Fursys퍼시스

Fursys reported a trailing operating loss in H1 2026 after a weak 2025, though it still shows a net profit and a low valuation.

Fursys, a Korean office and commercial furniture maker, posted trailing-twelve-month revenue of about ₩357B to H1 2026 but an operating loss of about ₩7B, while net income of about ₩60B was positive. Its share price is down roughly half over the past year and trades near its 52-week low, with a market cap of about ₩273B.

What stands out

• Trailing operating margin is -2% versus 1.6% in 2025 and 9.7% in 2023, so profitability has weakened over several years.
• Net income of about ₩60B is well above operating income, and the filings given do not explain the gap.
• Free cash flow is negative at about -₩27B on a trailing basis, and the data does not give the reason.
• Cash of about ₩104B against borrowings of about ₩0.6B means the balance sheet carries very little debt, with liabilities at 12.8% of equity.
• Valuation metrics are low (P/E 4.5, P/B 0.4), and the data's fair value model gives a base of ₩25,731, close to the current ₩23,750 price; the model's bear and bull cases span ₩16,479 to ₩42,444.

What to watch

• The full-year 2026 results, since the data only covers trailing figures to H1 2026 and no guidance is included.
• Whether the operating loss continues and whether negative free cash flow persists in upcoming reports.
• Shareholder-related filings, including the change in largest shareholder's holdings and the 5%+ holding report from June 2026; the news feed had no headlines in this pack.