KOSDAQElectronic Components036690

Commax

₩2,885 0.00%2026-10-02 close

Market Cap

₩125.7B

Turnover

₩0

Volume

0 shares

Shares out.

43.6M

PER

—

PBR

—

EPS

-₩242

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Profit Turnaround Under Navien, Delisting Review Still Looms

Commax has swung to an operating profit in the first half of 2026 under new controlling shareholder Kyungdong Navien and a new CEO, but the trading halt in place since March 2024 and the pending delisting review remain the central variable for the stock.

1
Kyungdong Navien invested a combined KRW 32.0 billion via an old-share acquisition (KRW 12.0bn) and a third-party private placement (KRW 20.0bn) in December 2025, becoming the controlling shareholder with roughly 80.8% of shares by February 2026.
2
H1 2026 operating profit turned positive at roughly KRW 5.48 billion, while overseas sales jumped 80.1% year-on-year and rose to 40.4% of total revenue.
3
Trading has remained suspended since March 21, 2024 following an audit opinion disclaimer, and the KRX Corporate Examination Committee reportedly recommended delisting, with a final ruling from the Kosdaq Market Committee pending.
4
The company has redefined its business identity from a home-network device supplier to an AI- and appliance-based smart home company, pursuing integration with Kyungdong Navien's boiler and ventilation product lines.
5
Annual revenue has declined every year from 2022 through 2025, and the debt ratio surged to 753.2% at end-2025, leaving the balance sheet still fragile.

Business structure

Founded in 1968, Commax started as a home video-phone and intercom maker and has since expanded into wall pads, door locks, CCTV, and security systems.

The company describes itself as exporting wall-pad and home-network hardware, along with related wired/wireless networking technology, to more than 100 countries worldwide.

Reports indicate Commax holds roughly a 30% share of the domestic wall-pad market, competing with peers such as Kocom in the home-network and communication equipment space.

In December 2025 Kyungdong Navien signed an agreement to acquire a 48.55% stake from the founding family for KRW 12.0 billion and participated in a KRW 20.0 billion third-party private placement, completing the deal in February 2026 and emerging as the controlling shareholder with about 80.8% ownership. Dr.

Kim Jong-wook, a former CEO of Kyungdong Won, was subsequently installed as the new chief executive to lead management.

Following the acquisition, the company's semiannual report replaced its prior description centered on communication and security equipment with a new AI-based smart home strategy emphasizing on-device/cloud AI, appliance-platform connectivity, existing-housing remodeling, and subscription services.

Kyungdong Navien's own smart home system integrates control of wall pads, boilers, ventilation units, range hoods and door locks, extending to elevator calls, parking management and access control—an ecosystem into which Commax's security and IoT capabilities are being folded.

The company is also exploring combining a smart door lock launched in June 2026 with fire doors made by Kyungdong Won, alongside new subscription offerings in energy management, security and senior care aimed at reducing reliance on the new-construction cycle.

Earnings trend

Quarterly revenue · Operating profit

₩17.7B-₩1B25Q2₩23.7B-₩1.7B25Q3₩20.5B-₩9.3B25Q4₩19.7B₩3.2B26Q1₩18.3B₩2.2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩156B-₩5.1B2022₩137B-₩6.4B2023₩117.2B-₩12.3B2024₩85.1B-₩14.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩17.7B	-₩1B	−5.7%
2025Q3	₩23.7B	-₩1.7B	−7.0%
2025Q4	₩20.5B	-₩9.3B	−45.2%
2026Q1	₩19.7B	₩3.2B	16.4%
2026Q2	₩18.3B	₩2.2B	12.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩156B	-₩5.1B	-₩5.3B	−3.3%	−11.1%	96.0%
2023	₩137B	-₩6.4B	-₩7.9B	−4.7%	−20.0%	144.0%
2024	₩117.2B	-₩12.3B	-₩16.8B	−10.5%	−66.2%	313.8%
2025	₩85.1B	-₩14.2B	-₩15.2B	−16.7%	−151.0%	753.2%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05

Earnings analysis

Annual revenue fell for four consecutive years, from KRW 155.999 billion in 2022 to KRW 137.009 billion in 2023, KRW 117.162 billion in 2024 and KRW 85.126 billion in 2025.

Operating losses widened from KRW -5.080 billion in 2022 to KRW -6.447 billion in 2023 and KRW -12.336 billion in 2024, deepening further to KRW -14.175 billion in 2025.

A particularly large fourth-quarter 2025 operating loss of KRW -9.278 billion and owners' net loss of KRW -11.239 billion dragged down the full-year result, coinciding with the period of balance-sheet cleanup around the audit-opinion issue and the change of control.

As a result, total equity at end-2025 fell sharply to KRW 10.947 billion (owners' equity KRW 10.063 billion) from KRW 26.207 billion at end-2024, while the debt ratio jumped from 313.8% to 753.2%.

