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Firstec Co., Ltd (010820) AI Stock Analysis

KR:010820

Firstec Co., Ltd

(Korea Exchange:010820)

Select Model
Rating:63Neutral
Price Target:KRW 5,538.00â–²(13.02% Upside)
Action:initiatedcoverage
Date:10/28/26

The score is primarily supported by strong financial quality (very low leverage, improved profitability, solid ROE) but is held back by inconsistent cash conversion and a clearly bearish technical backdrop (below key moving averages with negative MACD and weak momentum). Valuation is neutral-to-reasonable at a mid-teens P/E, providing limited offset to the weak trend.

Positive Factors
Very Low LeverageA near-zero debt-to-equity position gives the company substantial financial flexibility and limits interest burden. This supports resilience through operating volatility and preserves capacity to fund growth or absorb weaker periods without relying heavily on refinancing.
Negative Factors
Volatile Cash ConversionThe sharp cash-flow reversal shows that reported earnings have not converted consistently into cash. Although TTM generation improved, recurring volatility can complicate liquidity planning, constrain investment timing, and make internally funded growth less predictable.

Firstec Co., Ltd (010820) vs. SPDR S&P 500 ETF (SPY)

-50%0%50%100%150%200%250%300%KR:010820+7.10%SPY+11.79%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
KRW 238.98B
Dividend Yield
―
Average Volume (3M)
465.37K
Price to Earnings (P/E)
16.4
Beta (1Y)
0.30
Revenue Growth
46.03%
EPS Growth
-2.60%
Country
KR
Employees
398
Sector
General
Sector Strength
55
Industry
Aerospace & Defense

Firstec Co., Ltd Business Overview & Revenue Model

Company Description

FIRSTEC Co., Ltd., founded in 1975 and based in Changwon, South Korea, operates as a global defense contractor, specializing in the engineering, production, and worldwide distribution of a broad spectrum of military-grade equipment. For the aerospace...

Firstec Co., Ltd Financial Statement Overview

Summary

Overall fundamentals are solid: strong revenue scaling and improved profitability, plus an exceptionally low-debt balance sheet with high-teens ROE. The main offset is cash-flow volatility, including a sharp 2025 reversal into negative operating/free cash flow before improving again in TTM, which raises cash-conversion consistency risk.

Income Statement

78Positive

Balance Sheet

92Very Positive

Cash Flow

55Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue350.93B294.84B207.27B173.10B160.15B136.70B
Gross Profit27.56B23.22B13.57B11.08B10.08B10.37B
EBITDA20.25B13.40B9.70B4.62B6.27B6.29B
Net Income14.54B14.73B10.92B4.62B1.79B3.87B
Balance Sheet
Total Assets448.11B403.06B350.45B265.08B211.31B185.61B
Cash, Cash Equivalents and Short-Term Investments96.82B70.00B94.40B33.13B18.08B21.34B
Total Debt438.86M551.70M769.07M6.63B12.06B2.24B
Total Liabilities359.60B320.60B286.78B202.74B154.65B142.21B
Stockholders Equity88.51B82.47B63.67B62.34B56.66B43.40B
Cash Flow
Free Cash Flow12.66B-22.91B68.96B21.35B-13.92B-7.74B
Operating Cash Flow16.35B-20.24B74.78B37.87B1.23B-6.87B
Investing Cash Flow-5.19B-24.75B12.40B-38.15B-14.22B22.14B
Financing Cash Flow594.57M594.57M-5.90B-4.67B9.73B-1.77B

Firstec Co., Ltd Technical Analysis

Technical Analysis SentimentNegative
Last Price4900.00

Price Trends

50DMA5830.20Negative
100DMA6072.10Negative
200DMA7218.88Negative

Market Momentum

MACD-258.28Positive
RSI35.71Neutral
STOCH32.64Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KR:010820, the sentiment is Negative. The current price of 4900.00 is below the 20-day moving average (MA) of 5522.00, below the 50-day MA of 5830.20, and below the 200-day MA of 7218.88, indicating a bearish trend. The MACD of -258.28 indicates Positive momentum. The RSI at 35.71 is Neutral, neither overbought nor oversold. The STOCH value of 32.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KR:010820.

Firstec Co., Ltd Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

KR:010820 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
KR:329180KR:32918068NeutralKRW 28.76T11.49―3.54%41.49%63.85%
KR:443060KR:44306067NeutralKRW 7.34T25.61―3.07%20.28%8.42%
KR:010140KR:01014064NeutralKRW 13.56T15.41――30.33%150.28%
KR:010820KR:01082063NeutralKRW 238.11B16.42――46.03%-2.60%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
KR:100090KR:10009053NeutralKRW 557.30B11.35――-5.49%106.72%

* General Sector Average

Performance Comparison

0%100%200%KR:010820KR:010140KR:100090KR:329180KR:439260KR:443060Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
KR:010820 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
KR:010820Firstec Co., Ltd4900.00170.003.59%
KR:010140Samsung Heavy Industries Co., Ltd15880.00-13070.00-45.15%
KR:100090SK oceanplant Co.,Ltd8920.00-13580.00-60.36%
KR:329180HD Hyundai Heavy Industries Co., Ltd.274000.00-321622.90-54.00%
KR:439260DAEHAN SHIPBUILDING Co., Ltd.34750.00-32305.09-48.18%
KR:443060HD Hyundai Marine Solution Co., Ltd.164300.00-72150.72-30.51%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 28, 2026