Infac인팩

Infac is a small auto parts maker with thin margins, heavy borrowings and negative free cash flow, though its shares trade at low multiples.

Infac, a Korean maker of actuators, solenoid valves and control cables, reported trailing revenue of ₩642.1B to H1 2026 but an operating margin of only 1.9%. Its 2025 revenue grew 4% to ₩586.4B while operating income fell from ₩23.5B in 2023 to ₩19.8B. The balance sheet is stretched, with liabilities at 333.6% of equity and borrowings of ₩144.7B against cash of ₩20.4B.

What stands out

• Trailing free cash flow was negative at about -₩89.7B, so the business consumed more cash than it generated over the period.
• Valuation is low at a P/E of 9.8 and P/B of 0.4, with a 3.3% dividend yield, but the trailing return on equity is only 4.3%.
• Filings show a run of debt guarantees for other parties, a loan extension and an amended loan provision decision between May and September 2026.
• The shares are up 7.3% over one month and 12.6% over three months but down 15.8% over one year, trading at ₩5,470 against a 52-week range of ₩4,430 to ₩13,560.
• The data includes a DCF model with a base value of ₩50,143 and a bear-to-bull range of ₩7,266 to ₩148,148; this is a model output with a very wide spread, not a forecast or target, and the data gives no analyst ratings.

What to watch

• Details of the debt guarantees and the amended loan provision, which the filings name but the data does not explain.
• Whether free cash flow turns positive and how borrowings change in upcoming quarterly or half-year reports.
• Progress of the electric-vehicle component push and the customer concentration on Hyundai Motor, Kia and Hyundai Mobis, since the news feed contained no recent headlines.