Wooyang HC우양에이치씨

Wooyang HC's shares have fallen sharply over the past year, and recent filings show a loss-making first half of 2026 on the operating line.

Wooyang HC makes made-to-order plant equipment such as heat exchangers, towers and pressure vessels, with much of its sales going abroad. Revenue has fallen steeply from its 2023 and 2024 levels, and the company reported an operating loss on a trailing twelve-month basis to H1 2026 even though net income is positive. The share price is down about a third over one year and trades near the lower half of its 52-week range.

What stands out

• Revenue fell about 45% in 2025 to roughly ₩100.9B, after ₩183.2B in 2024, and trailing revenue to H1 2026 is about ₩94.8B.
• The trailing operating result is a small loss of about ₩131M (around -0.1% margin), versus operating profit of ₩31.1B in 2024.
• Trailing net income of about ₩5.0B is positive, but the data does not explain how it compares with the operating line; 2025 net income was a loss of about ₩4.3B.
• Cash of about ₩22.2B against borrowings of ₩190M is shown, and the trailing free cash flow is about ₩3.7B.
• The filings list several major sales or supply contracts from July to October 2026, plus a buyback trust that was terminated in October 2026; the data does not give contract values.
• The stock trades at about 27x trailing earnings and 0.7x book value, with a DCF-based model value of ₩5,484 (a range of ₩3,335 to ₩9,212) that is the data's own estimate, not a forecast.

What to watch

• Upcoming full-year 2026 results, since the data shows only trailing figures to H1 2026 and no company guidance.
• Whether the listed contract wins translate into revenue, given the sharp drop in sales over the past two years.
• Foreign ownership, which fell from 0.5% to 0.4% over 60 days, and the lack of news headlines in the data to explain recent moves.