Daeduck대덕

Daeduck's trailing profits have recovered sharply from 2025 levels, but its share price has risen fast and its net margin remains thin.

Daeduck is a Korean holding company listed on KOSPI, with trailing revenue of ₩1.68T and operating income of ₩169B over the twelve months to H1 2026. The share price closed at ₩15,030 on 2026-10-28, up 65.7% over one year, and sits well below its ₩24,350 52-week high. Its fair value model gives a base of ₩40,736 with a bear case of ₩27,157 and a bull case of ₩57,030, though these are model outputs rather than forecasts.

What stands out

• Trailing operating margin is 10.1% against 0.8% for calendar 2025, but trailing net margin is only 2.3%, so a large gap sits between operating and net profit.
• Trailing net income of ₩38B compares with a 2025 figure of ₩3.5B, and the 2025 P/E of 92.5 reflects that weak year.
• Valuation now shows P/E of 12.3, P/B of 0.7 and a 7.7% dividend yield, while the peers listed in the data trade on P/E ratios from 3.7 to 8.7.
• Trailing cash of ₩116B exceeds borrowings of ₩35B, and free cash flow is ₩69B, with liabilities at 32.2% of equity.
• Recent filings include several subsidiary facility investments, a share cancellation decision later amended, and the termination of a treasury stock acquisition trust contract.

What to watch

• The half-year report and any Q3 2026 quarterly filing, to see whether the margin gap between operating and net income narrows.
• Follow-up filings on the subsidiary's new facility investments and the amended share cancellation decision.
• The 1-month return is -0.5% while the 3-month return is 28.1%, so price moves have been large; the data does not include news explaining the rally.