HCT에이치시티

HCT's trailing profits have shrunk sharply and its shares have fallen about 49% over the past year, though the numbers reported here are thin and mixed.

HCT, a Korean testing, calibration and certification company listed on KOSDAQ, reported trailing-twelve-month revenue of ₩103B to the half-year of 2026, with operating income of ₩1.9B and net income of ₩0.9B. Revenue is still above its 2021 level, but margins have fallen from 17.5% in 2021 to 1.8% on a trailing basis, and free cash flow is negative at about -₩11.4B. The share price closed at ₩3,100 on 23 October 2026, roughly 49% lower over one year.

What stands out

• Trailing operating margin is 1.8% and net margin 0.8%, compared with 7.7% operating margin for 2025 and 11.9% for 2024.
• Revenue grew 13.9% in 2025 after 27.4% growth in 2024, but the trailing figures show profit has fallen much faster than sales.
• Borrowings of about ₩63B exceed cash of about ₩12.4B, and liabilities are 98.3% of equity.
• The data shows a fair value model base case of ₩9,797 and a bear case of ₩2,693, both well above the current price of ₩3,100 in the bear case and below it in the base case, with the model's assumptions not fully specified beyond a 5.7% rate.
• Recent filings are mostly insider and 5%+ holding reports, plus an amended half-year report and an amended decision on a third-party debt guarantee; no news headlines were included in the data.

What to watch

• The amended decision on a debt guarantee to a third party, and whether it affects the company's borrowings or obligations.
• Next periodic results and whether margins recover from the trailing 1.8% level, since the data does not include forecasts.
• Foreign ownership, which fell from 8.9% to 7.4% over the past 60 days, and continued insider and major-holder filings.