Oyang사조오양

Oyang's trailing earnings have shrunk to thin margins, though its shares trade well below book value and its market cap is about ₩80B.

Oyang, a Korean food and seafood company, reported trailing twelve-month revenue of ₩411B to H1 2026 but operating income of only ₩11.3B and net income of ₩5.7B, with free cash flow of -₩14.4B. At ₩8,460, the stock sits near the lower half of its 52-week range (₩7,550 to ₩10,530) and is down 10.8% over one year.

What stands out

• Profitability has weakened: operating margin fell from 5.2% in 2024 to 2.7% on a trailing basis, and 2025 net income was ₩10.6B versus ₩20.3B in 2023.
• Borrowings of ₩127.1B against cash of ₩14.2B, with liabilities at 76.5% of equity, leave the balance sheet more leveraged than cash generation currently supports.
• The stock trades at a P/E of 14.1 and P/B of 0.3, while the data's DCF base value is ₩24,513, far above the current price; this model output is not a forecast.
• Filings in August and September 2026 were mostly routine: a half-year report, a share cancellation decision, and shareholder holding reports, with no major business announcement listed.
• Foreign ownership fell from 4.3% to 3.8% over the past 60 days, and foreign investors were net sellers over the last 20 days.

What to watch

• Next results and whether operating margin recovers from the 2.7% trailing level toward the 2024 range.
• Free cash flow and borrowing levels, given negative trailing free cash flow against ₩127.1B of borrowings.
• Further changes in largest shareholder holdings, which appeared several times in recent filings; no news headlines were available in the data.