Sunic System선익시스템

Sunic System's trailing profits have swung back to a solid operating margin after two loss-making years, but its share price has run up sharply and the business remains concentrated in OLED equipment.

Sunic System makes OLED deposition equipment, mostly sold to overseas customers, and its trailing twelve-month revenue to H1 2026 is ₩346B with an 18.7% operating margin. The 2025 full-year result was much stronger, with revenue of ₩516B and net income of ₩97B, though 2024 and earlier years were loss-making. The shares closed at ₩84,300 on 2026-10-28, after gaining 68.9% over three months and 65.3% over one year.

What stands out

• Trailing operating income is ₩65B, but trailing net income is only ₩13B (3.8% net margin), so a large gap sits between operating and bottom-line profit.
• The stock trades at about 65.6 times earnings and 4.8 times book value; the data's DCF base value is ₩43,692, below the current price, while the bull case is ₩80,018.
• Balance sheet leverage is high, with liabilities at 196.8% of equity and borrowings of ₩67B against cash of ₩156B.
• Trailing free cash flow is about ₩31B, and the 1.2% dividend yield is modest.
• Recent news covers the completion of a new Pyeongtaek plant and a stock rise tied to OLED technology and new business expectations; foreign ownership fell from 1.3% to 1.0% over 60 days, while institutions were net buyers over 20 days.

What to watch

• Upcoming H2 2026 results, to check whether the strong 2025 profit level and the trailing margins hold up.
• Several amended major sales or supply contract filings in September and October 2026; the details in those amendments will show how far the contracts have changed.
• Whether the new Pyeongtaek plant ramps production as planned, and the corrected new facility investment filing from 2026-10-15.