Kocom코콤

Kocom's H1 2026 operating result is a small loss and the shares have fallen 28% over the past year, though the company remains profitable on net income.

Kocom, a Korean maker of smart home systems, video door phones and CCTV for apartment buildings, reported trailing twelve-month revenue of ₩81.3B to H1 2026 with an operating loss of about ₩1.5B and net income of ₩5.7B. The share price closed at ₩2,710 on 28 October 2026, well below its 52-week high of ₩4,540, and the stock trades at a low multiple of book value. Filed data shows revenue falling from ₩105B in 2024 to ₩96B in 2025 and negative free cash flow over the trailing period.

What stands out

• Trailing revenue is ₩81.3B, down from ₩95.8B in 2025 and ₩105B in 2024.
• Operating income is negative at about -₩1.5B on the trailing basis, after a positive ₩3.0B in 2025, while net income of ₩5.7B is well above operating profit, so the gap is not explained in the data provided.
• Free cash flow is negative at about -₩1.2B, and cash of ₩20.1B exceeds borrowings of ₩3.9B.
• The stated valuation is low: P/E 8.4, P/B 0.4, and a dividend yield of 5.5%. The data's DCF model gives a base value of ₩1,526, with a bear case of ₩608 and a bull case of ₩3,318; these are model outputs, not forecasts.
• Recent filings include a half-year report (August 2026), a corporate value-up plan (March 2026) and a cash dividend decision (February 2026). No news headlines were available in the data.

What to watch

• The Q3 2026 quarterly report, which will show whether the operating loss continues.
• Whether free cash flow turns positive and whether the dividend is maintained at the current yield.
• Foreign ownership is only 1.8% and has been flat over 60 days; the data does not explain the reasons for this.