Soosan INT수산아이앤티

Soosan INT trades at a low valuation after a weak year, while trailing profit is supported by a one-off style gap between net and operating income.

Soosan INT is a small KOSDAQ software company selling internet traffic filtering and security products, plus an access management service for Korean ISPs. Revenue has grown for several years, but operating income has fallen from 2023 peaks and the share price is down 18.9% over the past year. The shares trade near the bottom of their 52-week range at ₩7,980, with a market value of about ₩53.9B.

What stands out

• Trailing revenue to H1 2026 is about ₩31.9B, above the 2025 full-year figure of ₩30.7B, but trailing operating income of ₩3.9B is well below 2023's ₩6.5B.
• Trailing net income of ₩7.3B is almost double trailing operating income and is far above the operating margin of 12.1%, so the data does not explain the gap and it should be checked in the filings.
• Balance sheet looks light: liabilities are 7.4% of equity, cash of about ₩5.5B exceeds borrowings of about ₩1.4B, and trailing free cash flow is about ₩3.5B.
• The model's base fair value of ₩22,691 is well above the current price, but it is a DCF output in the data, not an analyst target, and the bear case of ₩17,045 is also above the price.
• Ownership and trading data show little foreign interest (1.4% foreign ownership, unchanged over 60 days) and no short selling, with recent insider and 5%+ holding filings.

What to watch

• The full-year 2026 and Q3 results, to see whether operating margin recovers from the trailing 12.1% toward the 2024 level of 21.3%.
• The source of the gap between trailing net income and operating income, which the data does not explain.
• Any new 5%+ holding or insider shareholding filings, and the dividend yield of 3.9% if the company keeps its payout.