Korea Circuit코리아써키트

Korea Circuit has returned to profit on a trailing basis after two loss-making years, but its share price has risen sharply and its valuation is now well above its book value.

Trailing twelve-month figures to H1 2026 show revenue of ₩1.65T, operating income of ₩95B and net income of ₩85B, against a 2024 net loss of ₩126B. Free cash flow was negative at about -₩83B, and borrowings of ₩371B far exceed cash of ₩92B. The shares closed at ₩66,400, up 236% over one year, with a market cap of about ₩1.59T.

What stands out

• Profitability has recovered: trailing operating margin is 5.8% and net margin 5.2%, compared with an operating margin of -2.4% in 2024 and 2023.
• Free cash flow is negative on a trailing basis, and liabilities are 81.6% of equity, so the balance sheet relies on borrowings of about ₩371B.
• Valuation is at a P/E of 18.7, P/B of 3.2 and EV/EBITDA of 11.8, with a dividend yield of 0.2%; the data does not include a fair value estimate.
• Recent news centres on expected strong Q3 results tied to SoCAMM memory module sales, and a brokerage raised its target price to ₩100,000; these are reported brokerage views, not endorsements from this summary.
• Foreign ownership fell from 6.2% to 4.3% over the last 60 days, while institutions were net buyers over the past 20 days and foreign investors were net sellers.

What to watch

• Q3 2026 results, which news reports expect to show profit growth; the data does not confirm the figures.
• Free cash flow and borrowing levels, given negative trailing free cash flow and high debt relative to cash.
• Recent filings on share acquisitions and sales in other companies and related-party transactions dated 15 October 2026, whose details are not in the data.