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JONBUR Research · Update note

RFHIC · 218410 · Electronics

RFHIC Q3 2026 Preliminary Results: Operating Profit Nearly Triples Year on Year

Why this report

Written after:

RFHIC reported preliminary Q3 2026 consolidated operating profit of ₩21.7B, up 194.3% from a year earlier, on revenue of ₩71.1B. The result supports the earnings recovery in our earlier report, while the model still has no fair value estimate for this company.

Written Oct 27, 2026 · Data as of Oct 26, 2026 · 0 views

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

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What happened

On 2026-10-27 RFHIC filed preliminary consolidated results for July to September 2026. The figures are provisional and may differ from final numbers.

Revenue was ₩71.1B, up 75.5% from ₩40.5B a year earlier and up 38.0% from ₩51.5B in Q2 2026. Operating profit was ₩21.7B, versus ₩7.4B a year earlier (+194.3%) and ₩11.2B in the prior quarter (+93.7%). That is an operating margin of about 30.5%, calculated from the filed figures.

Pre-tax profit from continuing operations was ₩22.4B (+121.7% y/y). Net income was ₩17.4B (+143.0%), and net income attributable to owners of the parent was ₩14.8B (+160.7%).

For the first nine months, revenue was ₩165.7B (+41.6%), operating profit ₩40.6B (+109.2%) and net income ₩38.1B (+91.7%). Yonhap News Agency also reported the result. The filing does not explain the drivers of the jump.

What it changes for the thesis

The previous report said the data showed a clear change in earnings, but that durability was unsettled because margins were only 0.3% to 4.3% in 2021 to 2024 before 16.6% in 2025. This quarter adds evidence of continuation: the Q3 margin of about 30.5% is well above the 18.5% trailing margin and the 2025 level. Nine-month operating profit of ₩40.6B already exceeds full-year 2025 operating profit of ₩30.9B.

It does not settle durability. It is one quarter, provisional, and the filing gives no breakdown of what drove revenue or margin. Quarterly results can swing, as Q2 operating profit of ₩11.2B shows against ₩21.7B in Q3.

What it changes for the valuation

The model still has no fair value estimate for this company, and the previous report had none either, so there is no per-share range to compare with the share price. Any model estimate would be based on the assumptions shown, and none is available here.

The share price was ₩47,150 on 2026-10-26, down from ₩57,300 at the previous report. It is down 19.5% over one month and up 74.6% over one year. Market cap is about ₩1.25T. Multiples in the latest data are P/E 37.8x, P/B 3.4x and P/S 6.1x, lower than the 45.7x, 4.1x and 7.4x in the previous report. These use trailing figures to H1 2026 and do not yet include Q3 results, so they would be expected to ease further once Q3 is included. Peers in the data are at P/E 8.3x to 24.4x, so RFHIC still sits above them, though the peers differ in size and business.

Foreign ownership fell from 28.0% sixty days ago to 19.4%. Over 20 days foreign investors were net sellers (₩6.8B) while institutions and retail were net buyers.

Closing view

The Q3 filing strengthens the evidence that the profit recovery is continuing and accelerating, with sharply higher revenue and operating profit. Open questions remain: the figures are provisional, there is one strong quarter against a history of thin margins, and the filing does not explain the drivers. The share price has fallen since the previous report even as earnings rose, and valuation remains above listed peers, while the model offers no estimate to cross-check. The picture is of a stronger earnings base whose durability is still to be shown in coming quarters.

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 27, 2026Update noteEarningsRFHIC Q3 2026 Preliminary Results: Operating Profit Nearly Triples Year on Year
  2. Oct 13, 2026InitiationStart of coverage (300 largest)RFHIC: Sharp Profit Recovery and a Doubled Share Price, With Valuation Multiples Well Above Peers

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