S&W에스앤더블류

S&W's shares have fallen sharply over the past year, and a KOSDAQ notice flags possible administrative designation because market value is below ₩20B.

S&W, a Korean maker of marine engine parts, industrial bolts and forgings, reported trailing twelve-month revenue of about ₩48.5B to H1 2026 but only ₩1.0B operating income and ₩1.6B net income. The share price closed at ₩1,553 on 2026-10-27, giving a market value of about ₩11.2B, down 67.8% over one year. The filings list a shareholders' meeting notice and a KOSDAQ notice on possible administrative issue designation.

What stands out

• Revenue has grown from about ₩30B in 2021 to about ₩48.8B in 2025, but operating margin fell from 7.4% in 2023 to 1.8% in 2025.
• Net income in 2025 (₩3.6B) was well above operating income (₩0.9B), so the bottom line relied on items beyond core operations, which the data does not explain.
• The company's trailing debt-to-equity-type ratio is 57.5% with borrowings of about ₩15.2B against cash of about ₩3.1B.
• The DCF fair value model gives a base value of ₩73 per share against the ₩1,553 close, and a bull value of ₩6,667; the model's assumptions are not detailed in the data.
• Foreign ownership rose from 2.7% to 4.2% over about 60 days, while 20-day retail flows were negative at about -₩139M; no news headlines were available.

What to watch

• The KOSDAQ notice on possible administrative issue designation due to market capitalization below ₩20B, and any follow-up decision.
• The shareholders' meeting called in September 2026 and its agenda, which the data does not specify.
• Upcoming full-year 2026 results, since H1 2026 operating margin of about 2% is well below the 2023 and 2024 levels.