Seowonintech서원인텍

Seowonintech's revenue and profit have shrunk for several years, and its shares trade near the bottom of their 52-week range.

Seowonintech makes mobile phone keypads, parts and accessories, plus precision machining equipment, with operations in Korea and Vietnam. Trailing twelve-month revenue to H1 2026 is ₩168.9B, down from ₩194.9B in 2025 and ₩316.8B in 2022, while operating income is very thin at about ₩0.8B. Net income of ₩9.8B is far above operating income, and the data does not explain the gap.

What stands out

• Trailing operating margin is about 0.5%, down from 7.1% in 2022, and the company's operating profit has fallen sharply over the period.
• Trailing net income of ₩9.8B is more than ten times operating income, so non-operating items or one-off gains likely matter, but the data does not break this down.
• The balance sheet looks conservative: liabilities are 15.2% of equity, cash is ₩74.9B against borrowings of ₩14.5B, and trailing free cash flow is ₩0.8B.
• The share price is ₩4,580, close to its 52-week low of ₩4,500 and well below the high of ₩5,750; the one-year return is -18.8%.
• The company's DCF-based fair value model gives a base value of ₩5,334, but the model's inputs and assumptions are not described in the data, so this should be treated with caution.

What to watch

• The next half-year or quarterly results, to see whether operating margin recovers from near zero.
• The follow-up to the March 2026 corporate value-up plan and any details on dividends, since the company currently pays no dividend yield.
• Whether the gap between operating income and net income persists, and what drives it; the data does not say.