Value Added Technology바텍

Vatech's trailing profits remain solid, but the shares have fallen about 25% over the past year and trade near their 52-week low.

Vatech, a Kosdaq-listed maker of dental imaging systems, reported trailing twelve-month revenue of ₩441B and operating income of ₩60B through H1 2026, with a 13.6% operating margin. Its balance sheet looks conservative, with ₩110B in cash against only ₩41M in borrowings. The share price closed at ₩16,700 on 2026-10-15, near its 52-week low of ₩16,030.

What stands out

• Revenue has grown from ₩385B in 2024 to ₩426B in 2025, but operating margin has eased from 20.2% in 2022 to 12.8% in 2025.
• Net income in 2024 (₩55B) was higher than operating income, and the data does not explain the gap.
• The shares trade at about 4.3x trailing earnings and 0.5x book value, while the company pays no dividend.
• The company's own DCF model gives a base value of ₩49,088 per share, with a bear case of ₩32,281 and a bull case of ₩76,933; these are internal model outputs, not forecasts.
• Recent filings include several 5%+ holding reports in September 2026, and the data does not say what these changes mean. No recent news headlines were provided.

What to watch

• Quarterly and annual results after the H1 2026 report, especially whether operating margin holds above 13%.
• Further 5%+ holding reports and their amendments, which may signal shareholder changes.
• Foreign ownership and short-selling figures are not in the data, so investor flow trends cannot be assessed.