PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close
Kortek has maintained its position as the world's top supplier of casino slot-machine gaming monitors while entering a phase since 2025 where both revenue growth and operating margin expansion are occurring simultaneously.
The company has maintained the world's top market share in casino slot-machine displays for many years, supplying top-tier slot machine makers including IGT, Aristocrat, Light & Wonder, and Konami.
2025 consolidated revenue reached KRW 396.8 billion and operating profit KRW 37.8 billion, up 28.9% and 60.5% year-on-year respectively, lifting the operating margin to 9.5%.
Revenue and operating profit have risen for five consecutive quarters from Q2 2025 through Q2 2026, with the most recent quarterly operating margin moving into double digits.
The debt ratio declined from 38.1% in 2022 to 18.4% in 2025, reflecting steadily improving balance sheet health.
Casino regulatory easing in markets such as the UAE and Japan, along with legalization discussions in South America, are being cited as factors that could expand the long-term demand base.
Founded in 1987 and listed on KOSDAQ in 2001, Kortek is an industrial monitor specialist that belongs to the IDIS Holdings group.
Its business is broadly divided into casino gaming monitors and PID (Public Information Display) products, with gaming monitors serving as the core component handling screen display and touch operation for slot machines.
According to recently disclosed data, gaming monitors account for more than 90% of total revenue, with the North America region alone representing 73.2% of that segment.
Customers include four global top-tier slot machine makers — Australia's Aristocrat, UK-linked IGT, US-based Light & Wonder (formerly Scientific Games), and Japan's Konami — and the company is assessed to hold roughly half of that supplier market through oligopolistic relationships with these clients.
The PID division supplies special-purpose displays for medical, air traffic control, and commercial applications, including monitors used in ultrasound and surgical settings as well as kiosk displays.
Production takes place at the Songdo, Incheon headquarters and a line in Vietnam's Ha Nam industrial complex, mostly under a make-to-order (MTO) model. The electronic whiteboard business, historically a lower-margin segment, has been cited as a drag on results due to intense competition from Chinese manufacturers.
The gaming monitor market maintains a stable supply structure dominated by a small number of specialized firms because of high technical barriers requiring game-specific customization.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩94.4B | ₩6.7B | 7.1% |
| 2025Q3 | ₩105.6B | ₩8.2B | 7.8% |
| 2025Q4 | ₩112.5B | ₩12.2B | 10.8% |
| 2026Q1 | ₩116.8B | ₩15.4B | 13.2% |
| 2026Q2 | ₩129.6B | ₩16B | 12.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩428.6B | ₩27.3B | ₩28.2B | 6.4% | 8.8% | 38.1% |
| 2023 | ₩327.1B | ₩4.8B | ₩7.7B | 1.5% | 2.4% | 36.5% |
| 2024 | ₩308B | ₩23.5B | ₩26.6B | 7.6% | 7.8% | 22.9% |
| 2025 | ₩396.8B | ₩37.8B | ₩28.3B | 9.5% | 7.7% | 18.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Kortek's earnings have shown a clear recovery after bottoming in 2023.
Annual revenue fell from KRW 428.6 billion in 2022 to KRW 327.1 billion in 2023, then rebounded to KRW 308.0 billion in 2024 and KRW 396.8 billion in 2025, while operating profit plunged from KRW 27.3 billion in 2022 to KRW 4.8 billion in 2023 before recovering to KRW 23.5 billion in 2024 and KRW 37.8 billion in 2025.
In its 2025 earnings variance disclosure, the company explained that gaming monitor sales rose 33.3%, and that revenue expansion combined with cost-cutting efforts drove operating profit up 60.5%. The operating margin, which had fallen to 1.5% in 2023, climbed step by step to 7.6% in 2024 and 9.5% in 2025.
