Wave Electronics웨이브일렉트로

Wave Electronics is back to roughly break-even at the operating line on a trailing basis, with a share price that has risen over the past three months but is still well below its 52-week high.

Wave Electronics makes defense electronics, telecom equipment and hearing aids, with LIG Nex1 as its main defense customer. On a trailing twelve-month basis to H1 2026 it reported ₩83.1B... wait, revenue of ₩83.1B is not right in scale: the data gives revenue of ₩83.1B written as ₩83.1B-equivalent of 83,127,128,930 won, which is ₩83.1B, and a small operating loss of about ₩8M with net income of ₩2.5B. The stock closed at ₩4,720 on 2026-10-23, down 12.4% over one year but up 21.6% over three months.

What stands out

• Trailing revenue is about ₩83.1B and net income about ₩2.5B, but operating income is slightly negative (about −₩8M), so the net profit appears to rely on items below operating income.
• Full-year 2025 showed an operating loss of about ₩1.6B on ₩80.5B revenue, after a small operating profit in 2023 and 2024 net income was negative at about −₩6.4B.
• Balance sheet shows cash of about ₩23.2B against borrowings of about ₩9.8B, with liabilities at 102.5% of equity; trailing free cash flow is about ₩8.1B.
• Valuation metrics given are a P/E of 26.7 and P/B of 1.3, with no dividend; peers' P/E ratios range from 13.2 to 71.9.
• Recent filings include a half-year report, an amended annual report for 2025, an amended major sales contract and a 5%+ holding report; the news list is empty, so no press coverage is included in the data.

What to watch

• The next quarterly or half-year results, to see whether operating income turns sustainably positive after the 2025 loss.
• Whether the amended annual report and the amended major sales contract change any reported figures or contract details.
• Foreign ownership is 5.7% and foreign investors were net sellers over the last 20 days; the data does not explain the reasons.