Factual Summary
Comax's shares have been suspended from trading since an audit opinion disclaimer on 2024-03-21. On 2026-07-27, the Korea Exchange Corporate Examination Committee reviewed the company's listing eligibility and determined delisting, with the KOSDAQ Market Committee's final decision scheduled by 2026-08-25. In February 2026, Kyungdong Navien invested a total of KRW 32.0 billion to acquire an 80.77% stake and become the largest shareholder, and the CEO was also replaced by Kim Jong-wook; the wholly owned subsidiary Comax CS was absorbed and merged on 2026-07-01. Consolidated revenue in H1 2026 was KRW 37.969 billion, down 7.3% year-over-year, but the company posted operating profit of KRW 5.477 billion and net income of KRW 4.019 billion, turning profitable after five consecutive years of losses from 2021 to 2025.
Price-Change Context Note
Comax's total equity declined for four consecutive years, from KRW 54.50 billion in 2021 to KRW 10.95 billion in 2025, before rebounding to KRW 34.30 billion in H1 2026. This is assessed to largely reflect the effect of Kyungdong Navien's KRW 20.0 billion third-party allocated capital increase payment, in addition to the H1 net income turnaround (KRW 4.02 billion). The zero trading volume on the reference date (2026-08-18) reflects the trading suspension that has continued since March 2024; the displayed closing price is estimated to be the last price formed before the suspension rather than a real-time quote.
Listing Eligibility Review Progress
| Date | Event |
|---|---|
| 2024-03-21 | Audit opinion disclaimer due to scope limitation — trading suspension commenced |
| 2025-03-04 | Re-audit opinion changed to unqualified (including emphasis-of-matter on going-concern uncertainty) |
| 2025-04-08 | Designated as an administrative issue |
| 2025-04-15 | Korea Exchange determines company subject to listing eligibility review |
| 2025-06-11 | KOSDAQ Market Committee grants improvement period until 2026-06-10 |
| 2026-03-20 | Recurrence of continuing-operations loss exceeding 50% of equity — additional grounds for eligibility review |
| 2026-06-10 | Improvement period ends |
| 2026-07-27 | Corporate Examination Committee reviews and determines delisting |
| 2026-08-25 (scheduled) | KOSDAQ Market Committee final decision scheduled — undetermined |
Comax's trading was suspended after a formal delisting cause arose on 2024-03-21 from an audit opinion disclaimer due to scope limitation. The re-audit in March 2025 changed the opinion to unqualified, resolving the formal cause, but the listing eligibility review process continued, and on 2026-07-27 the Corporate Examination Committee reviewed and determined delisting. The KOSDAQ Market Committee's final decision is scheduled by 2026-08-25, and as of the analysis reference date (2026-08-18), the outcome remains undetermined.
Change of Largest Shareholder and Transfer of Management Control
| Date | Event |
|---|---|
| 2025-12-16 | Kyungdong Navien signs secondary share purchase agreement |
| 2026-02-04 | Extraordinary general meeting elects new inside director; CEO changed (Kim Jong-wook) |
| 2026-02-05 | Change of largest shareholder finalized (Kyungdong Navien 80.77%) |
| 2026-04-28 | Decision to merge Comax CS by absorption |
| 2026-07-01 | Merger effective date (Comax CS dissolved) |
On 2026-02-05, following Kyungdong Navien's payment of the remaining balance and capital increase proceeds, the largest shareholder changed from Byun Woo-seok to Kyungdong Navien, and around the same time the CEO also changed to Kim Jong-wook (former Executive Vice President and CEO of Kyungdong Navien). The founding family's remaining stake was effectively extinguished, and the wholly owned subsidiary Comax CS was absorbed into Comax and dissolved on 2026-07-01.
5-Year Financial Trend
| Period | Revenue (KRW billion) | Operating Profit (KRW billion) | Net Income (KRW billion) | Debt Ratio (%) |
|---|---|---|---|---|
| 2021 | 141.43 | -12.18 | -14.13 | 114.34 |
| 2022 | 156.00 | -5.08 | -5.23 | 96.02 |
| 2023 | 137.01 | -6.45 | -7.72 | 144.03 |
| 2024 | 117.16 | -12.34 | -16.80 | 313.81 |
| 2025 | 85.13 | -14.18 | -15.12 | 753.16 |
| H1 2026 (cumulative) | 37.97 | +5.48 | +4.02 | 191.63 |
Comax's revenue declined for four consecutive years from 2022 to 2025 (cumulative -45.3%), and the company posted operating losses for five consecutive years from 2021 to 2025, with the debt ratio worsening to 753.16% in 2025. In H1 2026, while revenue fell 7.3% year-over-year, the company turned profitable with an operating margin of 14.42% and a net margin of 10.59%.
Peer Comparison
The domestic home network market (wall pads, intercoms, and other smart home systems for multi-unit residential buildings) is understood to be an oligopoly of three companies: Comax, Kocom (015710), and Hyundai HT (unlisted). Kocom's Q1 2026 revenue reportedly fell 29.0% year-over-year and turned to a loss (secondary source, exact figures not obtained), indicating that, like Comax, the industry as a whole has been affected by the slowdown in the construction market. Consistent market-share comparison data for the three companies as of 2026 was not obtained.
Industry and Macro Environment
Given that Comax supplies home network systems and wall pads for newly built multi-unit residences, its business is understood to correlate, with a time lag, with the Ministry of Land, Infrastructure and Transport's housing permit and start statistics. In H1 2026, an increase in housing starts cushioned near-term order intake, while a decline in permits presents a factor for medium-term supply contraction. Copper prices rose 6.46% over the past month; given the nature of Comax's deliveries to construction companies, it is understood to be structurally difficult to immediately pass rising costs through to sales prices.
Valuation (Factual Multiples)
The displayed closing price (KRW 2,885) is highly likely not to reflect real-time market pricing due to the trading suspension that has continued since March 2024, so the multiples above are purely computational figures and may differ from values that would actually form in the market. On a full-year 2025 basis, PER could not be calculated because net income was negative, and EV/EBITDA could not be calculated due to unobtained components such as depreciation and amortization. Analyst consensus-based valuation information was also not confirmed.
Risk Factors
The KOSDAQ Market Committee's final decision on delisting, scheduled by 2026-08-25, remains undetermined as of the analysis reference date.
The financial structure, which had deteriorated to a debt ratio of 753.16% in 2025, improved in H1 2026 through the capital increase and the return to profitability, but is assessed to be highly dependent on external capital infusion.
Following the complete change of management control in February 2026, the progress of organizational integration (including the merger and absorption of Comax CS) continues to require monitoring.
The decline in domestic housing permits (-15.8%, H1 2026) and the rise in copper prices (+6.46%, past month) are understood to be factors that could affect medium-term order intake and cost ratios.
Due to the trading suspension, the closing price in confirmed market data may not reflect a real-time market price, and there is no consensus-based information due to the absence of analyst coverage. No individual issues such as litigation or patent disputes were identified within the scope of this research.
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Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR