KEM Tech케이이엠텍

KEM Tech is deeply loss-making on trailing numbers, with a sharp 2026 revenue fall, a pending rights offering and a shrinking share price.

KEM Tech, a small KOSDAQ electronic components maker, reported trailing twelve-month revenue of about ₩3.5B against an operating loss of about ₩11.6B through H1 2026. Its share price is ₩1,650, down 77.3% over one year, giving a market value of about ₩9.5B. The company is also preparing a paid-in capital increase (rights offering) and has a business description that spans optical filters, food and beverage distribution, and planned secondary battery parts.

What stands out

• Trailing revenue of ₩3.5B is far below 2024's ₩17.6B and 2025's ₩7.6B, while the trailing operating margin is -327.9%.
• Trailing free cash flow is about -₩9.3B and cash is only about ₩42M, with liabilities at 142.5% of equity; the data does not list any borrowings.
• The August 2026 half-year review included an adverse audit opinion and a notice on capital impairment of 50% or more or equity under ₩1B.
• A rights offering decision was filed on 30 September 2026 and amended the same day, and several shareholders' meeting notices were amended in July and August.
• Price-to-book is 0.4 and dividend yield is 0, while price-to-earnings is not meaningful because earnings are negative; no analyst ratings or price targets are in the data.

What to watch

• Terms, size and pricing of the rights offering and how it affects existing shareholders.
• Whether the audit opinion and capital impairment issues are resolved in upcoming filings.
• Progress on the planned secondary battery parts mass production after the ESS contracts, which the data does not quantify.