Dcksung덕성

Dcksung's shares have fallen sharply over the past year while trailing-twelve-month profit remains thin but positive.

Dcksung makes synthetic leather and synthetic resin, with about 63.8% of sales exported and factories in Korea, China and Vietnam. Trailing-twelve-month revenue is ₩139.7B with a 2.1% operating margin and ₩5.4B net income to H1 2026, while the share price is ₩3,230, down 38.7% over one year. Recent filings include an acquisition of shares in another company and a rights offering decision.

What stands out

• Revenue rose 16.8% in 2025 to ₩146.5B, but operating income fell from ₩8.9B in 2024 to ₩6.2B, and the trailing operating margin has slipped to 2.1%.
• Net income in the trailing period (₩5.4B) is well above operating income, so the result relies partly on non-operating items the data does not explain.
• Free cash flow is negative at about -₩0.27B, and borrowings of ₩38.6B exceed cash of ₩7.4B.
• Valuation metrics are low (P/E 9.4, P/B 0.5) and the dividend yield is 3.6%, but the fair value model's base case of ₩3,194 sits close to the current price while its bear and bull cases span a very wide range.
• Foreign ownership rose slightly to 3.8% over the past 60 days, while retail investors were net sellers over the last 20 days; no news headlines were provided.

What to watch

• The rights offering (paid-in capital increase) and the acquisition of shares in another company, including any amendments, which the filings describe but the data does not detail.
• Changes in the largest shareholder's holdings and the 5%+ holding reports filed in recent months.
• The full-year 2026 results, since the data only covers the trailing period to H1 2026 and the operating margin has been falling.