Paseco파세코

Paseco is back to thin profits after a loss-making 2024, with shares well off their 52-week high.

Paseco makes seasonal and kitchen appliances sold in Korea and exported, with customers including Coway, Coupang and Naver Smart Store. For the twelve months to H1 2026 it reported revenue of about ₩161B, operating income of about ₩2.9B and net income of about ₩3.1B, with a debt-to-equity ratio of 61.4%. The share price of ₩6,360 gives a market cap of ₩127B, a P/E of 41.3 and a P/B of 1.6.

What stands out

• Revenue fell from ₩168B in 2025 to a trailing ₩161B, while operating margin is only 1.8%, so profits are slim.
• The company swung from a ₩16.8B operating loss in 2024 to a ₩3.3B operating profit in 2025, but returns on equity remain low at 3.7%.
• Trailing free cash flow of about ₩4.2B is larger than net income, though cash of ₩4.4B is well below borrowings of ₩6.1B.
• The filings include a cash dividend decision and a corporate value-up plan, and the dividend yield is 2.4%.
• Recent headlines focus on expanding 'Stardust' kitchen appliance pop-ups at department stores, but the data does not give sales figures for this.
• Shares are down 11.7% over three months and 5.6% over one year, trading far below the 52-week high of ₩9,980.

What to watch

• The next quarterly or annual results, to see whether margins can hold above the low single digits.
• Whether the discounted cash flow model's base value of ₩2,434 (bear ₩679, bull ₩5,715) is relevant, given it sits far below the current price; the data gives no analyst views.
• Foreign ownership rose from 0.3% to 1.5% over 60 days, while retail investors were net sellers over the last 20 days; the data does not explain the cause.