Silla신라교역

Silla is a small Korean tuna and seafood trader whose profit has swung sharply, with recent operating results near break-even and a share price close to its 52-week low.

Silla operates overseas tuna fishing, seafood distribution, steel trading, agricultural brokerage and restaurants, including Popeyes franchises in South Korea. Trailing twelve-month revenue is about ₩448B with operating income of only about ₩2.6B, while net income of about ₩47B is far larger than operations explain. The shares closed at ₩8,850 on 28 October 2026, a market value of about ₩142B, near the low end of their 52-week range.

What stands out

• Operating margin is 0.6% on a trailing basis, after an operating loss of about ₩1.6B in 2025 and margins of 3% to 5% in earlier years.
• Net income of about ₩47B in the trailing period is much larger than operating income, so non-operating items or one-off gains likely played a major role; the filings given here do not explain the source.
• Free cash flow is negative at about -₩9.0B, and the company holds about ₩136B of cash against about ₩33B of borrowings.
• The data-provided DCF base value is ₩16,777 and bear value is ₩10,349, but this is a model output rather than an analyst target, and the current price is below the base case.
• Recent filings include a merger completion report on asset transfer, an acquisition of equity securities in other companies, a short-term borrowing increase and a debt guarantee for another party. Foreign ownership fell slightly from 4.1% to 4.0% over 60 days.

What to watch

• The upcoming annual results and any explanation of the gap between operating income and net income.
• Further filings on the equity acquisitions, merger effects, borrowings and debt guarantees, and how they affect cash and leverage.
• Free cash flow and fishing or seafood margins, since the business has shown volatile profit and recent operating losses.