Osung Advanced Materials오성첨단소재

Osung Advanced Materials reported strong trailing profits, but its shares have fallen sharply over the past year.

The company makes optical protective and functional films for display makers and has several smaller subsidiaries in other businesses. Trailing twelve-month net income to H1 2026 is far above operating income, which the data does not explain, and the share price is down 53.8% over one year and near ₩7,810. The data gives a DCF fair value range of ₩19,236 to ₩25,732, but this is a model output, not a forecast.

What stands out

• Revenue rose from ₩104.9B in 2023 to ₩165.7B in 2025, with operating margin at 18.2% in 2025.
• Trailing net income of ₩176.7B is well above trailing operating income of ₩16.5B, and the net margin of 164.2% is unusual; the data does not say what drove the gap.
• Trailing free cash flow is ₩25.7B against cash of ₩152.0B and borrowings of ₩29.2B.
• Valuation multiples are very low (P/E 0.4, P/B 0.2), and the data does not explain why the market values the shares so far below book.
• Foreign ownership is 0%, and retail investors were net sellers over the last 20 trading days.
• Recent filings include a CEO change, a shareholders' meeting, a share buyback trust contract and an executive trading plan report.

What to watch

• The half-year and full-year results, and whether the unusually high trailing net income is repeated in future periods.
• Further filings on share acquisitions, equity transfers and the buyback trust, which the data does not explain in detail.
• The 21 October news item about a rights offering by RF Tech with a third-party allotment to Osung; the data does not say what this means for Osung.