Hyunwooindustrialco현우산업

Hyunwooindustrialco is a small PCB maker whose trailing profits are positive but whose share price has fallen sharply over the past year.

The company makes printed circuit boards for automotive, EV, display and IT customers, with about half of sales exported and plants in Incheon and Vietnam. For the trailing twelve months to H1 2026 it reported revenue of ₩261B, operating income of ₩15B and net income of ₩11.5B, a clear improvement on 2025. The share price closed at ₩2,440 on 22 October 2026, down 22.8% over one year and well below its 52-week high of ₩4,972.

What stands out

• Trailing revenue of ₩261B is up from ₩237B in 2025, and operating margin is 5.7% versus 4.7% a year earlier.
• Trailing net income of ₩11.5B compares with ₩7.6B for 2025, and net income in 2024 was higher than operating income would suggest, so one-off items may matter.
• Valuation metrics are low: P/E of 4.3, P/B of 0.4 and a 2.9% dividend yield, while the company's own DCF base value is ₩9,110 and the bear case is ₩4,387.
• Balance sheet shows cash of ₩34B against borrowings of ₩9.7B, with liabilities at 74.4% of equity and free cash flow of ₩10.8B over the trailing period.
• Foreign ownership fell from 7.9% to 6.6% over about 60 days, and foreign investors were net sellers over the last 20 days while retail investors were net buyers.

What to watch

• The 14 August 2026 filings on a loan extension and the half-year report, which will show whether earnings and borrowings are holding up.
• The 29 June 2026 conversion price adjustment and the May 2026 conversion of rights, which point to convertible instruments that could add shares.
• No news headlines were available in the data, so the reasons behind the one-year share price decline are not explained here.