This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:43 p.m. on Apr. 22, 2026.
As the share price of KOSDAQ-listed INTEKPLUS surged, exchangeable bond (EB) investors began a full-fledged exit (profit taking). INTEKPLUS can exercise a call option on the EB in November. Because in November investors would have to receive only a small amount of interest and get back their EB principal, they are expected to hastily convert into shares and realize gains.
According to the Financial Supervisory Service's data disclosure system on the 23rd, INTEKPLUS saw the exchange right exercised on the 5th EB issued in November last year. The exchange price is 16,047 won, and considering the share price of 31,450 won at the time of exchange, the investor's six-month return reaches about 100%.
INTEKPLUS issued an EB worth 10.61947 billion won on Nov. 25 last year. The issuance terms set both the coupon rate and the maturity interest rate at 0%, with maturity on Nov. 25, 2030. Given the terms, it appears the company envisioned a share exchange rather than redemption at maturity. The shares subject to exchange were treasury shares held by INTEKPLUS. Investors included Artman Asset Management, Brain Asset Management, SP Asset Management, and DSC Invest.
Judging from conditions when INTEKPLUS issued the EB, it did not look easy for investors to make returns in the short term. INTEKPLUS swung to a loss, posting an operating loss of 11.1 billion won in 2023, and recorded an operating loss of 15.6 billion won in 2024. INTEKPLUS's main product is appearance inspection equipment, and as the secondary battery industry—which accounted for nearly half of sales—slowed, results deteriorated.
At the time, INTEKPLUS used all proceeds from the EB issuance to repay debt. It was used to early redeem convertible bonds (CB) issued in 2023. It was a so-called mezzanine rollover, repaying debt with debt. Amid weak results, the share price, which had been in the high 48,000 won range in 2023 at its peak, collapsed to the 8,000 won range in the first half of last year.
However, INTEKPLUS's recent surge has flipped the situation. Even as recently as early this year, the share price lingered in the 12,000 won range, but as of the 21st it shot up vertically to 31,450 won. Securities analysts say profitability will improve as the company reduces the share of lagging secondary battery inspection equipment and reorganizes its portfolio around semiconductor equipment. The securities industry projects a swing to profit starting this year.
As INTEKPLUS shares rise, exchange claims on the remaining amount are expected to continue. When issuing the EB, INTEKPLUS attached a conditional call option, securing the right to buy back all issued EBs if the share price stays at or above 130% of the exchange price. If the call option is exercised, the repurchase price applies an annual compound rate of 0.5%, which would significantly reduce investors' returns. However, the call option can be exercised starting in November this year, one year after the EB issuance. The remaining EB amount is about 8 billion won, which is about 5% compared with the total issued shares.
A source at a capital markets firm said, "If the call option is exercised, it is virtually a level with no investment return," and added, "Most of the remaining EB amount is expected to be exchanged by then."