OKins Electronics오킨스전자

OKins Electronics has strong trailing profits and a sharp share price run-up, but the stock is priced well above the model's base-case value.

OKins Electronics makes semiconductor test sockets, test services and related parts, selling mainly to major Korean chipmakers and overseas customers. Trailing twelve-month results to H1 2026 show revenue of ₩109B...

What stands out

• Trailing revenue is about ₩109.1B with operating income of ₩18.2B, an operating margin of 16.7%, up from 11.7% in 2025 and 2.9% in 2024.
• Net income turned positive after a ₩5.4B loss in 2024, reaching ₩16.6B on a trailing basis.
• The share price is ₩24,000, up 144.6% over one year and 86.5% over three months, and sits below its 52-week high of ₩30,950.
• The company's DCF base value is ₩4,838 (bear ₩2,929, bull ₩7,874), well below the current price, so the market is pricing in much more than the model assumes.
• Borrowings of ₩34.0B exceed cash of ₩15.6B, with liabilities at 79.5% of equity; foreign ownership fell from 12% to 8.7% over the past 60 days.

What to watch

• The next filing to check is the H1 2026 half-year report (filed 14 August 2026) for the detail behind trailing figures.
• Whether margins hold, given that 2025 and H1 2026 earnings are well above the company's earlier history.
• Net selling by retail-free flows is not an issue here, but the 20-day retail outflow of about ₩19.6B and foreign and institutional net buying are worth monitoring.