Refine리파인

Refine is a profitable real estate title search and lending-support firm, but its revenue and earnings have shrunk from 2023 peaks and its filings show disclosure problems.

Refine provides real estate title search alongside jeonse deposit loan, mortgage loan and deposit return guarantee services, mainly for insurers, guarantors and financial institutions. Over the trailing twelve months to H1 2026 it reported revenue of about ₩58.1B, operating income of about ₩18.5B and net income of about ₩9.8B, with a 31.8% operating margin and low leverage. Its share price closed at ₩14,250 on 2026-10-23, below the ₩17,240 52-week high.

What stands out

• Trailing revenue of ₩58.1B and net income of ₩9.8B are well below 2023, when revenue was ₩66.5B and net income ₩21.7B.
• Operating margin is high at 31.8% TTM, but net margin of 16.9% and ROE of 4.9% are much lower than in earlier years.
• Balance sheet is light: liabilities are 4.6% of equity, with cash of ₩8.1B against borrowings of ₩2.4B.
• The DCF model gives a base value of ₩14,958 against a ₩14,250 close, with a bear case of ₩10,555 and a bull case of ₩22,084; these are model outputs, not forecasts.
• Recent filings include a designation as an unfaithful disclosure entity for two cases of non-performance of disclosure (2026-09-21), and a later notice that it is not designated as insincere (2026-10-19).
• Foreign ownership fell from 2.9% to 1.2% over about 60 days, and 20-day foreign flows were net selling.

What to watch

• Disclosure compliance: the September unfaithful-disclosure designation and the October update are the key items to read in the filings.
• Revenue trend: 2025 revenue fell 9.3% and the trailing figures have not yet shown a recovery, so the next periodic results matter.
• Shareholder matters: a shareholders' meeting has been called, a record date set, and a largest-shareholder change and tender offer results were filed in September; the data does not explain the details.