PC Direct피씨디렉트

PC Direct is a small, low-margin IT hardware distributor whose shares have fallen sharply over the past year, with thin profitability and no recent news coverage in the data.

PC Direct distributes IT components and servers from overseas suppliers to Korean PC and electronics makers, and is expanding into premium consumer brands. On trailing figures to H1 2026 it earned a thin 1.8% operating margin on about ₩396B of revenue, with net income of about ₩3.5B. The share price closed at ₩1,412 on 2026-10-20, near its 52-week low of ₩1,399 and well below its high of ₩2,665.

What stands out

• Trailing revenue is about ₩396B, but operating margin is only 1.8% and net margin 0.9%, so the business has little room for error.
• Revenue grew 11.8% in 2025, yet operating income fell from ₩18.8B in 2021 to ₩4.3B in 2025 and the company posted losses in 2022 and 2024.
• Liabilities are 187% of equity and borrowings are about ₩2.6B against ₩11.5B of cash; trailing free cash flow is about ₩11.9B.
• The company's own DCF-based fair value model gives a base value of ₩3,812, far above the current price, but the model is the company's internal estimate and is not a forecast I can endorse.
• Filings in 2026 include a half-year report, a treasury stock acquisition report, a share buyback decision and several insider shareholding reports. Foreign ownership fell from 1.9% to 1.4% over about 60 days.

What to watch

• The next quarterly or annual results, to see whether margins recover from around 1%.
• Further treasury stock or buyback filings, and any follow-up on the 2026 value-up plan.
• Foreign ownership trend and insider shareholding filings, given recent foreign net selling over the last 20 days. No recent news headlines were available in the data.