Ask Warren

JONBUR Research · Initiation

Woori Technology, Incorporation · 032820 · Electrical equipment

Woori Technology: Share Price Up 149.8% Over a Year While Trailing Earnings Turn Negative

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Woori Technology (KOSDAQ, electrical equipment) closed at ₩10,980 on 2026-10-12, up 149.8% over one year but down 21.9% over one month. Filed statements show revenue growth alongside operating losses and negative free cash flow, and the market value of ₩1.8T is large relative to the earnings base.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

XfWATGr/in@

Thesis

The data supports a picture of a business that has grown sales but lost profitability. Trailing twelve-month revenue is ₩82.8B with an operating margin of -11.7%, against a 13.9% margin in 2021. The share price sits well below its 52-week high of ₩30,200 but far above the low of ₩3,540, which points to large swings in investor sentiment. The data does not explain the reasons for the price moves, because no news headlines, investor flow, foreign ownership or short balance data are available. Filings show repeated supply contract amendments and convertible bond activity, but contract sizes and terms are not in the data given, so their effect cannot be judged.

Business overview

Woori Technology is a KOSDAQ-listed electrical equipment company, founded in 1995 and listed in 2000, with 164,677,432 listed shares and a market capitalization of about ₩1.8T. CEO is 노갑선. Annual revenue rose from ₩52.1B in 2021 to ₩87.1B in 2025, with a dip of 5.1% in 2022. No segment or product breakdown is available in the data.

Financial analysis

These figures come from filed financial statements (DART). Revenue grew 22.3% in 2025 to ₩87.1B, but operating income swung to a loss of ₩5.5B (margin -6.3%) from a profit of ₩553.9M in 2024 and ₩6.7B in 2023 (margin 10.6%). Net income was ₩792.5M in 2025 (ROE 0.7%), helped by non-operating items not detailed in the data. For the twelve months to H1 2026, revenue was ₩82.8B, operating loss ₩9.7B, net loss ₩8.8B (net margin -10.7%) and ROE -5.9%. Free cash flow was -₩47.0B, against cash of ₩4.5B and borrowings of ₩4.1B. Liabilities to equity were 123.9%. The cash outflow is large relative to the cash balance, and filings show a convertible bond issue in August 2026.

Valuation

A P/E cannot be computed because trailing earnings are negative. P/B is 9.6 and P/S is 21.8, with enterprise value of about ₩1.81T. EV/EBITDA is not available and the dividend yield is 0.0%. At the end of 2025, P/B was 4.8 and P/E 756.4, so the P/B has roughly doubled since then. Among the listed peers, P/B ranges from 2.5 (Taihan Cable & Solution) to 9.8 (Sanil Electric), with HD Hyundai Electric at 9.3, Hyosung Heavy Industries at 8.1 and LS Electric at 2.6. Those peers have positive P/E where available, from 14.2 to 36.2, while Woori Technology has no meaningful P/E. The valuation model estimate (fair_value_model) is not available, so no model estimate per share can be compared with the ₩10,980 price.

Catalysts

  • A shareholders' meeting was called on 2026-09-22, with a record date set, which may bring decisions on company matters not detailed in the data.
  • The company filed a decision on 2026-09-30 to acquire its own convertible bonds before maturity, which could affect its debt and share count structure.
  • Major sales or supply contracts were filed or amended on 2026-07-27, 2026-08-20, 2026-08-21 and 2026-09-21, though contract values are not shown in the data.
  • The H1 2026 half-year report filed on 2026-08-14 is the latest look at results, and the next filings will show whether losses continue.
  • A 5%+ holding report was filed on 2026-08-11, indicating a change in a large shareholder position, whose details are not available.

Risks

  • Operating and net losses over the trailing twelve months show that growth in revenue has not translated into profit.
  • Free cash flow of -₩47.0B is far larger than the ₩4.5B cash balance, which implies reliance on external financing.
  • Convertible bond issuance and early acquisition activity could change the share count and leverage.
  • A P/B of 9.6 and P/S of 21.8 leave valuation sensitive to changes in sentiment, as the 21.9% one-month drop shows.
  • Data on investor flows, foreign ownership, short balance and news is missing, which limits visibility into who is driving price moves.

Closing view

The data shows a company with rising revenue, a sharp share price gain over one year, and a high valuation relative to book value and sales, set against operating losses, heavy cash outflow and active convertible bond activity. Without a model estimate, flow data or contract details, the evidence does not settle whether the current price is supported by future earnings. Readers should follow the next filings for contract values, financing and profitability before drawing conclusions.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Woori Technology: Share Price Up 149.8% Over a Year While Trailing Earnings Turn Negative

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information