Protec프로텍

Protec's trailing profits are strong and its valuation is low, but the stock has fallen about 5% over the past month and free cash flow is negative.

Protec makes semiconductor and automation equipment such as dispensers, die bonders and AGVs, sold mainly to large chipmakers and electronics firms. Over the twelve months to H1 2026 it reported revenue of ₩275B, operating income of ₩72B and net income of ₩87B, with a 26.2% operating margin. The shares closed at ₩65,100 on 21 October 2026, well below the 52-week high of ₩101,900 but up 99.1% over one year.

What stands out

• Trailing revenue of ₩275B is well above the 2025 full-year figure of ₩231B, and 2025 revenue itself grew 35.4% from 2024.
• Net income (₩87B) exceeds operating income (₩72B) in the trailing period, so non-operating items contributed to profit; the data does not break these down.
• Valuation metrics are modest: P/E 6.7, P/B 1.5, EV/EBITDA 5.6, and a dividend yield of 0.6%.
• Trailing free cash flow is negative at about ₩-10.7B, even though cash of ₩138B exceeds borrowings of ₩24B.
• Foreign ownership rose from 6.1% to 7.1% over about 60 days, while institutions were net sellers over the last 20 days.
• The DCF-based fair value model gives a base of ₩79,020, a bear case of ₩58,897 and a bull case of ₩110,045; these are model outputs, not forecasts.

What to watch

• The next quarterly and annual results, and whether margins hold near the trailing 26% level after the much lower 2024 margin of 7.9%.
• Follow-up on the June 2026 share acquisition filing and its amendment, and the 5%+ holding reports, to understand any ownership or deal changes.
• Whether free cash flow turns positive; the data gives no outlook for this and no news headlines were available for the period.