WiscomWISCOM

Wiscom, a small resin compounds maker, has returned to a slim profit on a trailing basis, but its shares have fallen sharply and free cash flow is negative.

Wiscom makes synthetic resin compounds used in cables, automotive parts, building materials and household goods. On a trailing twelve-month basis to H1 2026 it reported revenue of about ₩110B, a thin operating margin of 0.1% and net income of about ₩3.2B, after losses in 2022 to 2024. The share price is ₩1,769, down 11% over the past month and 7.5% over the past year, with the market value around ₩27B.

What stands out

• Revenue rose 4.8% in 2025 to about ₩103B, but operating income was still slightly negative at about -₩0.7B for the year.
• Trailing operating margin is 0.1%, so profit depends heavily on non-operating items; net margin of 2.9% is higher than operating margin.
• Trailing free cash flow is about -₩2.7B against cash of about ₩1.8B and borrowings of about ₩3.9B.
• Shares trade at about 8.6 times earnings and 0.3 times book value, with a 2.8% dividend yield; the filed fair value model gives a base value of ₩1,534 and a wide range of ₩784 to ₩3,158.
• Foreign ownership fell from 2.2% to 1.9% over 60 days, and foreign investors were net sellers over the last 20 days.

What to watch

• The half-year report (filed August 2026) and the buyback trust status report filed October 21, 2026 will show how the share buyback is progressing.
• Whether operating profit turns consistently positive, given the thin trailing margin and negative free cash flow.
• The data includes no recent news headlines, so the reasons for the recent share price fall are not visible in the provided information.