Looking at the most recent four quarters, revenue rose every quarter from KRW 94.4 billion in Q2 2025 to KRW 105.6 billion in Q3, KRW 112.5 billion in Q4, KRW 116.8 billion in Q1 2026, and KRW 129.6 billion in Q2 2026, while operating profit increased consecutively from KRW 6.7 billion to KRW 8.2 billion, KRW 12.2 billion, KRW 15.4 billion, and KRW 16.0 billion, pushing the quarterly operating margin from the 7% range up into the 12% range.
Net profit attributable to owners also expanded from KRW 1.5 billion to KRW 15.7 billion over the same span, indicating a qualitative improvement in earnings alongside the top-line growth.
It should be noted, however, that the Q1 and Q2 2026 figures were disclosed by the company as preliminary consolidated results, with the disclosure itself noting that the numbers may change following external auditor review.
Meanwhile, operating cash flow swung from -KRW 17.6 billion in 2022 to KRW 93.0 billion in 2023 before falling back to KRW 8.6 billion in 2024 and KRW 3.9 billion in 2025, suggesting that working-capital items such as inventory and receivables may have absorbed more cash as revenue expanded.
The casino gaming monitor industry that Kortek operates in is closely tied to the cycle of the global casino and integrated resort market.
According to market research aggregators, the slot machine market is estimated to expand further from 2025 into 2026, with mid-to-high single-digit compound annual growth rates cited, driven by post-pandemic casino floor expansion and renewed popularity of electronic gaming machines.
By region, Asia-Pacific is cited as a fast-growing area on the back of Macau's recovery and new resort projects across Southeast Asia.
The gaming monitor segment that Kortek operates in maintains high entry barriers due to game-specific customization requirements and reliability standards, sustaining a supply structure centered on a small number of specialized firms, within which Kortek has long maintained oligopolistic trading relationships with four top-tier slot machine makers.
Competition among slot machine manufacturers for new products continues as well; for instance, Aristocrat Leisure has unveiled a new AI-enabled slot machine, illustrating an ongoing trend toward more advanced display specifications.
Regulatory easing for casinos in markets such as the UAE and Japan, along with legalization efforts in South America, are cited as factors that could generate new demand.
These growth forecasts, however, are estimates compiled by various research firms, and the actual timing and scale of resulting orders will depend on individual operators' investment decisions.
Kortek's future earnings trajectory is likely to hinge on the continued expansion of higher-value products within the gaming monitor segment and the durability of restructuring effects in the PID business.
The wind-down of the historically low-margin electronic whiteboard business has been credited with contributing to a more stable earnings structure, and subsequent results have shown actual margin improvement.
Brokerage commentary at an earlier point suggested that growing replacement demand for slot machines fitted with premium displays such as curved and button-deck screens could support higher average selling prices.
The Korea IR Council had previously forecast 2025 revenue of KRW 329.0 billion and operating profit of KRW 28.6 billion, but actual results of KRW 396.8 billion in revenue and KRW 37.8 billion in operating profit came in above that estimate.
On the production side, the dual manufacturing base in Songdo, Incheon and Vietnam's Ha Nam industrial complex remains in place, leaving the utilization trend at the Vietnam line as a variable that could affect the cost structure.
With new casino markets opening in the UAE and Japan and legalization discussions ongoing in South America, whether slot machine orders expand in these regions is cited as a factor that could shape medium-to-long-term order flow.
Kortek's valuation is being discussed in the context of an earnings recovery following the 2023 profit trough.
Market data show the five-year average price-to-earnings ratio at roughly 10 times and the average price-to-book ratio at around 0.45 times, providing a reference point against which the currently traded multiples are compared.
The share price continues to trade below one times book value, reflecting a discount to total equity. The company has a history of paying an annual cash dividend in recent years.
That said, given the characteristics of a small-cap KOSDAQ stock with limited float and trading volume, valuation multiples can show relatively large swings, which should be taken into account.
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 2026-08-21
Kortek has long held the world's top position in the casino slot machine display market, supplying to four top-tier slot machine manufacturers under an oligopolistic structure. High technical barriers requiring game-specific customization limit the entry of new competitors. This structure is cited as a factor supporting the stability of the revenue base.
