Opasnet오파스넷

Opasnet's trailing profits look modest against a stock that has risen over the past year, with the latest filings showing a suspension of transactions with a business partner.

Opasnet is a Korean IT services provider focused on enterprise network and system integration, mainly using Cisco equipment and selling mostly to the public sector, finance, telecoms and large enterprises. On trailing figures to H1 2026 it had revenue of ₩216B, an operating margin of 5.2% and a net margin of 6.1%, after revenue fell 14.3% in 2024 and then rose 20.9% in 2025. At the close of ₩6,990 the shares trade at about 7x earnings and 1.4x book, with a 3.6% dividend yield.

What stands out

• Revenue grew 20.9% in 2025 to ₩233B, but operating income fell from ₩14.0B in 2025 to ₩11.2B on a trailing basis to H1 2026, so margins have narrowed.
• The discounted cash flow model in the data gives a base value of ₩14,205 against the ₩6,990 close, with a bear case of ₩6,798 and a bull case of ₩27,190; these are model outputs, not forecasts.
• Balance sheet figures show liabilities at 114.5% of equity, with cash of ₩30.4B against borrowings of ₩12.0B, and trailing free cash flow of ₩17.6B.
• Two filings in late July 2026 concern a suspension of transactions with a business partner, with a corrected version issued on 29 July; the data does not explain the reason or impact.
• Foreign ownership rose from 4.7% to 5.7% over about 60 days, while retail investors were net sellers of about ₩673M over the last 20 days.

What to watch

• The full half-year report and any follow-up on the business partner transaction suspension, since the data does not say how material it is.
• Whether operating margin recovers toward the 6% seen in 2025, given the lower trailing operating income.
• The share price is 18% below its 52-week high of ₩8,570 and the stock fell 6.9% over one month, so price swings may continue.