Eyesvision아이즈비전

Eyesvision is a small, low-margin Korean MVNO and telecom equipment maker whose shares have fallen sharply over the past year.

Eyesvision runs the iZ Mobile budget mobile brand in Korea and has subsidiaries that make telecom equipment, electric scooter and battery-sharing stations, and environmental instruments. On trailing twelve-month figures to H1 2026 it reported about ₩211B in revenue, a 2.4% operating margin and a 1.9% net margin, and free cash flow was negative at about -₩9.5B. The shares closed at ₩915, down 39.3% over one year, with a market capitalisation of about ₩27B.

What stands out

• Trailing revenue is about ₩211B, with operating income near ₩5.0B and net income near ₩3.9B, so margins are thin.
• 2025 net income of about ₩9.6B was well above 2025 operating income of about ₩3.4B, and the data does not explain the gap.
• Net income was negative in 2022, 2023 and 2024, and the company has not shown a steady profit trend.
• The balance sheet shows borrowings of about ₩40B against cash of about ₩31B, with liabilities at 51.4% of equity.
• The shares trade at a trailing P/E of 6.9 and P/B of 0.2, and the data shows a DCF base value of ₩1,829, well above the ₩915 close, though that model is not a forecast.

What to watch

• The corporate value-up plan filed on 2026-10-22 and what concrete measures it contains, which the data does not describe.
• Foreign ownership has fallen from 2.9% to 2.3% over about 60 days, and the company's next quarterly or annual filings will show whether cash flow improves.
• Recent filings include a sale of property, plant and equipment and a convertible bond acquisition, so the terms and effects of these deals are worth checking in the filings themselves.