Protia프로티아

Protia's profits have risen sharply over 2024-2025 and into H1 2026, though the stock has had a bonus issue and its valuation is not stretched on the data given.

Protia makes in vitro diagnostic kits and analyzers, selling in Korea through distributors and overseas in about 80 countries. On trailing twelve months to H1 2026 it reported revenue of about ₩17.7B and net income of about ₩5.2B, with a net margin of 29.5% and very low leverage. The shares closed at ₩3,595 on 2026-10-23, roughly 22.6% higher over one year, and the company paid no dividend.

What stands out

• Revenue grew 43.8% in 2025 to about ₩15.1B, and operating margin rose from 2.0% in 2023 to 24.6% in 2025.
• Trailing net income of about ₩5.2B is higher than trailing operating income of about ₩4.7B, which the data does not explain.
• Liabilities are 6% of equity and borrowings are about ₩0.8B against cash of about ₩3.1B.
• Trailing free cash flow of about ₩0.37B is far below reported net income, so cash conversion is weaker than the profit figures suggest.
• Recent filings include a bonus share issue decided on 2026-09-29, with ex-rights trading dated 2026-10-12, and the data does not give its terms.

What to watch

• The next half-year or quarterly results, to see whether margins hold after the strong 2025 year.
• Any further filings on the bonus issue and on insider shareholding reports, since the data gives no detail on them.
• Foreign ownership is only 1.7% and foreign investors were net sellers over the last 20 days, which could matter for share price moves.