Incar Financial Service인카금융서비스

Incar Financial Service is growing revenue and profit from insurance commissions, but its shares are down 15.5% over the past year and trade near 5.8 times earnings.

Incar is an independent Korean insurance agency earning commissions from about 30 insurers through a face-to-face agent network with 777 branches. Trailing twelve-month revenue to H1 2026 was ₩1.19T with net income of ₩83B, a 6.9% net margin and 42.6% ROE. The share price closed at ₩9,730 on 2026-10-23, well below its 52-week high of ₩17,330.

What stands out

• Revenue grew 22.8% in 2025 to ₩1.02T, after 49.5% growth in 2024, but growth slowed and operating margin eased from 10.4% in 2024 to 9.3% in 2025.
• Net income fell from ₩72B in 2025 to a trailing ₩83B figure only if read against the full-year base; the filings show the TTM net income of ₩83B is above the 2025 full-year ₩72B.
• Trailing free cash flow was negative at about -₩11.2B, while borrowings are ₩81.7B against cash of ₩46.9B and liabilities are 357% of equity.
• Valuation metrics are low versus peers: P/E 5.8 and P/B 2.0 with a 3.8% dividend yield; the company's model-based fair value range is ₩20,435 to ₩29,589 with a base of ₩24,410.
• Recent filings are mostly insider and 5%+ holding reports, and foreign ownership rose from 1.9% to 2.5% over 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• The 2026 full-year results and the next half-year or quarterly filings, to see whether revenue growth and margins hold up.
• The news item from 2026-10-16 on revising fee refund rules, and how it affects commission income; the data does not give details of the impact.
• Negative free cash flow and high leverage, plus the number of insider and major-holder filings that have been appearing in recent weeks.