Codes Combine코데즈컴바인

Codes Combine has returned to profit on a trailing basis, but its share price has fallen sharply over the past month and year.

Codes Combine, a Seoul-based women's casual apparel maker that also sells licensed underwear, hosiery and workwear, reported trailing twelve-month revenue of ₩43.9B...

What stands out

• Trailing revenue to H1 2026 is ₩43.9B, above the 2025 full-year figure of ₩39.7B, and trailing operating income is ₩4.2B against ₩2.4B in 2025.
• Trailing net income of ₩9.4B is well above operating income, so non-operating or one-off items likely contributed; the data does not explain the source.
• The share price closed at ₩2,725 on 2026-10-23, down 28% over one month and 23.3% over one year, though it is up 6.9% over three months.
• The company's own DCF model gives a base value of ₩1,315 per share, below the current price, with a bear case of ₩772 and bull case of ₩2,234; these are model outputs, not forecasts.
• Foreign ownership rose from 0.9% to 3.8% over about 60 days, while retail investors were net sellers of roughly ₩2.4B over the last 20 days.

What to watch

• The next filing to check is the H1 2026 half-year report already filed on 2026-08-13 for detail on the profit gap; the data does not include the full line-item breakdown.
• The share cancellation decision added in June 2026 may affect the share count; the data does not state the terms.
• No dividend is recorded (0% yield), and the data contains no recent news headlines to explain the price move.