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JONBUR Research · Initiation

WiSoL · 122990 · Electronic components

WiSoL: Losses Narrow in H1 2026 as Shares Trade Below Book Value

Why this report

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

WiSoL, a KOSDAQ electronic components maker, reported trailing revenue of ₩336.4B and a net loss of ₩12.4B for the twelve months to H1 2026, a smaller loss than in 2025. The shares closed at ₩6,310 on 2026-10-16, with a market value of about ₩161.8B and a price-to-book ratio of 0.6.

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 company in a loss-making stretch that appears to be easing. The trailing operating margin is -1.0%, compared with -11.3% for full-year 2025. Revenue has recovered somewhat from ₩321.2B in 2025 to ₩336.4B on a trailing basis. The balance sheet looks modest in leverage, with liabilities at 25.6% of equity.

What the data does not show is a return to sustained profit. Free cash flow is still negative at -₩10.3B, return on equity is -3.9%, and no valuation model estimate is available. The 7.9% dividend yield is listed, but the data does not say how it is funded while earnings are negative. The share price is down 8.3% over one month but up 10.5% over one year.

Business overview

WiSoL is listed on KOSDAQ in the electronic components sector. It was founded on 2008-06-24 and listed on 2010-09-10, with 25,648,079 shares outstanding. Over the five years of annual data, revenue ranged from ₩321.2B to ₩375.0B. The company swung between profit and loss: operating income was positive in 2021, 2023 and 2024 (barely, at ₩0.5B), and negative in 2022 and 2025. The data provides no description of products or customers.

Financial analysis

These figures come from filed financial statements. Trailing twelve-month revenue to H1 2026 was ₩336.4B, with an operating loss of ₩3.4B (margin -1.0%) and a net loss of ₩12.4B (margin -3.7%). In 2025 revenue fell 14.3% to ₩321.2B, with an operating loss of ₩36.3B and a net loss of ₩41.4B; ROE was -12.7%. In 2024 revenue grew 1.4% to ₩375.0B with net income of ₩11.0B. In 2023 net income was ₩13.2B and in 2021 it was ₩27.1B.

Cash stood at ₩31.0B at H1 2026 and liabilities to equity at 25.6%. Borrowings figures are not available. Trailing free cash flow was -₩10.3B.

Valuation

The price-to-book ratio is 0.6, in line with year-end readings of 0.4 to 0.8 over 2021-2025. Price-to-sales is 0.5 and enterprise value is ₩130.9B. P/E and EV/EBITDA are not meaningful because earnings are negative. The dividend yield is shown at 7.9%.

Listed peers trade at much higher multiples: P/B ranges from 1.5 (LG Innotek) to 8.7 (Samsung Electro-Mechanics), and P/E from 14.5 to 88.1. These are far larger companies, so the comparison is only indicative. The valuation model estimate is not available (null), so there is no model estimate per share to compare with the ₩6,310 price. The 52-week range is ₩5,270 to ₩9,340.

Catalysts

  • The half-year report filed on 2026-08-13 showed trailing losses narrowing, and the next filings will show whether that continues.
  • In August 2026 the company filed a decision to terminate its trust agreement for own share acquisition and an amended share cancellation decision.
  • Insider shareholding, 5%+ holding reports and an executive trading plan report were filed between 2026-09-18 and 2026-10-12, which may show changes in ownership.
  • The company filed an acquisition of shares in another company on 2026-06-23, whose effects are not detailed in the data.
  • Foreign ownership fell from 11.3% to 9.3% over 60 days, and investor flows over the last 20 days were net negative across foreign, institutional and retail investors.

Risks

  • The company has been loss-making in two of the last five years and on a trailing basis, so earnings are not stable.
  • Free cash flow is negative at -₩10.3B, which could erode the ₩31.0B cash balance if it continues.
  • The 7.9% dividend yield sits alongside negative earnings, and the data gives no information about its sustainability.
  • Revenue fell 14.3% in 2025, and the partial recovery may not hold.
  • Foreign ownership is falling and 20-day flows are negative, and no news headlines are available to explain sentiment.

Closing view

The filings show a company with low valuation multiples relative to book value and sales, a modest debt load and losses that have narrowed from 2025. Against that, profitability has not returned, cash flow is negative and no model estimate could be produced. The evidence is mixed: improvement is visible but unproven, and the low multiples reflect an uneven earnings record rather than a clear signal either way.

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 19, 2026InitiationStart of coverage (reader request)WiSoL: Losses Narrow in H1 2026 as Shares Trade Below Book Value

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