SL에스엘

SL's trailing profits are down from 2023-24 peaks, but the shares have risen about 35% over the past year and trade at a low multiple.

SL is a Korean auto parts maker of lamps, electrification parts, mirrors and electronics, supplying global carmakers. Trailing revenue of about ₩5.47T and operating income of about ₩451B (8.3% margin) to H1 2026 are in line with 2025, though net income of about ₩381B is below its 2024 level. The stock closed at ₩48,750, well below its 52-week high of ₩79,500.

What stands out

• Trailing revenue reached ₩5.47T, up from ₩5.24T in 2025 and ₩4.97T in 2024, while the operating margin of 8.3% is above 2025's 7.8%.
• Net income of ₩381B on a trailing basis is below the ₩368B peak-year profit in 2024? No: it is above 2025's ₩311B but still below 2023's ₩336B-level peak per year, and 2024 was ₩368B.
• Balance sheet shows cash of about ₩459B against borrowings of about ₩369B, with liabilities at 56.9% of equity.
• Valuation metrics are low: trailing P/E of 5.9, P/B of 0.8 and EV/EBITDA of 3.6, with no dividend paid. The DCF fair value model gives a base of ₩89,819, bear ₩46,966 and bull ₩160,992.
• Recent headlines cover government innovation designation for its Build AR 2.0 construction AI product and a Daegu AI Factory project selection; filings include a half-year report and a value-up plan. Over the last three months the shares fell 11.4%, and foreign ownership slipped to 15.9% from 16.4%.

What to watch

• The next quarterly results and whether margins hold near the trailing 8.3% level.
• Movement in foreign and retail flows, which were net sellers over the last 20 trading days while institutions bought.
• Debt levels and cash generation, since borrowings are sizeable relative to cash; the data does not give forward forecasts.