Kctech케이씨텍

Kctech's trailing profits are strong and the shares have roughly doubled over the past year, but the stock trades well above the model's base-case value.

Kctech, a Korean maker of semiconductor and display equipment and materials, reported trailing twelve-month revenue of about ₩476B and net income of about ₩87B through the first half of 2026, with a net margin of 18.3%. The shares closed at ₩86,400 on 26 October 2026, up 116.8% over one year but flat over the past month, and the discounted cash flow base-case value in the data is ₩37,184.

What stands out

• Trailing revenue of ₩476B is well above full-year 2025 revenue of ₩383B, and trailing operating margin of 19.9% is above the 15.7% reported for 2025.
• Annual revenue fell 0.7% in 2025 after rising 34.3% in 2024, so growth has been uneven.
• Balance sheet looks light: liabilities are 14.1% of equity and cash is ₩35B, with no borrowings listed in the data.
• The company filed a major sales or supply contract in August 2026, but the filing's terms are not in the data.
• Foreign ownership rose from 11.3% to 14.2% over about 60 days, while retail investors were net sellers of about ₩59B over the last 20 days.

What to watch

• The next quarterly or annual results, to see whether margins hold near the trailing levels.
• Whether the share price stays far above the ₩37,184 base-case and ₩25,631 bear-case values from the data's DCF model, which depends on an 8.5% discount rate.
• Further 5%+ holding reports and changes in the largest shareholder's stake, as several were filed in 2026.