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
KX has restructured around broadcasting, leisure, and semiconductor components, returning to profit in Q1 2026 and improving first-half results, but quarterly earnings remain volatile and the memorandum-stage aerospace/defense forging acquisition carries execution risk.
H1 2026 consolidated revenue of KRW 183.9bn and operating profit of KRW 29.0bn, up 12.6% and 66.5% year over year
Two of the trailing four quarters (2025Q3-2026Q2), namely 2025Q4 and 2026Q1, posted net losses attributable to owners, highlighting earnings volatility
Semiconductor components affiliate KX Hitek saw first-half operating profit surge 827% on eSSD case demand
Overseas expansion into Philippines and Vietnam leisure projects, alongside full-year contribution from a Japanese golf course, is reducing reliance on domestic seasonality
An MOU signed in May 2026 to acquire Aerospace & Defense Forging (formerly Hanbat Heavy Industries) marks a push into defense/aerospace, though the deal has not yet closed
KX (formerly KMH) operates around three core pillars: program provider (PP) broadcasting, leisure (golf courses), and semiconductor component manufacturing.
The broadcasting segment operates multiple cable channels built on proprietary transmission technology and network infrastructure, alongside financial media affiliate Paxnet.
The leisure segment runs three domestic golf courses (Silla CC, TGV CC, Paju CC) plus the 63-hole Tojonomori Country Club in Kobe, Japan acquired in 2025, and the group is expanding its Asian leisure network through the Clark integrated leisure complex in the Philippines and a golf resort development in Hue, Vietnam.
The manufacturing segment is run through KOSDAQ-listed affiliate KX Hitek (052900), in which KX holds roughly a 35% stake, maintaining control.
KX Hitek comprises a plastics division producing IC and module trays for semiconductor transport and a metal division centered on SSD cases, supplying Samsung Electronics, SK Hynix and global IDMs including Micron.
In May 2026, KX Group formed a consortium with Midas PE and LAP Partners and signed an MOU to acquire a 70% stake in Aerospace & Defense Forging (formerly Hanbat Heavy Industries), seeking diversification into the defense and aerospace sector.
That target reportedly holds the country's only 14,000-ton isothermal forging press, used to produce items such as 155mm artillery shell manufacturing equipment. However, this deal remains at the MOU stage, and final contracting, financing, and completion have not been confirmed.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩100.2B | ₩18.2B | 18.2% |
| 2025Q3 | ₩90.3B | ₩20.1B | 22.3% |
| 2025Q4 | ₩92.5B | ₩900M | 0.9% |
| 2026Q1 | ₩71.9B | ₩3.8B | 5.3% |
| 2026Q2 | ₩112B | ₩25.2B | 22.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩326.3B | ₩78.6B | ₩20.5B | 24.1% | 8.2% | 158.8% |
| 2023 | ₩403.1B | ₩62B | ₩17.5B | 15.4% | 6.7% | 196.2% |
| 2024 | ₩403.8B | ₩59.7B | ₩82.6B | 14.8% | 23.5% | 100.2% |
| 2025 | ₩346.1B | ₩38.4B | ₩19.9B | 11.1% | 5.2% | 92.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue rose from KRW 326.3bn in 2022 to KRW 403.1bn in 2023 and KRW 403.8bn in 2024, before declining 14.3% to KRW 346.1bn in 2025. Operating margin steadily narrowed from 24.1% in 2022 to 15.4% in 2023, 14.8% in 2024, and 11.1% in 2025.
Net income attributable to owners moved from KRW 20.5bn in 2022 and KRW 17.5bn in 2023 to a sharp jump of KRW 82.6bn in 2024, then fell back to KRW 19.9bn in 2025, a pattern that appears to reflect a base effect from one-off gains, including asset disposals, booked in 2024.
Looking at the trailing four quarters (2025Q3-2026Q2), volatility stands out.
