DBDB

DB's share price has nearly doubled over the past year, while its filed profits have been volatile and its valuation has risen sharply.

DB is a Korean IT services company that also runs a chemicals and steel trading business and a brand licensing segment. In the trailing twelve months to H1 2026 it reported revenue of ₩748B, operating income of ₩47B and net income of ₩68B, with leverage of 113% liabilities to equity. The share price closed at ₩2,420 on 23 October 2026, up 62.5% over one year and near its 52-week high of ₩2,545.

What stands out

• Net income of ₩68B in the trailing period is well above operating income of ₩47B, and the 2024 net income of ₩92B also exceeded operating income of ₩30B, so non-operating items appear to matter a lot to reported profit; the data does not explain them.
• Operating margin improved to 6.3% trailing from 5.0% in 2024 and 6.5% in 2025, but remains thin; revenue grew 9.5% in 2025.
• The P/E has risen from about 2.8 at end-2024 to 7.2 now, and P/B is about 1.0, while the in-house DCF base value of ₩3,520 is above the current price; the bear case is ₩459 and the bull case ₩9,426, a very wide range.
• Borrowings of ₩365B against cash of ₩60B mean net debt is significant; free cash flow of ₩128B is reported for the trailing period.
• Foreign ownership fell from 6.5% to 4.8% over about 60 days and foreign investors were net sellers over the last 20 days, while institutions were net buyers. The filings list shows a largest-shareholder holdings change and several 5%+ holding reports in September 2026. No recent news headlines were provided.

What to watch

• The next periodic results and any further filings on shareholder holding changes, including the September 2026 largest-shareholder report.
• Whether operating margin holds up given the gap between operating and net income, and how the high debt load is managed.
• Whether the share price stays near its 52-week high, since the valuation has expanded considerably over the past year and the data gives no dividend yield.