Sang-A Frontec상아프론테크

Sang-A Frontec's trailing earnings are modest and its share price has fallen sharply over the past year, though it remains profitable.

Sang-A Frontec makes super engineering plastic materials and related components and equipment, selling in Korea and abroad. For the twelve months to H1 2026 it reported revenue of ₩214.9B, operating income of ₩8.8B and net income of ₩9.9B, with a 4.1% operating margin. The shares closed at ₩13,730 on 2026-10-22, down 21.1% over one year and well below the 52-week high of ₩30,050.

What stands out

• Revenue rose 14.1% in 2025 to ₩196.0B after a 6.5% drop in 2024, but operating margin has been around 3.4% in both years, down from 7.1% in 2022.
• Trailing net income of ₩9.9B is above operating income, so non-operating items helped; the data does not explain why.
• Borrowings of ₩134.5B are large against cash of ₩25.3B, and liabilities are 92.5% of equity.
• Trailing free cash flow was ₩11.0B, and the stated dividend yield is 1.5%.
• Recent filings include a corporate value-up plan (March 2026), a convertible bond issue decision with later amendment, and several 5%+ holding reports; no news headlines were in the data.

What to watch

• Next quarterly and annual results, and whether margins recover from around 4%.
• Convertible bond terms and any further convertible bond acquisition filings, which could affect share count and debt.
• Foreign ownership, which fell from 4.8% to 4.2% over the last 60 days, and further 5%+ holding reports.