Smec스맥

Smec's revenue has held up near ₩150B-plus, but its losses have deepened sharply in 2026 and its shares are well below their 52-week high.

Smec is a Korean machinery and telecom equipment maker, with machine tools, automation and robots alongside telecom gateways and smart metering. Over the trailing twelve months to H1 2026 it booked about ₩153B of revenue but an operating loss of about ₩23B and a net loss of about ₩24B, with borrowings of ₩171B against ₩17B of cash. The shares closed at ₩3,725, roughly 55% below the 52-week high of ₩8,340 but about 54% above the low of ₩2,415.

What stands out

• Revenue was ₩153.6B in 2025, down 23.7% from 2024, and the company swung from a ₩24B operating profit in 2024 to a ₩16.8B operating loss in 2025.
• The trailing figures to H1 2026 show operating margin of -15.2% and return on equity of -21%, so losses have widened further in 2026.
• Liabilities are 221.5% of equity and borrowings are about ₩171B, which is a heavy debt load for a loss-making company.
• Trailing free cash flow was positive at about ₩9B, though the data does not explain what drove it.
• Foreign ownership fell from 4.9% to 2.5% over 60 days, and foreign and retail investors were net sellers over the last 20 days.
• Filings in the period include a half-year report for June 2026, a major sales or supply contract in July, and several 5%+ holding reports. The data gives no detail on the contract's size or terms.

What to watch

• The next results and the full-year 2026 outcome, since the trailing losses and the balance sheet leverage are the main questions.
• Whether the company can reduce its borrowings or improve cash flow, given ₩171B of debt against ₩17B of cash.
• The contents of the pending filings, including the executive trading plan and 5%+ holding reports from October 2026. The data does not say what they mean for the company.