DONGAELTEKCo동아엘텍

Dongah Eltek's 2025 profit swung to a large gain on a sharp revenue jump, but the latest half-year figures show a much thinner net margin.

Dongah Eltek makes display inspection and OLED deposition equipment built to order for panel makers in Korea and overseas. Revenue was ₩582.4B in 2025, up 226.4%, with net income of ₩49.2B after a ₩29.8B loss in 2024. On a trailing basis to H1 2026, revenue is ₩441.8B, operating income ₩80.9B and net income ₩22.1B, a 5% net margin.

What stands out

• 2025 operating margin was 19.4%, but the trailing net margin to H1 2026 is only 5%, so a large share of operating profit did not reach net income in that period.
• Cash of ₩200.3B exceeds borrowings of ₩87.2B, though liabilities are 134.4% of equity.
• Trailing free cash flow is ₩56.0B, and the stated dividend yield is 2.9%.
• At ₩5,100 the market value is about ₩89.2B, down 10.2% over one month but up 26.6% over one year, with a 52-week range of ₩3,545 to ₩14,620.
• The data's DCF model gives a base value of ₩76,442, a bear value of ₩50,200 and a bull value of ₩119,351 at a 7.5% rate; these are model outputs, not forecasts or targets.
• The data contains no recent news headlines and no foreign ownership, investor flow or short-selling figures.

What to watch

• The Q3 2026 quarterly report, which is not yet in the data, will show whether margins hold after the H1 2026 slowdown in net income.
• The March 2026 CEO change and April 2026 change of department affiliation are filings whose effect on operations is not described in the data.
• Equity-heavy balance sheet and the gap between operating and net income are risks to monitor, as the data does not explain the cause of the gap.