Ewon Comfortech이원컴포텍

Ewon Comfortech is loss-making on a trailing basis, with heavy debt and filing problems weighing on the shares.

Ewon Comfortech makes truck and bus seats and interior parts, mostly for Hyundai Motor and Kia. Trailing results to H1 2026 show revenue of about ₩49.7B and an operating margin near 0.5%, but a net loss of about ₩4.7B. The company was designated an unfaithful disclosure company in August 2026 and has a 2026 capital-impairment audit notice on file.

What stands out

• Trailing revenue is about ₩49.7B, below the ₩56.6B reported for 2025, while the net loss is about ₩4.7B against a ₩4.1B loss in 2025.
• Operating margin has fallen from 4.7% in 2024 to 0.5% on a trailing basis, and ROE is -32.3%.
• Borrowings of about ₩5.1B exceed cash of about ₩4.8B, and liabilities are 251.6% of equity.
• Filings include a designation as unfaithful disclosure company (Aug 2026) and an adverse-opinion notice tied to a capital impairment ratio of 50% or more.
• The share price is ₩2,505, up 18.4% over one month but down 49.8% over one year. The DCF base value in the data is ₩2,142, with a bear case of ₩341 and a bull case of ₩5,164.

What to watch

• Next periodic filings and whether the earlier amended annual and half-year reports lead to further corrections or audit issues.
• Status of the rights offering (paid-in capital increase) and any further capital-impairment or listing-related steps.
• Customer concentration on Hyundai Motor and Kia, and whether trailing profitability improves; the data does not include forecasts.