Elcomtec엘컴텍

Elcomtec's trailing profits look stronger than its revenue trend, but its shares have fallen about 30% over the past year.

Elcomtec makes camera lens assemblies, contract electronics such as fan light sticks, and LED lighting parts, selling mainly to brand and entertainment customers. For the twelve months to H1 2026 it reported revenue of about ₩63.1B, operating income of ₩4.2B and net income of ₩5.2B, after revenue fell 19.3% in 2025. The shares closed at ₩3,270 on 23 October 2026, with a market value of about ₩55.2B.

What stands out

• Trailing net income (₩5.2B) is well above operating income (₩4.2B), so non-operating items may be contributing; the data does not explain the gap.
• Revenue fell sharply in 2025 to ₩46.3B from ₩57.4B, while the trailing figure to H1 2026 is ₩63.1B, implying a recovery in recent periods.
• Valuation metrics are modest: P/E about 10.6, P/B about 0.6, and no dividend yield, though the company's own DCF base value is ₩1,948, below the current price.
• Shares are up 24.8% over one month and 16.8% over three months but down 29.9% over one year, and the 52-week high was about ₩5,149.
• Recent filings include a share buyback decision on 13 October 2026, reported as a ₩2B buyback in a news headline, plus several insider shareholding reports and a 5%+ holding report.

What to watch

• The next quarterly and half-year results, to see whether revenue recovery and margins hold up after the 2025 decline.
• Whether the announced ₩2B share buyback is carried out, and how it is funded given cash of about ₩12.5B and borrowings of about ₩3.7B.
• Ongoing insider and major-holder filings, and foreign ownership, which rose from 0.4% to 0.9% over the past 60 days, as signs of shareholder activity.