Inktec잉크테크

Inktec's trailing profit has recovered from a weak 2025, but it carries heavy debt and its share price sits well below its 52-week high.

Inktec makes printer inks, electronic materials and films, and has a UK subsidiary. Over the trailing twelve months to H1 2026 it reported revenue of ₩86.7B, operating income of ₩4.8B and net income of ₩7.4B, after a much weaker 2025 when operating income fell to ₩0.8B. At ₩3,360 the shares trade at a P/E of 8.9 and a P/B of 0.8, with no dividend.

What stands out

• Trailing operating margin is 5.5% versus 1.0% for full-year 2025, while revenue grew 4.9% in 2025 and the data gives no reason for the rebound.
• Trailing net income (₩7.4B) is well above operating income (₩4.8B), but the data does not explain the gap, so it is worth checking in the filings.
• Borrowings of ₩54.6B far exceed cash of ₩4.3B, and liabilities are 96.2% of equity, a significant debt load for a company this size.
• Trailing free cash flow of ₩6.8B is positive, but it is not stated how much of it relates to debt repayment.
• The DCF model's base value is ₩2,286 and its bull value ₩7,644, with a bear value of 0; this is a model output, not a forecast, and the range is very wide. Two CEO changes (March and July 2026) and several insider and 5%+ holding reports appear in the filings list.

What to watch

• The next quarterly report, since the data does not give a date for it or the Q3 2026 results.
• Any further filings on leadership changes, insider share movements or 5%+ holdings.
• Debt levels and interest costs relative to operating income, given the large gap between borrowings and cash.