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JONBUR Research · Initiation

Ubiquoss · 264450 · Electronics

Ubiquoss: Low Multiples and Strong Margins, With Lumpy Revenue History

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Ubiquoss trades at ₩10,150 per share with a market cap of ₩148.9B, a P/E of 4.6 and a P/B of 0.7. Trailing results to H1 2026 show a 22.4% operating margin and a 17.0% ROE, while revenue has swung sharply from year to year.

Written Oct 24, 2026 · Data as of Oct 23, 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 profitable, nearly debt-free company valued at low multiples. P/E is 4.6, P/B is 0.7 and EV/EBITDA is 2.6, with a dividend yield of 4.6%. The model estimate of ₩23,252 per share is well above the current price, but it rests on the assumptions shown, including a 7.4% discount rate, and the bear to bull range is wide (₩17,313 to ₩33,127). The data does not explain why the market applies such low multiples. Revenue fell 30.9% in 2024 and then recovered, so earnings durability is uncertain. The share price is down 10.5% over one month but up 14.0% over one year, and it sits well below the 52-week high of ₩19,000. News headlines are not available in the data.

Business overview

Ubiquoss is a KOSDAQ-listed company in the Electronics sector, founded on 2017-03-02 and listed on 2017-03-31. It has 14,665,493 listed shares and is led by co-CEOs 이상근 and 이정길. Annual revenue was ₩139.1B in 2021, ₩133.7B in 2022, ₩150.3B in 2023, ₩103.8B in 2024 and ₩116.4B in 2025. Trailing revenue to H1 2026 is ₩121.8B. The data does not describe products or customers. The most recent filing on a major sales or supply contract was an amendment dated 2026-09-29, and its details are not in the data.

Financial analysis

These figures come from filed financial statements. Trailing revenue to H1 2026 was ₩121.8B, with operating income of ₩27.3B (22.4% margin) and net income of ₩32.6B (26.7% margin). Net income above operating income suggests non-operating gains, though the data does not break them out. For 2025, revenue was ₩116.4B (up 12.2%), operating income ₩23.1B (19.8% margin) and net income ₩24.1B, with ROE of 12.9%. In 2024, operating margin dropped to 11.9% on the revenue decline. Trailing ROE is 17.0%. The balance sheet is conservative: cash of ₩71.7B against borrowings of ₩1.0B, and liabilities to equity of 16.4%. Trailing free cash flow was ₩22.4B.

Valuation

Current multiples are P/E 4.6, P/B 0.7, P/S 1.2 and EV/EBITDA 2.6, with an enterprise value of ₩78.2B. Year-end P/E was between 5.5 and 7.7 over 2021 to 2025 and P/B was 0.7 to 1.7, so today's multiples are at the low end of the company's own history. Peers show higher multiples: Samsung Electronics P/E 8.4 and P/B 2.2, LG Electronics P/E 24.6 and P/B 1.0, Hanwha Vision P/E 16.4 and P/B 2.1, RFHIC P/E 36.3 and P/B 3.2, and KMW P/B 5.1 with no P/E available. These peers differ greatly in size and business. The 5-year DCF gives a model estimate of ₩23,252 per share (bear ₩17,313, bull ₩33,127) based on the assumptions shown, against the ₩10,150 price. This is a model output, not a target or a reason to act.

Catalysts

  • The amended major sales or supply contract filing on 2026-09-29 may matter, though its terms are not in the data.
  • The next quarterly report would show whether the 22.4% trailing operating margin holds after the H1 2026 report filed on 2026-08-14.
  • The cash dividend decision, amended on 2026-03-19, supports a 4.6% dividend yield, and any future dividend announcements would be relevant.
  • Institutions were net buyers of about ₩1.2B over 20 days, while foreigners and retail were net sellers, and these flows could shift.

Risks

  • Revenue is volatile, with a 30.9% decline in 2024 and a 3.9% decline in 2022, which makes earnings hard to project.
  • Net income exceeds operating income in the trailing period, so part of profit may come from non-operating items that may not recur.
  • The model estimate is sensitive to assumptions, as the bear to bull range of ₩17,313 to ₩33,127 shows.
  • The share price fell 10.5% in one month and is far below the 52-week high, showing sentiment can be weak despite low multiples.
  • Foreign ownership is only 5.4% and unchanged over 60 days, so there is limited foreign participation, and no news coverage is available in the data.

Closing view

The filings show a company with solid margins, a very light balance sheet and multiples at the low end of its own history and below most listed peers. Against that, revenue has been uneven, part of recent profit sits below the operating line, and the data does not say why the market prices the shares so low. The model estimate is above the current price, but it depends on stated assumptions and a wide range. Investors should weigh the earnings and balance sheet strength against the revenue volatility and the limited information on the underlying contracts.

Model estimate of fair value

Bear
₩17,313
+71%
Base
₩23,252
+130%
Bull
₩33,127
+228%

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 7.4%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 24, 2026InitiationStart of coverage (reader request)Ubiquoss: Low Multiples and Strong Margins, With Lumpy Revenue History

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