Ecoplastic에코플라스틱

Ecoplastic's trailing profit is thin and its share price has fallen sharply over the past year, with heavy borrowings on the balance sheet.

Ecoplastic supplies plastic bumpers, consoles, trim and other parts mainly to Hyundai Motor, Kia and Hyundai Mobis, with operations in the United States. For the twelve months to H1 2026 it reported revenue of ₩2.49T but an operating margin of just 1.3% and a net margin of 0.7%. Recent filings are dominated by debt guarantee decisions for other parties, and the share price is down 44.2% over one year.

What stands out

• Trailing revenue is ₩2.49T, but operating income is only ₩31.6B and net income ₩17.2B, leaving very little margin for error.
• Borrowings are ₩892B against cash of ₩31.6B, and liabilities are 381.5% of equity.
• Free cash flow over the trailing period is negative at -₩177B.
• Revenue grew 13.6% in 2025, but net income fell to ₩1.99B from ₩14.1B in 2024.
• The shares trade at a 4.2x P/E and 0.2x P/B, with a 2.8% dividend yield, against a 52-week range of ₩1,641 to ₩5,180; the close is ₩1,768.

What to watch

• Several recent filings are debt guarantees for other parties, and the data does not explain their size or terms; the next half-year or quarterly report will be the place to check.
• Whether the company can convert revenue into positive free cash flow while carrying high borrowings.
• Foreign ownership rose from 1.8% to 2.4% over 60 days, while retail investors were net sellers over the last 20 days; the data gives no reason for these flows.