Dual두올

Dual's trailing profits have fallen well below its 2025 level, though the shares trade at low multiples to book and earnings.

Dual makes automotive interior parts such as seat covers, fabrics and airbag cushions, with 23 subsidiaries across Korea, China, Europe and the Americas. On trailing twelve months to H1 2026 it reported revenue of ₩803B, operating income of ₩33B and net income of ₩21B, below its full-year 2025 figures of ₩48B operating income and ₩29B net income. The close of ₩3,920 sits within a 52-week range of ₩3,040 to ₩5,420.

What stands out

• Trailing operating margin is 4.1% versus 6.1% in 2025, and net margin is 2.6%, so profitability has weakened over the period.
• Valuation metrics are low: P/E of 5.3, P/B of 0.4 and a 3.1% dividend yield, while the DCF base fair value is ₩19,602 and the bear-to-bull range is ₩8,177 to ₩39,569, a very wide spread.
• Balance sheet shows cash of ₩93B against borrowings of ₩4.9B, with liabilities at 97.3% of equity and trailing free cash flow of ₩48B.
• Recent filings are mostly shareholder and insider holding reports, a buyback trust contract signed in September 2026, and a change of representative executive officer, with the half-year report filed 13 August 2026.
• No news headlines were included in the data, and foreign ownership and short-selling figures are not available.

What to watch

• The next full-year or quarterly results, to see whether operating margin recovers from the trailing 4.1% toward the 2025 level of 6.1%.
• Follow-up on the largest shareholder change and the buyback trust, which the filings describe but the data does not explain in detail.
• The DCF fair value is a model output from the data provided, not a forecast, and it depends heavily on the 7.5% discount rate assumption.