Intekplus인텍플러스

Intekplus is still loss-making on a trailing basis, while its share price has risen sharply over the past year.

Intekplus makes machine-vision inspection equipment for semiconductor, display and battery customers, with about 42.7% of revenue from exports. Trailing revenue to H1 2026 is about ₩72.0B, but operating income is about -₩7.9B and free cash flow is about -₩6.2B. The share price is ₩51,900, up 242.6% over one year but down 5.3% over one month.

What stands out

• Trailing operating margin is -10.9% and net margin is -9.6%, after losses in 2023 and 2024 and a smaller loss in 2025 (operating margin -4.2%).
• Revenue fell 37.1% in 2023 and has since recovered to ₩89.8B in 2025, though 2021 and 2022 were much more profitable (operating margin 23% and 16.3%).
• Liabilities are 183.3% of equity and borrowings are about ₩32.4B against cash of about ₩11.6B.
• Valuation is hard to anchor: price-to-book is 15.8 and there is no trailing P/E because earnings are negative; the company pays no dividend.
• Foreign ownership fell from 6.1% to 5.6% over about 60 days, while foreign net buying over 20 days was about ₩22.2B and institutions were net sellers of about ₩19.5B.
• Recent filings are mostly contract disclosures (major sales or supply contracts, including amendments), insider shareholding reports and 5%+ holding reports; the news data includes only one headline, a 7% rise on 16 October 2026 alongside other PCB stocks.

What to watch

• Upcoming full-year 2026 results and whether losses narrow from the trailing H1 2026 level.
• Whether the disclosed supply contracts translate into revenue and margin recovery, and any further amendments to them.
• Cash burn and debt: free cash flow is negative and borrowings exceed cash, so financing needs and any new share-related filings are worth monitoring.