Worldexindustry&Tradingco월덱스

Worldex's first-half 2026 profitability is strong on a trailing basis, but the share price has fallen about 22% over the past month.

Worldex Industry & Trading is a KOSDAQ-listed electronic components company that reported trailing twelve-month revenue of ₩295.5B and operating income of ₩66.2B through H1 2026, with a 22.4% operating margin. Revenue fell 4.9% in 2025 but recovered on a trailing basis, and the balance sheet shows cash of ₩106.7B against borrowings of ₩17.3B. The share price closed at ₩24,200 on 2026-10-26, well below its 52-week high of ₩35,400.

What stands out

• Trailing net income of ₩75.9B is above operating income, and net margin is 25.7%, though the data does not explain the gap.
• Net income fell from ₩65.0B in 2024 to ₩41.0B in 2025, so earnings have been volatile year to year.
• The DCF fair value model gives a base of ₩61,573, bear ₩46,237 and bull ₩86,151, which is a model output and not a forecast or target.
• Valuation metrics are low versus listed peers: P/E 5.3 and P/B 1.1, compared with peers such as Samsung Electro-Mechanics at 82.9 P/E.
• Foreign ownership rose from 19.4% to 20.7% over about 60 days, while retail investors were net sellers over the past 20 days.

What to watch

• Upcoming shareholder meeting outcomes and the buyback trust contract signed in July 2026, as the data does not state how the buyback will be executed.
• Whether trailing margins hold in future filings, given the 2025 revenue decline and the earnings swings shown in the annual data.
• The data contains no recent news headlines, so the reasons for the one-month price decline are not visible in the pack.