RFHICRFHIC

RFHIC's trailing profits have risen sharply, but the share price has fallen about 19.5% over the past month.

RFHIC, a KOSDAQ-listed maker of gallium nitride semiconductors for wireless, defense and RF energy uses, reported trailing twelve-month revenue of ₩203.9B and operating income of ₩37.8B through H1 2026. Its 2025 revenue grew 61.7% to ₩185.8B after several years of very thin margins. The share price is ₩47,150, well below its 52-week high of ₩126,900 but still up 74.6% over one year.

What stands out

• Operating margin was 18.5% on a trailing basis, against 1.3% in 2024 and 0.3% in 2023, so the earnings improvement is large.
• A preliminary consolidated filing dated 2026-10-27 and a Yonhap report say Q3 operating profit reached ₩21.7B, up 194% year on year.
• Net income of ₩28.7B in 2025 was much higher than operating income of ₩30.9B would suggest only partly, and 2024 net income of ₩25.7B far exceeded its operating income, so non-operating items matter to the reported result.
• Trailing cash of ₩30.4B exceeds borrowings of ₩22.5B, and trailing free cash flow was ₩30.5B.
• Foreign ownership fell from 28% to 19.4% over about 60 days, while retail investors were net buyers of ₩6.3B over the last 20 days and foreign investors were net sellers of ₩6.8B.

What to watch

• Full third-quarter and annual results, and whether the strong operating profit holds in the next filings.
• Treasury share disposal and several 5%+ holding reports filed in July to September 2026, which may affect the share supply.
• Valuation: the trailing P/E is 37.8 and P/B is 3.4, and the data includes no analyst forecasts or fair value estimate to compare against.