Synopex시노펙스

Synopex's trailing results have swung into small losses while the shares have fallen about half over the past year.

Synopex, a KOSDAQ-listed maker of semiconductor filters, FPCB components and medical devices, reported trailing twelve-month revenue of ₩237.7B to H1 2026 but an operating loss of ₩6.3B and a small net loss. Free cash flow was negative at ₩19.4B, and borrowings of ₩51.7B exceed cash of ₩50.2B. The share price closed at ₩3,535 on 2026-10-22, well below its 52-week high of ₩8,330.

What stands out

• Revenue rose 9.7% in 2025 to ₩261.5B, but operating income fell from ₩21.2B in 2024 to ₩6.8B, and the trailing period to H1 2026 shows an operating loss.
• The DCF fair value model gives a base value of ₩1,021, below the current price of ₩3,535, with bear and bull values of ₩276 and ₩2,323; the model is a company-provided estimate, not a forecast.
• Trailing P/E is not meaningful because earnings are negative, while price-to-book is 1.8 and dividend yield is 0%.
• Foreign ownership rose from 0.6% to 1.7% over about 60 days, while retail investors were net sellers of about ₩2.2B over the last 20 days.
• Filings include a corporate value-up plan (Oct 2026), a completed merger (June 2026) and amended reports on change of largest shareholder, and recent news covers supply of portable water purifiers to Kyung Hee University Hospital.

What to watch

• The next quarterly or annual results, to see whether operating losses continue and whether free cash flow turns positive.
• Details of the value-up plan and the effects of the completed merger, which the data does not describe in full.
• Debt levels: borrowings of ₩51.7B are slightly above cash, and the data does not give a repayment schedule.