Taihan Cable & Solution대한전선

Taihan Cable & Solution is growing revenue and winning European grid orders, but its trailing profit has turned slightly negative and the share price has fallen sharply over the past month.

Trailing twelve-month revenue to H1 2026 was ₩4.1T, with a thin 4.7% operating margin and a small net loss of ₩15B. Cash of ₩434B sits against borrowings of ₩985B, and trailing free cash flow is negative at -₩596B. The shares closed at ₩20,450 on 2026-10-26, down 33.9% over one month and about 73% below the 52-week high.

What stands out

• Annual revenue rose from ₩2.45T in 2022 to ₩3.64T in 2025, though net income fell from ₩70B in 2023 to ₩84B in 2025 after a weaker 2022 and 2023 pattern, and trailing net income to H1 2026 is negative.
• Trailing operating margin of 4.7% is above the 3.5% seen in 2024 and 2025, but net margin is -0.4% and ROE is -0.9%.
• Liabilities are 109.6% of equity, and trailing free cash flow is -₩596B, so funding and cash flow are worth watching.
• Filings and news on 2026-10-27 report a German ultra-high-voltage grid supply and turnkey order, with the parent-company supply portion reported at about ₩115B; reports differ on total European order value, with some saying orders top ₩500B.
• Foreign ownership fell from 12.5% to 9.4% over about 60 days, while retail investors were net buyers over the last 20 days and foreign investors were net sellers.

What to watch

• Full-year or quarterly results, which a filing announced on 2026-10-20 indicates are upcoming, and whether the trailing loss and negative free cash flow continue.
• Details and value of the new German contracts, and whether further European or US orders follow.
• Leadership change: a new representative executive was named in a 2026-10-21 filing and news coverage, and a securities registration statement was filed in September 2026, so watch for any share issuance or financing steps.