Incon인콘

Incon's trailing results have swung to losses and the shares have fallen sharply over the past year, with a convertible bond process ongoing.

Incon is a Korean ICT company making CCTV recorders, cameras, and security software, with some IT services and overseas sales. Over the last twelve months to H1 2026 it reported revenue of about ₩42.4B, a small operating loss, and a net loss of about ₩1.2B. The share price closed at ₩5,030 on 2026-10-20, down 32.8% over one year.

What stands out

• Trailing revenue is ₩42.4B, but operating income is slightly negative at about -₩62M, against a small operating profit in 2025 of ₩1.7B.
• Net income was about -₩1.2B on a trailing basis, versus a much larger loss of ₩31.6B in 2023, so losses have narrowed from that peak but remain.
• The balance sheet looks light on debt in the data: liabilities are 7.1% of equity and borrowings are listed as not available, with cash of about ₩17.0B.
• Recent filings are dominated by convertible bond decisions (amended several times) and two trading halts in August and September 2026.
• The shares trade at 0.3x book value, but P/E is not meaningful because earnings are negative; the DCF base value in the data is ₩404, well below the current price, while the bull case is ₩2,268.
• Foreign ownership is 0%, and the 20-day flows show retail selling of about ₩62M against net buying from institutions and foreign investors.

What to watch

• Terms and outcome of the convertible bond issue, including any further amendments, since the filings show repeated changes.
• Reason for the September 2026 trading halt and whether trading resumes normally.
• Full-year 2026 results, to see whether the operating break-even trend turns into a sustained profit.