SCD에스씨디

SCD's trailing profits are thin and its shares have fallen sharply over the past year, though the company holds a large cash balance relative to its market value.

SCD makes electronic components for household appliances, mainly refrigerator and air conditioner parts sold to appliance makers. On trailing twelve-month figures to H1 2026 it reports about ₩203B in revenue but only about ₩2.5B in operating income, a 1.2% operating margin. The shares closed at ₩903, near their 52-week low of ₩894 and well below the ₩1,672 high.

What stands out

• Revenue has been broadly flat to slightly lower in recent years, while operating margin has fallen from 5.2% in 2022 to 2.9% in 2025 and 1.2% on a trailing basis.
• Cash of about ₩68.9B is large against a market capitalisation of about ₩43.6B, and the filings show no borrowings in the trailing figures.
• The company-set DCF model gives a base value of ₩3,202 per share, with a bear case of ₩1,967 and a bull case of ₩5,450; this is an internal model output, not a forecast, and it sits far above the current price.
• Foreign ownership is roughly flat at 54.5%, while retail investors have been net sellers over the last 20 trading days.
• Filings include a corporate value-up plan (April 2026), a cash dividend decision (February 2026) and a half-year report (August 2026); the valuation data shows a 5.5% dividend yield.

What to watch

• The Q3 2026 quarterly report and whether margins recover from the current 1.2% trailing level.
• Details of the value-up plan and dividend, including whether the 5.5% yield is maintained.
• Trend in the trailing free cash flow, which is very small at about ₩55M; no news headlines were available in the data.