Innotech이노테크

Innotech, a small Korean maker of environmental test equipment, is profitable on the filings but its share price has fallen 20% over the past month.

Innotech makes reliability test chambers for displays, semiconductors and batteries, and its filings show trailing twelve-month revenue of about ₩75.7B with an operating margin of 11.4%. The share price closed at ₩12,450 on 23 October 2026, well below its 52-week high of ₩85,000 but above its low of ₩8,760. The filings show a 1.6% short balance and a 1.3% foreign ownership stake, and the company pays no dividend.

What stands out

• Trailing net income is about ₩8.2B on ₩75.7B of revenue, a 10.8% net margin, and ROE is 11.9% in the H1 2026 figures.
• Valuation is modest on these numbers: P/E about 13.6x, P/B 1.6x and P/S 1.5x, compared with much higher multiples for the listed peers in the data.
• The company's own profile says water treatment chemicals such as flocculants made up most of sales in the reported period, which is a different business from the test equipment it is best known for.
• Borrowings of about ₩28.5B exceed cash of about ₩9.3B, and liabilities are 55.6% of equity.
• Net flows over the last 20 trading days were positive for foreign investors and negative for retail and institutional investors, and the data has no news headlines to explain the moves.

What to watch

• The next quarterly or annual filings, since the data does not show any scheduled results date.
• Whether the share price recovers toward the DCF base value of ₩14,297 or stays under pressure, which the data does not explain.
• The data does not name specific risks, so any debt or customer concentration questions would need to be checked in the filings directly.