LG InnotekLG이노텍

LG Innotek's Q3 revenue hit a record but operating profit fell by more than half, and the shares are down sharply over the past month.

LG Innotek, a Korean maker of camera modules, semiconductor substrates and automotive parts, reported record quarterly sales above ₩6T for Q3 2026, yet profit fell as exchange-rate swings weighed on results. Trailing twelve-month revenue is ₩24.0T with a 4.4% operating margin, and the stock closed at ₩367,000 on 2026-10-26, well below its 52-week high of ₩1,788,000. The data does not explain the full drop in the share price.

What stands out

• Q3 2026 operating profit fell 53.4% year on year despite revenue rising about 18.6%, according to multiple news reports, with the drop attributed mainly to a sharp fall in the exchange rate.
• Trailing twelve-month operating margin is 4.4% and net margin 2.8%, compared with 6.5% and 8.5% operating margins in 2022 and 2021, so profitability has been trending down.
• Trailing twelve-month free cash flow is ₩225B against ₩2.16T of borrowings and ₩1.24T of cash, and liabilities are 87.2% of equity.
• Shares are down 31.4% over one month and 40.2% over three months, while still up 69.1% over one year; the stock trades at 13.1 times earnings and 1.4 times book.
• Foreign ownership eased from 27.7% to 26.3% over 60 days, and foreign investors were net sellers over the last 20 days, while institutions and retail were net buyers.

What to watch

• Full Q3 2026 results and the half-year and quarterly filings, to see whether the currency effect reverses or margins keep falling.
• The share cancellation decision filed on 2026-10-22 and the 5%+ holding report, which may signal changes in share count or ownership.
• The fair value model in the data is very wide (bear ₩71K, base ₩279K, bull ₩600K), so the valuation outlook is highly uncertain; the data also lists a recent serious accident filing from 2026-08-06 whose impact is not described.