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JONBUR Research · Initiation

Raontech · 418420 · Electronic components

Raontech: Persistent Losses and a Sharp Share Price Decline, With No Valuation Model Estimate Available

Why this report

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Raontech, a KOSDAQ-listed electronic components company, posted a trailing operating loss of ₩9.8B on revenue of ₩6.2B as of H1 2026, and its shares have fallen 35.5% over one year to ₩3,065. The valuation model could not produce an estimate, and the data shows no profitable year since 2022.

Written Oct 23, 2026 · Data as of Oct 22, 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 small company whose revenue has shrunk while losses have widened. Revenue fell from ₩10.9B in 2022 to ₩8.7B in 2025, and trailing revenue to H1 2026 is ₩6.2B. The operating margin moved from 3.0% in 2022 to -66.4% in 2025 and -158.5% on a trailing basis.

The share price is 75.5% below its 52-week high of ₩12,500 and sits about 16.3% above the 52-week low of ₩2,635. The market cap is ₩94.3B. Falling prices reflect the weak results visible in the data, but the data does not explain the causes of the decline in revenue or the reasons behind the price moves. A major sales or supply contract was filed on 2026-09-01, but the filing details are not in the data, so its size and effect cannot be assessed.

Business overview

Raontech is listed on KOSDAQ in the electronic components sector. It was founded on 2009-10-13 and listed on 2023-03-09, with 30,774,558 shares outstanding. The CEO is listed as 김보은. The market cap is ₩94.3B and enterprise value is ₩109.7B. The data does not describe products or customers, so no further detail on the business is available. The revenue history shows ₩10.9B in 2022, ₩10.7B in 2023, ₩8.9B in 2024 and ₩8.7B in 2025.

Financial analysis

These figures come from filed financial statements. Annual revenue declined from ₩10.9B in 2022 to ₩8.7B in 2025, with growth of -1.6% in 2023, -17.1% in 2024 and -1.8% in 2025. The company made an operating profit of ₩322M in 2022, then lost ₩2.2B in 2023, ₩7.0B in 2024 and ₩5.8B in 2025. Net losses were ₩7.1B in 2023, ₩6.5B in 2024 and ₩6.6B in 2025.

Over the trailing period to H1 2026, revenue was ₩6.2B, operating loss ₩9.8B and net loss ₩10.9B, giving an operating margin of -158.5%, a net margin of -176.4% and a return on equity of -81.7%. Liabilities are 253.6% of equity. Cash is ₩2.4B against borrowings of ₩20.8B. Free cash flow is -₩8.7B, so cash on hand covers less than four months of the trailing free cash outflow, and the data does not show how funding needs will be met.

Valuation

The price-to-earnings ratio and EV/EBITDA are not available because earnings are negative. The price-to-book ratio is 8.9, compared with 8.1 at the end of 2025, 6.8 at the end of 2024 and 14.4 at the end of 2023. The price-to-sales ratio is 15.3. The dividend yield is 0.0%.

Peers in the data are far larger companies: Samsung Electro-Mechanics (P/B 8.4, P/E 84.9), Doosan (5.5, 39.1), Hanwha Systems (3.1, 79.5), LG Innotek (1.5, 14.1) and Isupetasys (7.7, 33.0). Raontech's P/B is above most of them even though it is loss-making, which is a sign that the book value multiple does not reflect current profitability. The valuation model produced no estimate, so there is no model figure to compare with the share price of ₩3,065.

Catalysts

  • The half-year report for June 2026, filed on 2026-08-14, showed the latest trailing losses and is the most recent full set of financial results.
  • A major sales or supply contract was filed on 2026-09-01, though the data does not give its size or terms.
  • Several 5%+ holding reports and insider shareholding reports were filed between July and October 2026, indicating changes in major holders' positions.
  • A trading plan report for executives and major shareholders' specific securities was filed on 2026-08-27, which relates to planned share transactions by insiders.
  • Foreign ownership fell from 4.3% to 2.3% over 60 days, and 20-day flows show foreign net selling of ₩738M against retail net buying of ₩701M.

Risks

  • Operating losses have persisted since 2023 and widened on a trailing basis to ₩9.8B, with a trailing margin of -158.5%.
  • Cash of ₩2.4B is small against borrowings of ₩20.8B and a trailing free cash outflow of ₩8.7B, which points to financing pressure.
  • Liabilities are 253.6% of equity and the return on equity is -81.7%, so continued losses could erode equity further.
  • The share price fell 25.2% in one month and is near its 52-week low, showing high volatility and weak sentiment.
  • No valuation model estimate, P/E or EV/EBITDA is available, and there are no recent news headlines in the data, which limits the ability to judge value or recent developments.

Closing view

The data shows a small company with shrinking revenue, widening losses, thin cash and rising leverage, alongside a share price that has dropped sharply. A major contract filing and ongoing changes in shareholder positions are visible, but their details are not in the data. With no model estimate and a price-to-book ratio still at 8.9 despite negative returns, the data does not provide support for a clear valuation view, and the evidence leans toward financial strain until results show improvement.

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 23, 2026InitiationStart of coverage (reader request)Raontech: Persistent Losses and a Sharp Share Price Decline, With No Valuation Model Estimate Available

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