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KEC Holdings (006200) Fair Value & Analysis

Technology · KR · Market cap 21.6B KRW

KH KEC Holdings 006200 · KO
Price2,140 KRW
Fair Value5,245 KRW
Upside+145.1%
Quality39/100
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Expensive Growth
Loss-making · -1.1% net margin
Low debt · negative free cash flow
4.30% dividend yield
Trails peers (3/9)
Narrow moat 19/100
Evidence: Low Range 3,213 KRW – 7,278 KRW Share as image

Fair value as of: Jul 22, 2026

From 2 valuation models · updated 19 days ago

Fair value updated Jul 22, 2026, revised from 4,013 KRW to 5,245 KRW (+30.7%) since Jun 25, 2026. Share price −15.9% over the past month.

Below-average quality, screening 145% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (3,213 KRW). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (3,213 KRW to 7,278 KRW) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

11,247 KRW 1,971 KRW Fair Value 5,245 KRW Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range 1,971 KRW – 11,247 KRW · fair‑value band 3,213 KRW – 7,278 KRW · the 2,140 KRW price screens below the 5,245 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

KEC Holdings (006200) currently trades at 2,140 KRW, while our model-based Fair Value estimate is 5,245 KRW, implying the stock looks roughly 145.1% undervalued today. The Quality Score stands at 39/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, KEC Holdings generated revenue of 278B KRW at a net margin of -1.1%. Revenue grew 3.2% year over year. It earns a return on equity of -6.0%. Net debt stands at 27.0B KRW. Fundamentals as of Jul 22, 2026

Our scenario range runs from 3,213 KRW (bear case) to 7,278 KRW (bull case); at 2,140 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 62% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -67% fair-value upside, at 145%, 006200 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EV/EBITDA 7,927 KRW 9,960 KRW 11,993 KRW 54
NCAV (Graham) 7,772 KRW 10,414 KRW 15,543 KRW 50
All 2 models by family
Multiples
EV/EBITDA 7,927 KRW 9,960 KRW 11,993 KRW 54
Asset-Based
NCAV (Graham) 7,772 KRW 10,414 KRW 15,543 KRW 50

Widest divergence: Asset-Based (10,414 KRW) versus Multiples (9,960 KRW). Highest evidence: EV/EBITDA (54).

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Key figures & financial health

Revenue (TTM) 278B KRW
Revenue growth (YoY) +3.2%
Net margin -1.1%
Return on equity -6.0%
Free cash flow −28.2B KRW FY2025
Operating margin -3.7%
More key figures
Dividend yield 4.3%
EPS growth (YoY) -78.8%
Net debt 27.0B KRW FY2025

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 37 · Market factors (momentum, volatility) 15

Profitability 17
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

KEC Holdings Co., Ltd., through its subsidiaries, produces and sells semiconductors in South Korea and internationally. The company engages in provision of management advisory and other consulting, and technology R&D and technical information services.

Full company description

KEC Holdings Co., Ltd., through its subsidiaries, produces and sells semiconductors in South Korea and internationally. The company engages in provision of management advisory and other consulting, and technology R&D and technical information services. It is also involved in development and leasing of real estate properties; import and export, and related agency business; E-commerce and internet-related businesses. In addition, the company engages in funding related activities. The company was formerly known as KOREA ELECTRONICS CO., LTD. and changed its name to KEC Holdings Co., Ltd. in September 2006. KEC Holdings Co., Ltd. KEC Holdings Co., Ltd. was founded in 1969 and is headquartered in Seoul, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

KEC Holdings reported revenue of 276B KRW in FY2025 versus 331B KRW in FY2021, a compound −4.5%/yr. Reported net income was −1.3B KRW in FY2025.

Growth Quality 16/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
276B KRW
Latest YoY
−6.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−5.2%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.5%
Avg. growth/yr (26Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.7%
Revenue −4.5%/yr
FY21 331B KRW
FY22 324B KRW
FY23 267B KRW
FY24 294B KRW
FY25 276B KRW
Net income
FY21 23.3B KRW
FY22 16.2B KRW
FY23 −2.9B KRW
FY24 4.9B KRW
FY25 −1.3B KRW

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Cite: Fair Value Calculator (2026). "KEC Holdings Fair Value". https://www.fairvalue-calculator.com/stock/006200

Peer Group

Semiconductors · 318 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 37 · Bottom 25%
Fair Value upside +145% · Top 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) -1% · Below median
Operating margin (TTM) -4% · Bottom 25%
Revenue growth 3% · Below median
Dividend yield (TTM) 4.3% · Top 25%
Debt / equity 0.05× · Lower than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 0
FUTURE 16 · sector 60
PAST 0 · sector 25
HEALTH 98 · sector 97
DIVIDEND 86 · sector 22

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $211.80 $96.91 -54%
Taiwan Semiconductor Manufacturing Company TSM $398.37 $207.49 -48%
Broadcom Inc 1AVGO €367.75 €121.25 -67%
Micron Technology, Inc 1MU €784.90 €185.67 -76%
SK hynix Inc 000660 2,082,000 KRW 1,109,311 KRW -47%
Advanced Micro Devices, Inc 1AMD €425.20 €56.33 -87%
Intel Corporation INTC C$68.40 C$9.82 -86%
Texas Instruments Incorporated TXN $311.46 $59.75 -81%
MediaTek Inc 2454 3,740 TWD 1,163 TWD -69%
SK Square Co 402340 1,212,000 KRW 868,000 KRW -28%

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Frequently asked questions

Is KEC Holdings (006200) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of 5,245 KRW versus a price of 2,140 KRW, about +145% (undervalued).
What is the fair value of 006200?
Our model-based fair value for KEC Holdings is 5,245 KRW (as of Jul 22, 2026), built from audited fundamentals. The current price is 2,140 KRW.
What is the quality score of 006200?
KEC Holdings has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of KEC Holdings (006200)?
KEC Holdings reported trailing-twelve-month revenue of about 278B KRW (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 006200?
The net profit margin of KEC Holdings is about -1.1%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does KEC Holdings pay a dividend?
KEC Holdings currently shows a dividend yield of about 4.21% relative to its recent price (as of Jul 22, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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