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JONBUR Research · Initiation

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Solid · 050890 · Electronics

Solid: Profits Steady, Shares Off Highs, Model Estimate Below Market Price

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Solid (KOSDAQ, Electronics) closed at ₩8,350 on 2026-10-16, down 8.3% over one month and 11.5% over three months but up 17.1% over one year, with a market cap of about ₩507.3B. The valuation model's base estimate of ₩5,231 per share sits below the current price, while trailing profitability remains solid.

Written Oct 19, 2026 · Data as of Oct 16, 2026 · 0 views

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

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Thesis

The data supports a company with consistent profitability: operating margins of 10.2% to 11.3% in each year from 2022 to 2025, and a trailing operating margin of 9.6%. Cash exceeds borrowings, and liabilities to equity are 60%.

What the data does not support is a clean growth story. Revenue fell 10.9% in 2025 after rising in the prior three years. Trailing net income of ₩54.5B is well above trailing operating income of ₩30.3B, so net margin of 17.2% is likely helped by non-operating items. The filings given do not explain the source of that gap.

Market signals are mixed. The price is far below its 52-week high of ₩20,900 and foreign ownership fell from 18.3% to 14.3% in 60 days. Foreign investors were net sellers over 20 days (about ₩21.0B), with retail investors net buyers (about ₩19.0B). The short balance is low at 0.1%.

Business overview

Solid is a KOSDAQ-listed company in the electronics sector, founded on 1998-11-05 and listed on 2005-07-08. It has 60,756,534 listed shares and is led by co-CEOs 정준 and 이승희.

Revenue grew from ₩212.3B in 2021 to ₩331.1B in 2024, then fell to ₩294.8B in 2025. Trailing revenue as of H1 2026 is ₩316.7B. Data on products, customers and segments is not available in what was provided.

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Model estimate of fair value

Bear
₩3,140
-61%
Base
₩5,231
-35%
Bull
₩8,818
+9%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeSolid: Model Fair Value Estimate Rises 42% to ₩7,450 Per Share With No New Filing
  2. Oct 19, 2026InitiationStart of coverage (reader request)Solid: Profits Steady, Shares Off Highs, Model Estimate Below Market Price

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