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Mcnex · 097520 · Electronics

Mcnex: Thin Margins, Lower Share Price and Buybacks, with an Indictment Headline

Why this report

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

Mcnex's share price is down 45.0% over one year to ₩17,640, while trailing revenue of ₩1.2T carries an operating margin of just 2.4%. The company has been buying back shares, and a recent news report says a vice president was indicted.

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 picture of a large-revenue, low-margin business whose profitability has slipped from 2024 and 2025 levels. Trailing operating income of ₩28.5B on ₩1.2T of revenue compares with a 4.1% margin in 2025. The shares trade at 0.8x book and 9.1x earnings, below the year-end book multiple of 1.3x in 2025. That could reflect market caution about earnings, but the data does not say why. Repeated buyback decisions and filings on treasury stock results show the company has been acting on its share count, but the amounts are not in the data. The balance sheet looks light on debt, which supports resilience. Against this, foreign ownership has fallen and the news headline adds governance uncertainty. No model fair value is available.

Business overview

Mcnex is listed on KOSPI in the Electronics sector. It was founded in December 2004 and listed in July 2021. It has 17,401,500 listed shares and a market cap of about ₩307.0B. Revenue has risen from ₩1.01T in 2021 to ₩1.28T in 2025, with a dip of 15.9% in 2023 and growth of 13.4% in 2024 and 21.0% in 2025. Revenue is large relative to market value, which is why the price-to-sales ratio is only 0.3x. The data does not give a breakdown by product or customer.

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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 26, 2026Update noteBuyback / dividend / value-upMcnex Decides to Cancel 901,500 Treasury Shares, Cutting Issued Shares by 5.2%
  2. Oct 19, 2026InitiationStart of coverage (reader request)Mcnex: Thin Margins, Lower Share Price and Buybacks, with an Indictment Headline

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