. Operating margin eased from 50.7% in 2025 to 46.0% on a TTM basis, which is a point to watch. The data does not show H1 2026 growth versus the prior-year period, so the current growth rate cannot be confirmed.

Business overview

Classys is listed on the KOSDAQ in the medical and precision devices sector. It was founded on 2015-01-15 and listed on 2015-04-03, and its CEO is Jun-oh Yoon. It has 65,505,659 listed shares and a market capitalization of about ₩1.9T. Annual revenue grew from ₩100.6B in 2021 to ₩336.8B in 2025. Peers in the data are TSE, Kctech, Park Systems, DI and Curiox Biosystems. The data does not describe its products.

Financial analysis

From filed financial statements (DART): 2025 revenue was ₩336.8B, up 38.6%, with operating income of ₩170.6B (50.7% margin) and net income of ₩131.9B. Revenue growth was 34.9% in 2024, 27.0% in 2023 and 41.0% in 2022. Operating margin has stayed between 48.6% and 51.4% over the five years. ROE was 26.2% in 2025, versus 38.3% in 2022. TTM to H1 2026: revenue ₩369.1B, operating income ₩169.9B, net income ₩137.6B, net margin 37.3%. Liabilities to equity were 39.6%. Cash was ₩78.7B against borrowings of ₩146.7B. TTM free cash flow was ₩117.9B.

Valuation

Current multiples are P/E 14.1, P/B 3.5, P/S 5.2 and EV/EBITDA 11.3, with a dividend yield of 3.4%. At the end of 2025 the P/E was 27.1 and the P/B was 6.5, so both are well below that point. Among peers with data, P/E ranges from 26.9 (Kctech) to 90.5 (Park Systems) and P/B from 4.1 to 7.2; Classys is below all of them on both, though the peers are not necessarily like-for-like. The DCF model gives a model estimate based on the assumptions shown of ₩102,705 per share in the base case, ₩64,709 in the bear case and ₩181,824 in the bull case, using a 5.1% rate on TTM to H1 2026 data. All three are above the ₩29,550 share price. The estimate depends heavily on its assumptions, and the wide bear to bull range shows that sensitivity. It is not a target or a signal to act.

Catalysts

  • The half-year report for June 2026 was filed on 2026-08-14 and showed TTM revenue of ₩369.1B and operating income of ₩169.9B.
  • The company held frequent investor relations events, including on 2026-08-14, 2026-08-19, 2026-08-26, 2026-09-01, 2026-09-09, 2026-09-15, 2026-09-28 and 2026-10-06.
  • A 5%+ holding report was filed on 2026-09-03; the data does not say who filed it or in which direction.
  • News on 2026-10-13 reported that the company hired Bain & Company veteran Bae Jeong-hee as vice president.

Risks

  • The share price is near its 52-week low after a 37.7% three-month fall, and the data gives no reason for it.
  • The TTM operating margin of 46.0% is below the 2025 level of 50.7%, so profitability may be slipping.
  • On 2026-08-12 the company had a disclosure filing noting it was not designated an unfaithful disclosure corporation (disclosure non-compliance), and a corrected earnings outlook filing was made the same day, so disclosure quality is worth monitoring.
  • Borrowings of ₩146.7B exceed cash of ₩78.7B, though liabilities to equity of 39.6% is moderate.
  • Investor flow, foreign ownership and short-selling data are not available, so market positioning cannot be assessed.

Closing view

The filed numbers show a highly profitable business with a record of growth, and valuation multiples that have compressed to roughly half of year-end 2025 levels as the share price fell. The model estimate is above the current price, but it rests on assumptions and has a wide range. Against that, margins have slipped, the share price decline is unexplained in the data, and key flow and short-interest data are missing. The evidence is mixed and does not by itself settle whether the market or the fundamentals are the better guide.

Model estimate of fair value

Bear
₩64,709
+144%
Base
₩102,705
+288%
Bull
₩181,824
+586%

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 5.1%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Classys: Shares down 39.4% over a year while profits kept growing and multiples compressed

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