Kukbo Design국보디자인

Kukbo Design shows strong trailing profit and low valuation multiples, but its 2026 revenue and operating profit trail 2025 on a half-year basis.

Kukbo Design is a Seoul-listed interior design and construction contractor that reports ranking first among domestic interior design contractors by contract volume. On trailing twelve-month figures to H1 2026 it reports revenue of ₩425B, operating income of ₩40B and net income of ₩111B, with net income well above operating income. The share price closed at ₩23,450 on 2026-10-23, below its 52-week high of ₩27,400.

What stands out

• Trailing net income of ₩111B is far above trailing operating income of ₩40B, so non-operating items appear to be a large part of reported profit; the data does not explain their source.
• Full-year 2025 revenue was ₩439B with operating income of ₩46B, while the trailing figures to H1 2026 show lower revenue and operating income than that year.
• Reported valuation multiples are low, with P/E of 1.6 and P/B of 0.4, and a 2.1% dividend yield, but the DCF base value of ₩116,522 is far above the current price; the model is not a forecast.
• Cash of ₩121B against borrowings of ₩3.2B, with liabilities at 36.8% of equity, indicates a light debt load in the filed figures.
• Foreign ownership rose slightly to 13.9% and the 20-day flows show foreign buying against domestic selling, while the share price fell 5.6% over one month and rose 16.7% over one year.

What to watch

• The Q3 2026 quarterly report and any further amended filings, since an amended annual report for Dec 2025 was filed on 2026-08-14.
• Continued 5%+ holding reports, which have been filed three times since late June 2026.
• Whether the large gap between trailing net income and operating income persists in upcoming filings; the news feed contains no headlines to explain it.