DY Deokyang디와이덕양

DY Deokyang is back to a small operating loss on the trailing twelve months, with heavy debt and a share price well off its 52-week high.

The auto interior parts maker, supplying mostly Hyundai Motor, reported trailing twelve-month revenue of about ₩1.7T but an operating loss of about ₩4.6B, with net income of about ₩2.6B. Liabilities are about 4.3 times equity, and cash of ₩67B sits against ₩32B of borrowings. The shares closed at ₩2,030 on 23 October 2026, down 13.2% over one year and about 20% below the 52-week high of ₩2,535.

What stands out

• Revenue fell 7.7% in 2025 to about ₩1.74T, after growth of 21.7% in 2023 and 0.4% in 2024.
• Operating income went from about ₩27.7B in 2023 to ₩3.2B in 2025, and the trailing twelve months show a small operating loss.
• Net income in the trailing period is positive at about ₩2.6B, but 2024's ₩16.8B figure was well above the operating result, so the bottom line looks unusually dependent on non-operating items.
• The filings include a rights offering decision and a share acquisition in June 2026, and a value-up plan from March 2026, but the data does not say how these will affect the balance sheet.
• Foreign ownership fell from 1.9% to 1.5% over about 60 days, and foreign investors were net sellers over the last 20 trading days.

What to watch

• The full-year results and the outcome of the rights offering, which the data does not detail.
• Further filings on changes in the largest shareholder's holdings and 5%+ holdings, which were filed in August 2026.
• Whether operating margin returns to positive territory, given the trailing twelve-month operating loss and the high liabilities-to-equity ratio.