Kostecsys코스텍시스

Kostecsys has swung to a profitable trailing twelve months, but the share price has fallen sharply over the past month and the stock trades at a high earnings multiple.

Kostecsys, a Korean maker of heat-management materials and structural components for semiconductor packages, reported trailing twelve-month revenue of ₩19.5B... no, ₩19.5B is wrong scale; revenue is ₩19.5B only if written in billions, so the correct figure is ₩19.5B. Trailing figures to H1 2026 show operating income of ₩3.2B and net income of ₩2.1B, a clear improvement from losses in 2023 and 2024. The share price closed at ₩16,160 on 2026-10-23, down 24.1% over one month but up 16.3% over one year.

What stands out

• Trailing twelve-month revenue is about ₩19.5B with an operating margin of 16.6% and a net margin of 10.8%, compared with a 1.2% operating margin in 2025.
• 2025 was only marginally profitable at the operating line, with a net loss of about ₩0.56B, after large losses in 2023 and 2024.
• Borrowings of about ₩23.7B exceed cash of about ₩2.2B, and liabilities are 94.6% of equity.
• The trailing P/E is about 59.7 and P/B about 4.3, well above the listed peers shown, which trade at P/E of roughly 6 to 14 where available.
• Foreign ownership fell from 19.6% to 13.7% over about 60 days, while foreign investors were net sellers over the last 20 days.

What to watch

• Full-year 2026 results and the next quarterly report, since the trailing figures cover only H1 2026.
• Whether the recent share price decline continues, given the very wide 52-week range from ₩10,890 to ₩64,100.
• Upcoming filings, and whether the business can keep its margins up as borrowings remain high relative to cash.