Shinyoung Wacoal신영와코루

Shinyoung Wacoal is loss-making at the operating line over the last twelve months, and its filed disclosure is now under regulatory scrutiny.

The women's intimate apparel maker posted trailing twelve-month revenue of about ₩184.6B to H1 2026 but an operating loss of about ₩0.4B, with net income of about ₩1.6B. Revenue has been drifting lower since 2022, and the share price is down 3.4% over one year, sitting well below its 52-week high of ₩22,450. Recent filings include a designation as a company for unfaithful disclosure, which is a notable governance issue.

What stands out

• Revenue fell 5.9% in 2025 to about ₩185.2B, continuing a decline from the ₩202.8B peak in 2023.
• Operating margin turned slightly negative (-0.2%) on a trailing basis, down from 3.3% in 2022 and 0.7% in 2025.
• Net income of about ₩1.6B trailing is far below 2022's ₩23.5B, and the trailing P/E of 72.8 reflects these thin earnings.
• The company was designated for unfaithful disclosure on 13 October 2026, after a planned designation notice in September.
• Borrowings of about ₩20.7B exceed cash of about ₩21.1B only marginally; liabilities are 10.8% of equity, so leverage looks modest.
• The internal DCF fair value base case is ₩7,685, below the current ₩13,180 close, with a bear case of ₩4,685 and bull case of ₩13,990.

What to watch

• Whether the unfaithful disclosure designation leads to further penalties or changes in management or governance.
• Next full-year and quarterly results, to see whether operating income returns to a positive level.
• Continued shareholding changes by the largest shareholder and insiders, and the foreign ownership trend, which has eased from 26.2% to 25.6% over about two months.