SytsSYTS

Syts is a small leather maker whose half-year 2026 profit is well above its operating income, with shares down over the past year and near the lower end of their 52-week range.

Syts makes leather for car seats and furniture, with a plant in Gunpo, Korea and a subsidiary in Qingdao, China. Trailing revenue to H1 2026 is about ₩157B, down from ₩175B in 2025, while trailing operating margin is 7.8% against 10.6% in 2025. The shares closed at ₩50,900, within the 52-week range of ₩49,050 to ₩62,700.

What stands out

• Trailing net income of ₩25B is about twice trailing operating income of ₩12B, so the filings show a large non-operating contribution that the data does not explain.
• Revenue fell 8.7% in 2025 and annual operating margin has declined from 18.8% in 2021 to 10.6% in 2025.
• Trailing free cash flow of ₩42B and cash of ₩14B are reported, with no borrowings listed and liabilities at 5.8% of equity.
• The company reports a dividend yield of 4.5% and a P/B of 0.3, while trailing ROE is 5.6%.
• Filings in September 2026 cover a termination of a trust agreement for own share acquisition and a change in the largest shareholder's holdings; no news headlines were provided.

What to watch

• The full-year 2026 results and any further filings on the own share trust termination and largest shareholder holdings.
• Whether operating margin recovers from the 7.8% trailing level, given the decline since 2021.
• The data does not include analyst ratings or forecasts; the model's base-case value of ₩170,608 is a DCF output, not a prediction.