S Connect에스코넥

S Connect's share price has fallen sharply over the past year, while recent filings show a loss-to-profit swing that looks driven by non-operating items rather than core business strength.

S Connect makes metal parts for smartphones, mainly for Samsung Electronics, and also has battery and plasma carbon conversion businesses. Trailing results to H1 2026 show revenue of about ₩228B, an operating margin of 2.3%, and a net income of about ₩19.5B, well above operating income. Free cash flow is negative and borrowings (₩35.6B) exceed cash (₩16.4B).

What stands out

• Revenue fell 4.5% in 2025 to about ₩279B after rising 6% in 2024; operating margin was 4.8% in 2025, up from 1.4% in 2024.
• Net income in 2025 was about ₩35.8B, but the data does not explain what drove the gap between operating income and net income.
• Trailing free cash flow is negative at about -₩0.8B, and liabilities are 65.7% of equity.
• The share price is down 55.2% over one year and 14% over one month, with a 52-week range of ₩1,450 to about ₩5,500.
• A share consolidation decision was filed in March 2026; the data does not give the ratio or effect on share count.
• No recent news headlines are included in the data.

What to watch

• The next quarterly and half-year filings, to see whether operating margin and cash flow hold up.
• Any further trading halts, insider shareholding reports, or amended filings, including the amended 2025 annual report.
• The fair value model output is unreliable here (base ₩137 against a ₩1,500 price, with a bull case of ₩4,788), so treat it with caution; the data gives no analyst views.