Ilsung IS일성아이에스

Ilsung IS is loss-making at the operating line over the last twelve months, though net income is positive and the stock trades well below its 52-week high.

Trailing twelve-month revenue to H1 2026 was ₩65.2B, with an operating loss of ₩4.9B and net income of ₩5.5B, so the profit is not coming from core operations. The company holds ₩106.0B in cash and reports no borrowings, and its liabilities-to-equity ratio is 3.8%. The share price closed at ₩21,600, about 26% below its 52-week high of ₩29,300.

What stands out

• Revenue has fallen for two years, from ₩78.1B in 2023 to ₩64.3B in 2025, and TTM revenue is ₩65.2B.
• Operating margin was -7.5% on a TTM basis and has been negative in every year from 2023 to 2025, while 2022 showed a small operating profit of ₩1.3B.
• TTM net income of ₩5.5B is well above operating income, so non-operating items or other factors are likely contributing; the data does not break this down.
• TTM free cash flow is negative at -₩5.7B, and ROE is only 1.4%.
• The stock's valuation is high on trailing earnings (P/E 52.2) but low on book value (P/B 0.8), and the company pays a 5.6% dividend yield according to the data.

What to watch

• The Q3 2026 quarterly report and whether operating losses narrow or continue.
• Follow-up to the September 2026 trading halt and share cancellation decision, which the data does not explain.
• The change in the largest shareholder's holdings and the July 2026 property sale, including any effect on cash or operations.