The trend reversed in 2026, however: first-quarter operating profit reached KRW 3.239 billion with owners' net profit of KRW 2.291 billion, and the second quarter extended the recovery with operating profit of KRW 2.237 billion and owners' net profit of KRW 1.728 billion, marking two consecutive profitable quarters.

This aligns directionally with media reports of roughly KRW 5.48 billion in H1 2026 operating profit, an 80.1% jump in overseas sales, and overseas revenue share expanding from 20.8% to 40.4%.

Even so, summing the most recent four quarters from Q3 2025 through Q2 2026 still shows an owners' net loss of KRW -9.277 billion, indicating the recent two-quarter recovery has not yet offset the large loss recorded in the fourth quarter of 2025.

Industry analysis

The smart home and home-network industry is expanding beyond the structural headwind of a shrinking domestic new-housing market by leaning into AI-enabled intelligent homes and existing-housing remodeling as new growth areas.

Declining new-apartment supply constrains demand for initial-installation products such as wall pads and intercoms, while renovation of older homes and subscription services in senior care and energy management are emerging as relatively underdeveloped markets.

On the competitive front, low-cost Chinese products and the entry of large comprehensive appliance makers into smart home platforms are both intensifying, making cost and technology competitiveness a shared industry challenge.

The spread of global IoT standards such as Matter is accelerating interoperability across different manufacturers' devices on a single platform, making certification status an increasingly relevant competitive factor.

Commax brings a long history as the first domestic developer of intercoms and video phones and holds a meaningful share of the wall-pad segment, but it must compete from a weakened position after years of trading suspension and earnings deterioration limited its capacity for R&D and marketing investment.

At the same time, the arrival of Kyungdong Navien—a large comprehensive appliance and heating/ventilation equipment maker—as the new controlling shareholder gives the company access to greater financial resources and distribution reach to compete in the integrated smart-home platform race that combines boilers, ventilation and home networking.

Outlook

In its 2026 semiannual report, the company outlined a mid- to long-term direction by fully replacing its business description with a strategy centered on on-device/cloud AI, appliance-platform connectivity, existing-housing remodeling and subscription services.

Specifically, it presented a vision of a proactive smart home that learns living patterns and controls lighting, heating/cooling, ventilation and appliances without explicit user commands, while naming energy management, security and senior-care subscription services as expansion areas.

On the product side, the company is exploring combining the smart door lock launched in June 2026 with fire doors from Kyungdong Won, and has stated that integration between Kyungdong Navien's heating/ventilation equipment and Commax's home-network services is also underway.

However, the precondition for these business changes to materialize is whether the listing is maintained. The KRX Corporate Examination Committee recently recommended a 'delisting' opinion on Commax shares, with the final decision resting with the Kosdaq Market Committee.

The company has not disclosed the specifics of its final review strategy but has indicated it internally views its chances of avoiding delisting positively.

On the funding side, the company has pursued capital reinforcement and liquidity measures including recognizing a KRW 27.2 billion revaluation gain on land assets, raising KRW 10.0 billion, and increasing short-term borrowings by KRW 5.2 billion.

Should the listing be maintained and trading resume, whether the market reflects the earnings recovery—or, in the opposite case, how investor-protection procedures unfold—will be the next key watch points.

Valuation

PER

—

PBR

—

ROE

-32.8%

EPS

-₩242

BPS

—

Dividend per share

₩0

Trading in Commax shares has been suspended since March 2024, and the price currently displayed reflects the last trade before the halt rather than real-time supply and demand—an important caveat before any valuation discussion.

The exchange-calculated price-to-book ratio sits in a range that reflects a substantial premium to net assets, suggesting a gap between the sharply reduced equity base and the value the market has assigned.

Because the company posted consecutive annual losses from 2022 through 2025, conventional price-to-earnings comparisons have been largely inapplicable, and the two consecutive profitable quarters in the first half of 2026 mark a potential signal of change in that earnings pattern.

On dividends, the company has not paid a dividend in recent years, so yield-based comparisons are not meaningful. Ultimately, the outcome of the delisting review and whether trading resumes—rather than valuation multiples themselves—stand as the precondition for any price discovery in the current, unusual phase.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05

Bull factors

New controlling shareholder's financial backing and normalization commitment

Kyungdong Navien has injected a combined KRW 32.0 billion through the share acquisition and private placement, paying in the closing funds ahead of schedule, and has appointed CEO Kim Jong-wook, who brings extensive smart home experience, to accelerate management stabilization.

The affiliate's financial support and governance overhaul can be seen as strengthening Commax's capacity to address its liquidity crisis. Capital-reinforcement efforts, including a KRW 27.2 billion revaluation gain recognized on land assets, are proceeding in parallel.

H1 2026 earnings turnaround

Both the first and second quarters of 2026 posted positive operating profit and owners' net profit, marking a change from the loss pattern that had persisted since 2021.

