KECKEC

KEC remains loss-making on a trailing basis, with its shares down sharply over the past year and the business still shrinking in the latest filings.

KEC is a Korean maker of non-memory power semiconductors, mainly discrete transistors and integrated circuits, sold largely to electronics and automotive customers. On a trailing twelve-month basis to H1 2026 it reported revenue of ₩238B, an operating loss of ₩21.7B and a net loss of ₩28.4B, with negative free cash flow of ₩26.0B. The shares closed at ₩2,595 on 2026-10-23, down 36.6% over one year.

What stands out

• Revenue fell 5.6% in 2025 to ₩230B, and operating losses have persisted since 2023, with a trailing operating margin of -9.1%.
• Balance sheet shows cash of ₩13.0B against borrowings of ₩50.7B, and liabilities at 42.4% of equity.
• The stock trades at about 0.3 times book value and 0.4 times sales, but no P/E is shown because earnings are negative, and the dividend yield is 0%.
• Foreign ownership dropped from 4% to 1% over 60 days, and foreign investors were net sellers over the last 20 days, while retail investors were net buyers.
• Recent filings are routine: the half-year report for June 2026 was filed on 14 August and amended on 20 August; the data includes no news headlines.

What to watch

• The next quarterly or half-year results, to see whether losses narrow from the trailing figures.
• Any further amendments to the June 2026 half-year report and changes in largest shareholder holdings.
• Whether the company's cash and borrowings position changes, given negative free cash flow and the debt load shown.