VT브이티

VT's trailing profits are still solid, but the share price has fallen about 56% over the past year and sits near its 52-week low.

VT, a Korean cosmetics and lamination company, reported trailing twelve-month revenue of ₩471B and operating income of ₩52.8B through H1 2026, with a net margin of 8.3%. Both revenue and profit are well below the 2024 peak, when operating income was ₩110.9B. The shares trade at about 10 times trailing earnings and 1.5 times book value, with a closing price of ₩11,300 against a 52-week range of ₩10,290 to ₩26,800.

What stands out

• Profit has fallen from the 2024 peak: operating income was ₩110.9B in 2024, ₩82.9B in 2025, and ₩52.8B on a trailing basis to H1 2026.
• Revenue has been broadly flat recently, with 1.3% growth in 2025 after a 46.1% jump in 2024.
• The balance sheet looks moderate, with liabilities at 36.8% of equity, cash of ₩86.9B and borrowings of ₩30.2B, and trailing free cash flow of ₩36.1B.
• Recent filings show a share buyback, treasury stock acquisition results and a cancellation of 1.52 million shares, equal to 4.4% of issued shares, announced in October 2026.
• Over the last 20 trading days, retail investors were net sellers of about ₩5.7B, while foreign investors were net buyers of about ₩2.5B; foreign ownership eased from 7.5% to 6.9% over 60 days.

What to watch

• The next quarterly or annual results, to see whether operating margin keeps falling from 19% in 2025 and 11.2% on a trailing basis.
• The discounted cash flow fair value estimates of ₩26,053 (bear), ₩40,163 (base) and ₩63,499 (bull) are model outputs, and the stock trades well below all three; the gap depends on the model's assumptions.
• Any further filings on the share cancellation, buybacks or large-holder reports, and the company's dividend policy, since the current dividend yield is 0%.