Speco스페코

Speco's trailing revenue is growing from a low base but the company is still loss-making at the operating line, with the share price down sharply over the past year.

Speco, a KOSDAQ-listed maker of asphalt and concrete plants, marine equipment and wind towers, reported trailing twelve-month revenue of about ₩33.1B and an operating loss of about ₩1.3B through H1 2026, with a small net profit of about ₩0.5B. The share price closed at ₩1,603 on 26 October 2026, roughly 41% lower over one year, and the company pays no dividend.

What stands out

• Revenue rose 39.6% in 2025 to about ₩38.0B after falling in 2023, but operating income has been negative in every year shown since 2022 apart from 2021.
• Trailing free cash flow is negative at about -₩1.6B, and borrowings of ₩10.0B exceed cash of about ₩5.8B.
• The trailing net profit is positive while operating income is negative, so the filings suggest non-operating items are carrying the bottom line; the data does not break these down.
• Valuation shows a P/E of 52.1 and P/B of 0.5, but the P/E is inflated by thin earnings; the company's own book value per share is not given in the data.
• Foreign ownership fell from 5.1% to 1.9% over about 60 days, and 20-day flows show foreign net selling while retail investors were net buyers.

What to watch

• The next quarterly or annual filings, to see whether operating losses narrow and whether free cash flow turns positive.
• Follow-up on the change of largest shareholder and the amended major supply contract filed in July 2026, which the data does not explain in detail.
• No news headlines were provided in the data, so recent news coverage cannot be assessed.