Duksanhimetalco덕산하이메탈

Duksanhimetalco reports a trailing net loss of ₩97.7B on ₩294.3B revenue, while a rights offering is in progress.

Duksanhimetalco, a KOSDAQ-listed semiconductor materials company, posted trailing twelve-month revenue of ₩294.3B to H1 2026 but a net loss of ₩97.7B, with operating income of ₩11.0B and a 3.7% operating margin. Its 2025 net loss of ₩115.7B came despite a small operating profit, and borrowings of ₩103.3B exceed cash of ₩52.9B. The share price is ₩11,050, up 59% over one year but well below its 52-week high of ₩21,100.

What stands out

• Operating income was positive on a trailing basis, but the net loss points to large non-operating costs or other charges that the data does not explain.
• Free cash flow was negative at about -₩48.9B on a trailing basis, and the debt-to-equity ratio is 99.2%.
• Filings include a rights offering (paid-in capital increase) decision from July 2026 and an amended version from September 2026; the terms are not included in the data.
• Year-end P/B was 1.3 for 2025 and 2.2 currently; P/E is not meaningful because earnings are negative. The company pays no dividend.
• The internal DCF model gives a wide range of values (bear ₩338, base ₩3,034, bull ₩7,726), far below the current price in the base case. This model output is not a forecast and should not be read as a target.

What to watch

• Terms and timing of the rights offering, including potential dilution for existing shareholders, which are not in the data.
• Next quarterly and annual results, to see whether the net loss narrows and whether operating profit holds.
• Debt levels and cash flow, given borrowings above cash and negative free cash flow; the data includes no news headlines or foreign ownership figures.