Baiksan백산

Baiksan's trailing profit has fallen from its 2024 peak, though the shares trade at low multiples and pay a 4.4% dividend yield.

Baiksan makes synthetic leather for sports shoes, electronic product cases and car interiors, with plants in Korea and subsidiaries in Indonesia, China and Vietnam. Trailing revenue of ₩505B is roughly flat on 2025, but operating income of ₩49B and net income of ₩35B are well below 2024 levels. The share price of ₩10,140 is down 25.7% over one year and sits in the lower part of its 52-week range.

What stands out

• Revenue has been broadly stable: ₩505B trailing to H1 2026 versus ₩505B for 2025, after 19% growth in 2024.
• Profitability has narrowed: operating margin is 9.8% trailing, down from 15.4% in 2024 and 10.6% in 2025.
• Valuation looks low on the data given: P/E of 5.7, P/B of 0.7 and a 4.4% dividend yield, while the DCF base value of ₩37,969 is far above the current price, though this is a model output, not a forecast.
• Balance sheet carries moderate debt: borrowings of ₩100B against cash of ₩45B, and liabilities at 67.4% of equity.
• Recent filings include a cash dividend decision, a half-year report and shareholder-related disclosures; no news headlines were included in the data.

What to watch

• The next filings on dividend payment and record dates following the September 2026 cash dividend decision.
• Whether operating margin recovers from 9.8% toward its 2024 and 2025 levels in upcoming reports.
• Ongoing changes in largest shareholder holdings, as reported in recent filings.