Mcnex엠씨넥스

Mcnex's trailing profits have shrunk sharply from 2025 levels, while the shares have fallen about 44% over the past year.

Mcnex makes camera modules, actuators and biometric modules for smartphones and vehicles, with major customers including Samsung Electronics. For the twelve months to H1 2026, revenue was about ₩1.2T but operating margin fell to 2.4% and net income was about ₩33.8B, well below 2025. The shares closed at ₩17,820 on 2026-10-20, near the lower half of their 52-week range of ₩15,600 to ₩32,400.

What stands out

• Revenue on a trailing basis (₩1.2T) is still near 2025's ₩1.28T, but operating income fell from ₩52.0B in 2025 to ₩28.5B on a trailing basis.
• Net income of ₩33.8B trailing is far below 2025's ₩51.6B and 2024's ₩63.6B, so earnings quality and margins are under pressure.
• Balance sheet shows cash of ₩27.8B against borrowings of ₩35.4B, with liabilities at 58.8% of equity.
• Shareholder-return actions are active: buyback decisions in August and a share cancellation decision filed on 2026-10-21, reportedly retiring ₩33.1B of treasury shares over two years. The company pays no dividend.
• Foreign ownership eased from 13.8% to 12.5% over about 60 days, while the 20-day investor flows show foreign buying slightly ahead of institutional selling.

What to watch

• The next filings and results for the third quarter and the timing and progress of the treasury share cancellation.
• The Vice President indictment reported on 2026-10-19 regarding alleged sharing of Samsung Galaxy supply information, and any follow-up for the company.
• Whether operating margin recovers from 2.4% trailing, given the wide gap from 4.1% in 2025; the data does not include forward forecasts.