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JONBUR Research · Initiation

You're reading an earlier report from Oct 13, 2026. See the latest report

RFHIC · 218410 · Electronics

RFHIC: Sharp Profit Recovery and a Doubled Share Price, With Valuation Multiples Well Above Peers

Why this report

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

RFHIC's trailing revenue reached ₩203.9B with an operating margin of 18.5% after years of near-zero operating profit, and the shares are up 99.0% over one year to ₩57,300. The stock trades at 45.7x earnings and 4.1x book value, 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 clear change in earnings. Revenue grew 61.7% in 2025 and operating income rose from ₩1.5B in 2024 to ₩30.9B in 2025. The trailing twelve months to H1 2026 show operating income of ₩37.8B, so the improvement has continued.

What the data does not settle is whether the improvement is durable. Operating margins were 0.3% to 4.3% in 2021 to 2024 before jumping to 16.6% in 2025. The share price has already moved sharply: up 17.4% in one month, 21.5% in three months and 99.0% in one year, and it sits at 45.2% of the 52-week high of ₩126,900 (about 2.2 times the low of ₩25,600). Investor flow, foreign ownership, short balance and news data are not available, so the data cannot show who is driving the move.

Business overview

RFHIC is listed on KOSDAQ in the Electronics sector. It was founded on 2015-04-14, listed on 2015-06-30, and has 26,484,442 listed shares. Market capitalization is about ₩1.52T. CEO is listed as 조덕수. The data gives no product or customer detail, so the business description is limited to the numbers. Revenue was ₩101.6B in 2021, ₩108.0B in 2022, ₩111.4B in 2023, ₩114.9B in 2024 and ₩185.8B in 2025, so most of the growth came in the latest year.

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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