Q3 2025 was solid with revenue of KRW 90.3bn, operating profit of KRW 20.1bn (an operating margin of roughly 22%), and owners' net income of KRW 14.6bn, but Q4 2025 saw revenue of KRW 92.5bn with operating profit collapsing to about KRW 0.9bn and owners' net income swinging to a loss of KRW 5.1bn.
Q1 2026 posted an operating profit of KRW 3.8bn on revenue of KRW 71.9bn, yet owners' net income was again negative at KRW 3.6bn, showing a divergence between operating and net results.
Q2 2026 rebounded with revenue of KRW 112.0bn and operating profit of KRW 25.2bn (an operating margin of roughly 22%), bringing owners' net income back to KRW 11.7bn.
This quarter-to-quarter swing appears to reflect a combination of golf course seasonality (winter off-season versus peak season), shifts in the semiconductor components business cycle, and non-operating factors.
The eSSD market for data centers and servers, to which the semiconductor components segment is exposed, is expanding quickly on the back of AI infrastructure investment, with industry commentary suggesting supply has struggled to keep pace with demand.
KX Hitek itself noted it observed strong demand from a major North American semiconductor customer in Q1 2026. The leisure (golf course) industry carries significant seasonal demand swings domestically, but expanding into destinations capable of attracting international tourists can diversify the revenue base.
The PP broadcasting business operates in a structurally mature industry facing slowing pay-TV market growth and ongoing digital transition competition, offering relative stability but limited high growth.
The aerospace/defense forging space has drawn attention amid rising demand for artillery shells and aircraft components tied to heightened geopolitical tensions, and the acquisition target KX is pursuing reportedly posted 2025 revenue of KRW 89.7bn and operating profit of KRW 24.3bn.
However, this market involves technological competition from both domestic and international defense contractors and specialized forging firms, making it an entirely new industry for KX to enter.
Management attributed the first-half earnings improvement to structural improvements across the broadcasting, leisure, and manufacturing segments, and said it expects continued leisure performance, global network expansion, and inter-affiliate synergies to drive further results in the second half.
In leisure, full-year contribution from Japan's Tojonomori Country Club is set to continue, while the Clark integrated leisure complex in the Philippines and the Hue golf resort in Vietnam remain under development.
In semiconductor components, KX Hitek is raising utilization at its Vietnam facility and expanding capacity to meet high-performance, high-capacity eSSD demand, having issued KRW 11.0bn in convertible bonds to fund the buildout.
For the new business line, the key variable is the follow-through on the May 2026 MOU to acquire Aerospace & Defense Forging; the company has said that if the deal closes and order volumes are consolidated, revenue and profitability could improve substantially.
However, this remains an MOU-stage plan, with final contracting, financing, and regulatory approvals still pending, so both execution and timing require confirmation.
The company has also sold a partial stake (about 3.7%) in KX Hitek to fund new business initiatives, suggesting further asset sales or stake adjustments are possible going forward.
The current share price trades below per-share net asset value, placing the price-to-book ratio in a discount zone relative to net assets.
The price-to-earnings multiple based on trailing four-quarter earnings appears to sit within the range the stock has historically traded, but given that quarterly results have swung between losses and profits, multiples calculated on any single earnings snapshot warrant caution in interpretation.
No dividend payment has been confirmed for the most recent fiscal year, making dividend-yield-based valuation comparisons of limited usefulness.
Considering that owners' net income fell back in 2025 after a large one-off gain in 2024, and that recent quarters have alternated between losses and profits, earnings-based valuation metrics could shift considerably depending on whether results stabilize going forward.
Separately, if the aerospace/defense acquisition is completed, changes to the business portfolio and capital structure could alter the baseline for existing valuation comparisons.
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 2026-08-23
Affiliate KX Hitek's first-half consolidated revenue reached KRW 76.2bn and operating profit KRW 14.8bn, up 27% and 827% year over year, respectively. Full utilization of its Vietnam facility and capacity expansion to meet high-performance, high-capacity eSSD demand were cited as key growth drivers. If AI data center investment continues to expand, this segment's contribution could persist.
