Sung Kwang Bend성광벤드

Sung Kwang Bend remains profitable on a trailing basis, but its shares have fallen about 21% over the past year.

Sung Kwang Bend makes metal pipe fittings for petrochemical, shipbuilding, offshore and power plant projects, largely to customer orders. Over the trailing twelve months to H1 2026 it reported revenue of about ₩247B and net income of about ₩37B, with a 15% operating margin and low leverage. The share price is at ₩25,600, well below its 52-week high of ₩53,300.

What stands out

• Trailing revenue of about ₩247B is roughly flat against 2025's ₩246B, while operating income has dropped from ₩42B in 2025 to ₩37B on a trailing basis.
• Annual operating margin fell from 18.4% in 2024 to 17.1% in 2025, and the trailing figure is 15%.
• Trailing free cash flow of about ₩43B and cash of about ₩66B compare with borrowings of ₩2B, and liabilities to equity is 6.8%.
• The DCF-based fair value model gives a base value of ₩19,765, below the current price; the bear and bull values are ₩13,817 and ₩29,769. The model is a mechanical estimate, not a forecast.
• Foreign ownership fell from 36.1% to 33.4% over about 60 days, and foreign investors were net sellers over the last 20 trading days, while retail investors were net buyers.

What to watch

• The next earnings release and the trend in operating margin, which has declined over the last two years.
• Further filings, including the buyback trust contract signed on 1 October 2026, the 5%+ holding reports and any new major sales or supply contracts.
• Customer concentration in petrochemical, shipbuilding and offshore projects, which the profile notes but the data does not quantify; the data also does not include analyst ratings or price targets.