Ocean In W오션인더블유

Ocean In W's shares have fallen sharply over the past year, and the latest filings show a large trailing loss with heavy reliance on borrowings and loan extensions.

Ocean In W, a Seoul-listed firm with glass distribution, real estate rental and a newly combined valve manufacturing unit, reported a trailing net loss of about ₩54.3B on revenue of about ₩25.9B through H1 2026. Its share price is ₩1,374, down 46.1% over one year, with a market cap of about ₩22.3B. Recent filings concern loan extensions, a trust contract termination and capital reduction.

What stands out

• Trailing revenue is about ₩25.9B with an operating loss of about ₩0.8B, but the net loss is much larger at about ₩54.3B, which the data does not explain.
• Annual revenue rose 11.3% in 2025 to about ₩7.6B, yet 2025 operating and net losses were about ₩2.5B and ₩19.1B.
• Borrowings of about ₩30.2B exceed cash of about ₩60.5B on the trailing figures, and the liabilities-to-equity ratio is 32.2%.
• The company reports trailing free cash flow of about ₩2.7B, while the price-to-book ratio is 0.1 and no dividend is paid.
• Foreign ownership rose from 1.5% to 2% over 60 days, while retail and institutional investors were net sellers over the last 20 days.

What to watch

• Two loan extension decisions were filed on 2026-10-15; the filings' details beyond the titles are not in the data.
• The half-year report and the manufacturing unit's results, which are not yet included because the combination occurred at period end.
• The fair value model's base case of ₩1,369 is close to the current price, but its bear case of ₩2,746 and bull case of 0 are inconsistent and should not be relied on.