Overseas sales rose 80.1% year-on-year and expanded to 40.4% of total revenue, which can be read as a move to reduce dependence on the domestic market. Cost cuts and business restructuring appear to have contributed to the earnings improvement.

Smart home platform expansion via group synergy

Combining Kyungdong Navien's boiler, ventilation and range-hood lineup with Commax's wall-pad, security and IoT technology has the potential to strengthen competitiveness as an integrated smart-home solution.

Efforts such as exploring the combination of the smart door lock with Kyungdong Won's fire doors and securing Matter certification are concrete examples of this technology integration.

Entry into existing-housing remodeling and subscription services could diversify a business model that had previously centered on new construction.

Bear factors

Fundamental uncertainty from the delisting review

The KRX Corporate Examination Committee reportedly issued a 'delisting' opinion in its recent review, with the final decision now resting with the Kosdaq Market Committee. It has been noted that the H1 turnaround to profit does not automatically translate into continued listing. Whichever way the final outcome goes, the impact on shareholder value is substantial.

Fragile balance sheet and shrinking capital base

Total equity fell sharply to KRW 10.947 billion at end-2025 from KRW 26.207 billion at end-2024, while the debt ratio over the same period jumped from 313.8% to 753.2%. Pre-tax net losses exceeded 50% of equity in both 2023 and 2024, adding grounds for administrative-issue designation. Financial institution borrowings rising to KRW 29.0 billion as of end-June are also a financial burden factor.

Shrinking domestic business and intensifying competition

Domestic business has structurally contracted, with annual revenue nearly halving from 2022 to 2025. Even in H1 2026, domestic sales fell 30.2% year-on-year, meaning overseas growth is offsetting much of the domestic weakness.

Low-cost Chinese products and the entry of large comprehensive appliance makers into the smart home platform space are cited as medium-to-long-term competitive pressures.

Risk factors

Listing continuation and trading resumption risk

Following the Corporate Examination Committee's delisting opinion, the Kosdaq Market Committee's final deliberation and resolution have not yet been confirmed. If delisting is decided, the shares would go through a liquidation trading period and become unlisted, losing regular-market liquidity.

An additional improvement period could still be granted, but the trading halt would continue in that case as well.

Balance sheet and liquidity risk

A debt ratio of 753.2% and a sharply reduced equity base indicate that securing financial stability without further capital raises or affiliate support would be difficult. Rising short-term and financial-institution borrowings could increase interest burden and repayment-schedule management pressure.

The extent and willingness of further support from Kyungdong Navien will likely determine how much this financial risk is mitigated.

Business-transition execution risk

The shift toward an on-device/cloud AI and subscription-service-centered strategy is still at an early stage, and the timing and scale of its actual contribution to revenue and profit remain unverified.

There is also a possibility that product integration and synergy creation with Kyungdong Navien may not proceed exactly as planned. Securing cost and technology competitiveness to counter low-cost competition and large-player entry also remains an ongoing challenge.

What to watch next

Near term (pending official disclosure)
Following the KRX Corporate Examination Committee's 'delisting' opinion, the Kosdaq Market Committee's final deliberation result has not yet been clearly disclosed to the market. Whether the outcome is confirmed delisting, an additional improvement period, or continued listing is the key fork determining future trading-resumption prospects.
Mid-November 2026 (around the Q3 report filing date)
It will be necessary to confirm whether Q3 2026 results extend the profitable streak seen in Q1 and Q2. With the trailing four-quarter sum still showing a net loss, how much Q3 results improve that picture will be a key point to watch.
Q4 2026
Progress on commercializing group-synergy products—such as combining the smart door lock with Kyungdong Won's fire doors and integrating with Kyungdong Navien's heating/ventilation equipment—along with the concrete launch status of energy management and senior-care subscription services, should be monitored.
Ongoing from Q4 2026
Given the debt ratio of 753.2% and rising financial-institution borrowings, ongoing monitoring of disclosures related to potential additional capital raises, further funding support from Kyungdong Navien, and debt repayment/refinancing plans is warranted.

Overall view

Under new controlling shareholder Kyungdong Navien and new CEO Kim Jong-wook, Commax achieved two consecutive quarters of profit in H1 2026, signaling a potential change from the loss pattern that has persisted since 2021.

Expanding overseas sales and the attempt to redefine the business identity around AI-based smart homes form the skeleton of a medium-to-long-term growth story.

However, the trading suspension in place since March 2024, the recent 'delisting' opinion from the Corporate Examination Committee, and the still-unconfirmed final ruling from the Kosdaq Market Committee operate as a key variable at a separate layer from this business improvement.

A debt ratio of 753.2% and a sharply reduced equity base illustrate balance-sheet fragility, and continued financial support from the controlling shareholder is likely to be decisive.

Valuation metrics carry limited real-time relevance given the trading halt and are likely to gain full meaning only after the listing decision is settled.

Investors should track three parallel threads: the outcome of the delisting review, the sustainability of quarterly earnings, and the pace at which synergies with Kyungdong Navien materialize.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.