Wonlim원림

Wonlim's trailing profit is modest and its shares trade near book value, though free cash flow was negative in the first half of 2026.

Wonlim, a Korean textiles and apparel-listed company, reported trailing revenue of ₩91.5B and net income of ₩4.6B for the twelve months to H1 2026, with a net margin of 5%. The shares closed at ₩13,700 on 28 October 2026, sitting near the lower part of their 52-week range of ₩12,580 to ₩17,900. The company makes industrial resin packaging, leases property, runs a financial investment business and distributes orthopedic medical devices in Korea.

What stands out

• Trailing operating margin is 5.3% and return on equity is 3.6%, both low, and the 2024 results showed weaker operating income than 2023.
• Trailing free cash flow is negative at about -₩5.4B, while cash of ₩17.0B exceeds borrowings of ₩8.2B.
• The stock trades at about 0.2x book value and 6.9x trailing earnings, below most listed peers in the data except F&F and LF on earnings.
• The model's base-case fair value is ₩32,165 against the ₩13,700 price, but this is a model output, not a forecast, and the bear case is ₩20,595.
• Foreign ownership is small at 1.9%, up slightly from 1.7% sixty days earlier, and no news headlines were provided for the period.

What to watch

• The full-year 2026 results and any change to the H1 2026 operating margin, given the thin margins shown.
• Whether negative free cash flow persists, since the data does not explain its cause.
• Filings on executive and major shareholder share trading plans and changes in the largest shareholder's holdings, which appeared in recent filings.