H&SHigh Tech에이치엔에스하이텍

H&SHigh Tech shows solid profitability on a trailing basis, but revenue and profit have been declining from the 2023-2024 peaks and the share price is down sharply over one year.

H&SHigh Tech, a KOSDAQ-listed maker of display bonding films (ACF) and crystal oscillators, reported trailing revenue of about ₩90.1B and operating income of about ₩11.2B for the twelve months to H1 2026, with a 12.4% operating margin. Earnings have fallen from 2023 and 2024 levels, and the shares closed at ₩10,770 on 20 October 2026, down 23.6% over one year. Free cash flow was negative over the same period.

What stands out

• Trailing operating margin is 12.4% and net margin is 13.8%, versus 17.6% operating margin in 2024 and 17.3% in 2023.
• 2025 revenue grew 7.5% to about ₩81.9B, but operating income fell to about ₩9.7B from ₩13.4B in 2024.
• Net income was about ₩12.4B on a trailing basis, higher than operating income, so other income or non-operating items contributed; the data does not break this down.
• Free cash flow was about -₩4.0B on a trailing basis, while cash was about ₩6.7B against borrowings of ₩4.0B.
• Valuation metrics are low: P/E about 6.7 and P/B about 0.8, with a 2.3% dividend yield; the DCF base value in the data is ₩23,006, but this is a model output, not a forecast.

What to watch

• The next half-year or annual results, to see whether margins and free cash flow recover from current levels.
• Continued insider shareholding reports and the 5%+ holding report filed in June 2026, which show ownership changes.
• The data includes no recent news headlines, so the reasons behind the one-year share price decline are not explained here.