Revenue and operating profit rose every quarter from Q2 2025 through Q2 2026, with the operating margin climbing step by step from the 7% range to the 12% range. On a full-year basis, both revenue and operating profit posted double-digit growth in 2025. The debt ratio also declined from 38.1% in 2022 to 18.4% in 2025, improving financial stability.
Regulatory easing for casinos in the UAE and Japan, along with legalization discussions in South America, are cited as potential sources of new demand in these regions. Asia-Pacific is highlighted as an area of relatively fast growth, supported by Macau's recovery and new resort openings across Southeast Asia.
This structure could translate into expanded orders from the global slot machine makers that are Kortek's key customers.
Kortek's gaming monitor revenue is concentrated among a small number of top slot machine makers, including Aristocrat, IGT, Light & Wonder, and Konami. Results can swing significantly depending on these customers' order plans or inventory adjustments. Changes in a particular customer's market share or manufacturing strategy could directly affect revenue.
The PID segment, including electronic whiteboards, has reportedly contributed less to results due to intense competition from Chinese manufacturers.
While the wind-down of low-margin operations is seen as having improved the structure somewhat, the shrinking revenue share of this segment could weaken its role as a diversification buffer. The possibility of new entrants in the special-purpose monitor market cannot be ruled out either.
Operating cash flow came in at KRW 8.6 billion in 2024 and KRW 3.9 billion in 2025, both lower relative to net profit in the same periods. This suggests that working-capital items such as inventory and receivables may have grown alongside revenue expansion. The quality of earnings in terms of cash generation warrants continued monitoring.
Kortek generates a substantial portion of revenue from overseas markets, including North America, exposing it to currency fluctuations. Price movements in raw materials such as LCD panels can also directly affect the cost structure. There have been past instances where foreign-exchange-related losses were reflected in net profit.
The casino and gambling-related industry is heavily influenced by country-specific regulatory environments. If regulations tighten in a particular country or the opening of a new market is delayed, the timing of demand expansion could be pushed back. Conversely, regulatory easing could also proceed more slowly than anticipated.
Revenue concentration among a small number of large slot machine makers means that reduced orders from a particular customer or attempts to secure alternative suppliers could weigh on results. With production concentrated in Incheon and Vietnam, any regional production disruption could also affect supply.
Check for the Q3 2026 preliminary consolidated earnings disclosure and its details to assess whether the recent profit improvement trend continues.
If IR materials or disclosures on Vietnam production line utilization or expansion emerge, the impact of capacity expansion on the cost structure should be checked.
Check the finalized annual results in the FY2026 business report and the dividend resolution at the annual general meeting to verify any differences from preliminary figures and the shareholder return policy.
Continued tracking of the opening schedules of new casino markets such as the UAE and Japan, and the progress of legalization discussions in South America, is needed to gauge the potential for new orders.
Kortek is a small-cap KOSDAQ component company that has long held the world's top position in the casino slot machine gaming monitor market, and its revenue and operating profit have shown a recovering trend together since 2025, following a profit trough in 2023.
Revenue and operating profit have grown for five consecutive quarters, the operating margin has moved into double digits, and the balance sheet has stabilized alongside a declining debt ratio.
That said, factors worth noting include the concentration of revenue among a small number of large slot machine manufacturers, intensifying competition in the PID and electronic whiteboard segment, and a cash conversion rate from operations that has run below net profit in recent years.
The opening of new markets such as the UAE and Japan, along with legalization discussions in South America, are cited as factors that could expand the long-term demand base, but the timing and scale of any resulting orders remain uncertain.
It should also be kept in mind that the Q1 and Q2 2026 results were disclosed by the company as preliminary figures that may be adjusted following external audit review.
Before making any investment decision, it is advisable to review upcoming quarterly earnings disclosures together with policy developments in the casino market.
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.