Full contribution from Japan's Tojonomori Country Club and entry into the seasonal peak period contributed to Q2 profitability.
Efforts to expand the leisure network across Asia continue, including the Clark integrated leisure complex in the Philippines and the golf resort development in Hue, Vietnam, aimed at reducing reliance on domestic seasonal factors.
In May 2026, KX signed an MOU to acquire Aerospace & Defense Forging, pursuing entry into the defense/aerospace sector.
The target reportedly posted 2025 revenue of KRW 89.7bn and operating profit of KRW 24.3bn, and the company said it expects earnings scale to expand once the deal closes and order volumes are reflected. This has not yet become a finalized contract, however.
Two of the trailing four quarters, Q4 2025 and Q1 2026, posted net losses attributable to owners. Notably, Q1 2026 had positive operating profit yet a net loss, suggesting non-operating factors or the allocation to non-controlling interests may have played a role.
The KRW 82.6bn in owners' net income recorded in 2024 is understood to reflect one-off gains, including asset disposals, and as that base effect faded in 2025, owners' net income dropped sharply to KRW 19.9bn. Future results warrant interpretation that accounts for such one-off factors.
The Aerospace & Defense Forging acquisition remains at the MOU stage, with the finalization of the 70% stake purchase agreement with consortium partners (Midas PE, LAP Partners), financing, and regulatory approvals still pending.
The possibility of delay, deal collapse, or equity dilution and financial strain arising from the financing process cannot be ruled out.
Results are heavily dependent on two distinct variables: the semiconductor cycle and golf course seasonality. Should the semiconductor cycle slow or winter off-season effects intensify, results could contract again. The broadcasting segment, a mature industry with limited growth, offers limited cushioning.
As of end-2025, non-controlling interests amounted to KRW 106.4bn out of total equity of KRW 485.9bn, a substantial proportion.
Even as subsidiaries such as KX Hitek grow, a portion of that profit accrues to non-controlling shareholders, meaning improvement in consolidated operating profit may not fully translate into gains for owners' net income.
Entry into the defense/aerospace sector is expected to require substantial acquisition financing and regulatory approval.
Since the deal is structured as a consortium acquisition, the financing terms, governance structure, and future equity relationships remain to be finalized, and defense-industry-specific government regulation and export control requirements must also be considered.
Q3 2026 earnings are expected to be disclosed. It will be important to check whether growth continues in the semiconductor components segment and how the leisure segment's seasonal pattern unfolds.
Whether a definitive agreement for the Aerospace & Defense Forging acquisition is signed and the financing plan is finalized should be monitored.
The completion timing of KX Hitek's Vietnam facility expansion and any expansion of eSSD case supply agreements warrant monitoring.
Whether concrete progress schedules and investment scale for the Clark leisure complex in the Philippines and the Hue golf resort in Vietnam are disclosed should be checked.
KX is a diversified conglomerate spanning broadcasting, leisure, and semiconductor components, and it showed a recovery in H1 2026 with both revenue and operating profit growing by double digits or more.
However, the trailing four quarters show considerable earnings volatility, alternating between profit and loss, and the one-off gain base effect from 2024 has distorted year-over-year comparisons for 2025.
Semiconductor components affiliate KX Hitek is benefiting from data-center-driven eSSD demand growth, while the leisure segment is attempting to smooth seasonality through overseas expansion.
In addition, the company is exploring entry into the defense/aerospace sector through the Aerospace & Defense Forging acquisition, though this remains at the MOU stage with execution and timing unconfirmed.
The structural feature that non-controlling interests account for a substantial share of total equity, meaning subsidiary earnings improvements do not fully flow through to owners' net income, is also worth noting.
Investors will want to watch the upcoming Q3 results together with progress on the new business acquisition before forming a judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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