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Dozn · 462860 · Telecom

Dozn: Profitable Telecom Name Trades Well Below Its 52-Week High After a Sharp One-Month Drop

Why this report

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Dozn, a KOSDAQ-listed telecom company, closed at ₩2,240 on 2026-10-27, down 27.2% over one month and 46.5% over one year, while filed figures show a 25.5% operating margin. A model estimate based on the assumptions shown is above the current share price, but the stock's volatility and thin data history call for caution.

Written Oct 28, 2026 · Data as of Oct 27, 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 company that is highly profitable on its trailing numbers: TTM revenue of ₩60.7B, operating income of ₩15.4B and net income of ₩11.7B, with ROE of 15.7%. Free cash flow of ₩79.5B is large relative to net income, and cash of ₩164.9B far exceeds borrowings of ₩4.2B.

What the data does not settle is why the share price has fallen. It is down 27.2% in one month and 46.5% over a year, even though it gained 22.3% over three months. No news headlines are available to explain the moves. Foreign ownership slipped from 2.3% to 1.5% over 60 days. Only one full fiscal year of annual data is available, so growth trends cannot be assessed.

Business overview

Dozn (더즌) is a Telecom-sector company listed on KOSDAQ on 2025-03-24 and founded on 2017-11-23. It has 71,768,103 listed shares and a market capitalization of about ₩160.8B at the latest close. The 52-week range is ₩1,588 to ₩5,530, so the current price sits closer to the low than the high.

The data does not describe its products or customers. Recent filings show a treasury stock acquisition result (2026-05-18), a share cancellation decision (2026-05-04), quarterly dividend decisions and a 5%+ holding report (2026-09-10).

Financial analysis

These figures come from filed financial statements. For 2025, revenue was ₩60.0B, operating income ₩13.6B and net income ₩11.0B, with an operating margin of 22.7% and ROE of 15.1%. Revenue growth for 2025 is not available because there is no prior-year figure in the data.

On a trailing basis to H1 2026, revenue was ₩60.7B, operating margin 25.5% and net margin 19.3%, so margins improved versus 2025. Liabilities-to-equity was 180.4%, which is fairly high, even though borrowings are small at ₩4.2B and cash is ₩164.9B. Free cash flow was ₩79.5B. The data does not explain the gap between that cash flow and net income.

Valuation

At the current price the P/E is 13.7, P/B 2.1 and P/S 2.7, with a dividend yield of 1.3%. At the end of 2025 the P/E was 24.6 and P/B 3.7, so the multiples are lower than at that point. EV/EBITDA is not available.

Among peers, SK Telecom has a P/E of 21.1 and P/B of 1.0, KT 8.7 and 0.6, LG Uplus 10.8 and 0.6, Hyundai Futurenet 37.9 and 0.5, and NICE Information & Telecommunication 5.8 and 0.8. Dozn's P/E sits within the peer range, while its P/B of 2.1 is above all of them.

The valuation model (5-year discounted cash flow, rate 7.6%, based on TTM to H1 2026) gives a model estimate based on the assumptions shown of ₩5,104 per share in the base case, ₩4,207 in the bear case and ₩6,527 in the bull case. All three are above the ₩2,240 share price. This is an output of assumptions, not a target or a reason to buy or sell.

Catalysts

  • The half-year report and preliminary earnings filed in August 2026 showed the latest trailing profitability, and the next results filing will update it.
  • Dividend decisions filed on 2026-06-15 and 2026-07-08 show ongoing shareholder payouts, with a current yield of 1.3%.
  • The share cancellation decision (2026-05-04) and treasury stock acquisition results (2026-05-18) relate to shareholder returns.
  • A 5%+ holding report was filed on 2026-09-10, indicating a notable shareholder position change.
  • Foreign investors were net buyers of about ₩165M over 20 days, while retail investors were net sellers of about ₩277M.

Risks

  • The share price fell 27.2% in one month and 46.5% in one year, showing high volatility.
  • Foreign ownership dropped from 2.3% to 1.5% in 60 days, indicating declining foreign holdings.
  • Only one fiscal year of annual data is available, so the durability of the 25.5% operating margin cannot be judged.
  • Liabilities-to-equity of 180.4% is high even though borrowings are low, and the data does not break down the liabilities.
  • No news headlines are available, so the reasons for recent price moves are unclear.

Closing view

The filed numbers show a company with strong margins, solid cash generation and little debt, and its multiples have come down from year-end 2025 levels. The model estimate, based on the assumptions shown, sits above the current price, but it depends on those assumptions holding, and the short history, falling foreign ownership and sharp price swings leave real uncertainty. The evidence is mixed rather than conclusive, and it should be read alongside future filings.

Model estimate of fair value

Bear
₩4,207
+83%
Base
₩5,104
+122%
Bull
₩6,527
+184%

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 7.6%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 28, 2026InitiationStart of coverage (reader request)Dozn: Profitable Telecom Name Trades Well Below Its 52-Week High After a Sharp One-Month Drop

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